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Driverless vehicle sales expected to reach $21 million globally in 2035

According to the latest forecast by IHS Automotive, global driverless vehicle sales will reach nearly $21 million in 2035, with nearly 76 million sold globally between now and 2035. This is a significant increase from previous estimates backed up by research and development by automotive original equipment manufacturers and supplier and technology companies that are investing in this area.

The global sales of autonomous vehicles are expected to reach nearly 600,000 units in 2025, with a 43% annual growth rate between 2025 and 2035. IHS believes that the United States will lead the world in the initial development and early adoption of autonomous vehicles, however China is expected to be the largest market for the new technology. Major markets in western Europe will maintain industry technology leadership through the premium segment.

The analysis by IHS Automotive forecasts that the autonomous vehicle deployment will continue to face challenges including technology risks for software reliability and cyber security, implementation of local and federal guidelines and regulatory standards, as well as legal framework for self-driving cars. For more information on the study by IHS Automotive, read the full press release here.

It will be interesting to see how this will affect insurance policies going forward.