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Europe Autonomous Cars Market size exceed 22 million units by 2024
Published Date: 2019-07-04
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According to the Graphical Research new growth forecast report titled “Europe Autonomous Cars Market Size, By Level of Autonomy (Level-1, Level-2, Level-3, Level-4), By Type (Internal Combustion Engine (ICE), Hybrid Electric Vehicle (HEV), Battery Electric Vehicle (BEV), 2019-2024”, estimated to exceed 22 million units by 2024.
The autonomous car market in the region is anticipated to increase due to the technological advancement, focus on vehicle automation and growing demand for luxury vehicles. Also, the support for the adoption of ADAS technology towards vehicle automation and self-driven cars will have an impact on the market growth. Additionally, the European Union has made it mandatory that all vehicles should be equipped with autonomous emergency-braking systems and forward-collision warning systems by 2020, supporting the widespread adoption of ADAS technology.
The growth in the region is propelled to various R&D activities in collaboration of OEM with technology providers. The prominent players in the region are conducting various R&D activities to develop new autonomous vehicle solution. These players are increasing the R&D spending to deploy new technologies in the self-driving cars.
The high cost of autonomous vehicles is hindering the growth. The autonomous vehicle requires high-tech infrastructure, hugely expensive LiDAR and radar systems, princely deals with high-definition maps and cloud computing provider. The cost associated with all these high-tech requirement increases the overall price of the autonomous cars. Additionally, poor 4G network connectivity limits the growth of autonomous cars in the region.
The level-4 autonomous cars market is forecasted to grow in the future years due to early adoption of autonomous transport in the region. The prominent players in the region are conducting the level-4 test, the early conduction of test is predicated to increases the market in the coming years. Additionally, the authorities in the France have stated that they will allow the testing of Level-5 self-driving cars. The initiatives taken for the early adoption of autonomous transport in the region complimenting the growth of autonomous cars market.
The Europe autonomous cars 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., Bosch GMBH, Toyota Motor Corporation, Tesla Inc., Nvidia Corporation, Aptiv PLC, Autoliv Inc and others. The prominent players in the region are leveraging on the strategy of partnership, merger, acquisition and investments to bring technological advancements in the autonomous cars industry and expand its services globally. For instance, In July 2017, Bosch GMBH joined forces with Baidu and Nvidia for its Apollo project. The joined forces aimed at accelerating the development of self-driving car technology.
Segments we cover:
Europe Autonomous Cars Market, By Level of Autonomy
Europe Autonomous Cars Market, By Type
- Internal Combustion Engine (ICE)
- Hybrid Electric Vehicle (HEV)
- Battery Electric Vehicle (BEV)
The above information has been provided for the following regions and countries:
- The Netherlands