Europe Autonomous Cars Market to Grow at a CAGR of 28.4% during Forecast Period
Published | 20 June 2022
Europe Autonomous Cars Market is growing at a high CAGR owing to the urbanization and rising government support for vehicle safety, increasing adoption of Advanced Driver Assistance Systems (ADAS) in autonomous cars along with the investments in digital infrastructure…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Europe Autonomous Cars Market is projected to grow at a CAGR of 28.4% by the end of 2028. The Europe Autonomous Cars Market is booming because of the rising disposable income of consumers and changing living standards. Also, the increasing preferences of consumers for luxury, high-quality, and comfort of self-drive cars to decline the burden of driving. Moreover, autonomous cars help to reduce the number of crashes on roads and decrease the chances of accidents which fuels their demand in the region. Furthermore, Europe Autonomous Cars Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies like the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, the additional cost is associated with connectivity solution charges, telecommunication services, and hardware systems as well as high purchasing prices which may act as a huge restraining factor for the market growth.
Rising Urbanization and Technological Advancements Drive the Market Growth
The rising purchasing power of consumers, urbanization, and technological advancements act as major driving factors for the growth of the Europe Autonomous Cars Market. The escalation in demand for self-drive cars in European countries is due to their benefits such as the comfort to rest, reading, and working while traveling to make life easier. This acts as the key factor to attract consumers of all ages. Moreover, the increasing technological advancements and diversity in the automotive industry that introduced various autonomous cars is driving the market. Autonomous cars are a breakthrough technology after electric and hybrid cars. All these factors reinforce the Europe Autonomous Cars Market during the forecast period (2022-2028).
Growing Adoption of ADAS is Fueling the Market Growth
The rapid adoption of level 0 to level 2 Advanced Driver Assistance Systems (ADAS) in Europe is bolstering the growth of the Europe Autonomous Cars Market. The features of ADAS include braking assist, blind spot indication, lane-keeping assist, adaptive parking assist, and cruise control. The steady adoption of advanced technologies in software algorithms, sensors, processors, cameras, and mapping has improved the applicability of ADAS in cars. Moreover, ADAS systems improve vehicle safety by incorporating key driving assistance functions such as controlling speed and traction control. ADAS uses sensors in the vehicle to perceive the surrounding environment, and then either provide information to the driver or take automatic action based on what it perceives.
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Challenge: Vulnerability to Hacking and Other Cyber Attacks
Smart mobility is becoming increasingly essential, and autonomous cars are a crucial part of smart mobility. Autonomous cars have various features and are comprised of various constituents. These cars rely on connectedness to work. However, vulnerabilities in autonomous cars might damage the quality of life and human safety. This is challenging for the growth of the Europe Autonomous Cars Market during the forecast period (2022-2028).
Europe Autonomous Cars Market - By Application
Based on the application, the Europe Autonomous Cars Market is segmented into Personal and Commercial. The commercial segment dominates the market due to the deployment of fully autonomous vehicles in sharing services. Also, the introduction of robotaxis for ride-hailing purposes fuels the market growth. The growing availability of shared autonomous cars in the region is changing the car ownership scenario. Many people in the coming years are expected to use the sharing services frequently, thereby, boosting the adoption of autonomous cars in commercial applications. All these factors boost the Europe Autonomous Cars Market during the forecast period (2022-2028).
Geographically, the Europe Autonomous Cars Market is categorized into Germany, U.K., France, Italy, Spain, and the Rest of Europe. Germany accounts to hold the largest market share owing to the various manufacturers are introducing new car models for public purchase as well as for commercial purposes. These cars are equipped with advanced driver-assistance systems (ADAS) features, such as blind-spot detection, smart park assist, and an anti-lock braking system, making them an attractive option for consumers. Moreover, the availability of autonomous car infrastructure fuels market growth.
Impact of COVID-19 on Europe Autonomous Cars Market
The unprecedented COVID-19 pandemic negatively impacted the Europe Autonomous Cars Market. Initially, the market faced a huge decline due to a halt in the production and manufacturing of automobiles. As a result, many producers were forced to shut down their operations. Thus, both demand and supply in the Europe Autonomous Market declined significantly, negatively impacting the market growth in a short period. However, the market is expected to recover post the COVID-19 pandemic owing to the European government regulation on driving safety. This aids to fuel the demand for self-driving cars, resulting in propelling the growth of the Europe Autonomous Cars Market.
The leading market players in the Europe Autonomous Cars Market are Tesla Inc., Daimler AG, Volkswagen Group, PSA Group, Renault Group, BMW Group, General Motors Company, Fiat Chrysler Automobiles N.V., Ford Motor Company, Toyota Motor Corporation, and others. The market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Europe Autonomous Cars Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Europe Autonomous Cars Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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