Europe Autonomous Cars Market size in 2017 was assessed to be over 9 million units and is projected to grow at a CAGR of 12% over the forecast period.
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The growth in the region is propelled by the supportive government initiatives. The government in the region is investing in infrastructure to enhance the communication environment for the autonomous vehicles. Additionally, the government has funded several new projects to conduct research on autonomous vehicles on highways for remote controlled parking. It is also allowing autonomous cars to operate on public roads without any permits or extra insurance.
The large number of automakers in the region are increasing the growth of autonomous car market. The automakers are investing in the autonomous technology to enhance the innovation process in self driving vehicle. Additionally, OEMs in the region are making advancement in the automotive LiDAR technology. The companies are forming partnerships with various start-ups to develop customized solutions for their vehicles.
There is high growth potential for the Hybrid Electric Vehicle (HEV) and Battery Electric Vehicle (BEV) in the country of Sweden, Germany, and Netherlands. The country has well maintained infrastructure with publicly-available electric vehicle charging points and a well-established telecom sector. However, other counties in the region limits the growth of electric vehicles due to lack of availability of infrastructure for the implementation of technology and differences in the income level that hampers the sale of electric vehicles.
The market is characterized by the presence of various players such as Audi, BMW, Mercedes, Volkswagen, Waymo, Volvo Car Corporation, Ford Motor Company, General Motors Company, Volkswagen Group, Uber Technologies Inc., Toyota Motor Corporation, Tesla Inc., Nvidia Corporation, Aptiv PLC, and Autoliv Inc. The technology players are acquiring and forming alliances with various automakers to develop their own self-driving vehicles. These players are also partnering with regional and technology startups to develop AI-based solutions for autonomous vehicles. For instance, in February 2019, BMW has joined forces with Daimler, the parent company of Mercedes-Benz. The joined forces aim to developing advanced driver assistance systems, automated driving on closed spaces and automated parking. Also, the joined forces will boost innovative and speed up the spread of technology.