The global autonomous cars market is expected to reach 138,089 units by 2024, a study by US-based market research and consulting company Grand View Research said on Monday.
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The growing acceptance of semi-autonomous technologies, such as adaptive cruise control (ACC), automatic parking and forward collision avoidance is anticipated to pave the way for the adoption of driverless automobiles over the next seven years.
"The self-driving technology exhibits a huge potential, owing to its capability to improve on-road safety, lower the energy consumption and reduce congestion," the findings showed.
North America is anticipated to dominate the market with over 40 percent of the volume share in 2017.he region is further anticipated to witness a considerable growth over the next seven years.
Europe is a key region for the deployment of self-driving vehicles, owing to the high consumer preference for technologically advanced products and is estimated to hold more than 35 percent of the volume share in 2017.
"This is attributed to the presence of players such as Volvo, Volkswagen, PSA Peugeot Citroën, and Fiat Chrysler Automobiles in Germany and Britain," the report added.
Asia Pacific is expected to witness a sluggish growth as compared to North America and Europe. However, it is anticipated to grow substantially in the later phase of the forecast period due to the growing adoption of technologically advanced cars in China.
In addition, the Japanese government has specifically laid down a plan for the successful self-driving vehicle deployment and is expected to catapult the product demand over the forecast period.
The Singaporean government has also proposed to build separate roads for driverless automobiles to accelerate the adoption.
"An upsurge in the demand for increased comfort and convenience, particularly in countries with an aging population, is expected to propel the driverless vehicles demand over the forecast period," the study added.