The European fully autonomous car market is expected to reach 191.6 billion by 2030, with a CAGR of 18.4% during the period 2023–2030. Evolution in connected and electric car technology, government support for the development of autonomous cars, and need for efficient and safe travel are the major factors driving the progress of the European autonomous car market, according to P&S Intelligence.
In Europe, the prevalent laws pave the way for the growth of the autonomous car market. The rules regarding the intellectual property, product liability, corporate/M&A transactions, and cybersecurity provide a conducive environment for the European autonomous car market to prosper.
For instance, an amendment was made to the German Road Traffic Act in June 2017, enabling the driver to relinquish driving control to an autonomous car. Today, semi-autonomous cars (level 1 to level 3), wherein the steering and acceleration/deacceleration can be controlled by the vehicle itself, are already in operation, but the driver still needs to be on board to control the car during an emergency. But major original equipment manufacturers (OEMs) and technology providers are developing level 4 and level 5 autonomous cars as the government of several European countries have given their nod to carry out the testing of driverless cars on public roads, albeit under certain conditions and a highly supervised environment. These developments provide a vast growth prospect for the European autonomous car market.
Insights into market segments
Based on vehicle autonomy, the European autonomous car market is classified into semi-autonomous car and fully autonomous car. During the historical period, semi-autonomous cars held the entire market share in terms of sales volume. However, with the launch of fully autonomous cars from 2023, this category is expected to register faster growth during the forecast period.
Based on automation level, the fully autonomous cars category in the European autonomous car market has been categorized into level 4 and level 5. Of the two, level 4 autonomous cars are expected to hold larger market share, in terms of volume, during the forecast period.
Need for a safe and efficient driving option acts as a major driver
The convincing promise that the autonomous technology holds for safer performance and more efficient road traffic is the major reason for the attraction of consumers toward these vehicles, thereby driving the growth of the European autonomous car market. Several human driver-associated factors, including failure to pay attention, inappropriate speed, and unsafe distance from the vehicle moving in front, are responsible for the cause of the majority of road accidents. The facility that supports the driver offered by semi-autonomous cars via advanced driver-assistance systems (ADAS) systems is the major factor boosting the market for these vehicles in the region. Major OEMs are now integrating their cars with ADAS features, such as automatic emergency braking, adaptive cruise control, anti-lock braking system, and automatic parking, thereby providing a more safer driving experience to operators.
Increasing Number of Partnerships is a Key Trend in the Market
In recent years, the European autonomous car market has witnessed a significant number of collaborations and partnerships. For instance, Fiat-Chrysler entered into a partnership with the BMW Group in 2018 to receive hardware and software assistance from them. They further tied up with Intel for receiving computer chips for their vehicles and with Continental and Delphi for autonomous vehicle parts. Furthermore, PSA Group entered into an alliance with an autonomous vehicle start-up, Almotive, with the purpose of initiating the testing of level 4 autonomous cars. The increasing number of collaboration and partnerships has been seen as a major trend in the market.
Browse report overview with detailed TOC on "Europe Autonomous Car Market Research Report: By Vehicle Autonomy (Semi-Autonomous Car, Fully Autonomous Car), Vehicle Type (Internal Combustion Engine, Hybrid Electric Vehicle, Battery Electric Vehicle), Application (Personal Commercial), Regional Insight (Germany, U.K., France, Italy, Spain) - Industry Trend, Competition Analysis and Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/europe-autonomous-car-market
Germany was the Largest Autonomous Car Market in 2018
Germany held the largest volume share, of over 20%, in the European autonomous car market, in 2018. This is due to the presence of numerous OEMs in the country, which are introducing new models with higher levels of automation. In addition, car manufacturers and their tier-1 suppliers in Germany had filed much more patents for autonomous cars than in most other countries across the continent. From 2010 to 2017, more than 5,800 autonomous vehicle patents were filed worldwide, out of which about 51.0% of the registered patents came from Germany. These recent developments in the autonomous car market in the country are predicted to benefit the overall European market during the forecast years.
Europe Autonomous Car Market Competitive Landscape
Some of the major manufacturers operating in the autonomous car market in Europe are Volkswagen Group, Tesla Inc., BMW Group, Daimler AG, Fiat Chrysler Automobiles N.V., General Motors Company, Toyota Motor Corporation, and Ford Motor Company.
EUROPE AUTONOMOUS CAR MARKET SEGMENTATION
Market Segmentation by Vehicle Autonomy
Market Segmentation by Vehicle Type
Market Segmentation by Application
Market Segmentation by Country