The European fully autonomous car market is predicted to advance at an 18. 4% CAGR during 2023–2030, ultimately garnering $191. 6 billion by 2030. The major factors driving the growth of this market are government support for autonomous car development, the rising need for efficient and safe travel, and evolution in the connected and electric car technologies.
New York, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Autonomous Car Market" - https://www.reportlinker.com/p05796695/?utm_source=GNW
European laws related to corporate/M&A transactions, intellectual property, cybersecurity, and product liability provide a conducive environment for the European autonomous car market growth.
The bifurcations of the European autonomous car market based on vehicle autonomy are fully autonomous car and semi-autonomous car. In terms of sales volume, during the historical period, the entire market share was held by semi-autonomous cars. The fully autonomous car category is expected to grow faster during the forecast period with such cars’ launch slated for 2023. The fully autonomous car category is subdivided into level 4 and level 5, based on automation level. During the forecast period, level 4 cars are expected to account for the larger market share in terms of volume.
Increasing number of partnerships and collaborations among key players is the trend in the European autonomous car market. For instance, Fiat-Chrysler partnered with the BMW Group in 2018 for software and hardware assistance. They also collaborated with Delphi and Continental for autonomous vehicle parts and with Intel to procure computer chips. With the purpose of initiating level 4 autonomous cars testing, PSA Group entered into a partnership with an autonomous vehicle startup, Almotive.
The key drivers for the European autonomous car market are efficient road traffic management and the safer performance of these cars compared to conventional ones. These factors are instrumental in attracting consumers toward autonomous driving technology, thereby driving the growth of this market. The majority of road accidents are caused by human errors, such as inappropriate speed, failure to pay attention, and unsafe distance from the vehicle in front. The key factor boosting the market growth in this region is the integration of advanced driver-assistance systems (ADAS) in semi-autonomous cars. ADAS features include anti-lock braking system, automatic emergency braking, automatic parking, and adaptive cruise control.
In 2018, the largest volume share of more than 20.0% in the European autonomous car market was held by Germany. The presence of major original equipment manufacturers, which are introducing car models with new technology and higher automation levels, have contributed to the growth of the German market. Manufacturers and their tier-1 suppliers file the most number of patents in Germany as compared to other European countries. Over 5,800 autonomous vehicle patents were filed globally between 2010 and 2017, of which Germany accounted for 51.0%.
BMW Group, Fiat-Chrysler Automobiles N.V., Volkswagen Group, and Daimler AG are the key players in the European autonomous car market.
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