Europe Autonomous Cars Market to surpass $ 22 Mn units by 2024

March 11, 2020


As per the report ‘Europe Autonomous Cars Market Size, By Level of Autonomy, Type, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024’, available on Market Study Report LLC, Europe autonomous cars market is expected surpass 22 million units by 2024.
 

Technological advancements in vehicle automation and rising demand for luxury vehicles is driving the growth of autonomous cars market in Europe. Strict government mandates for integration of autonomous emergency-braking systems and forward-collision warning systems are encouraging the adoption of ADAS systems, further enhancing the market outlook.
 

Inflowing investments towards R&D activities, in tandem with collaboration of OEM with technology providers are also boosting the market growth. In fact, several prominent players in the region are carrying out numerous R&D activities to create novel autonomous vehicle solutions.
 

However, the high costs associated with autonomous vehicles may impede the market growth in the coming timeframe. Autonomous vehicles require expensive LiDAR systems, technology infrastructures, and radar units, in addition to princely services from cloud computing solutions and high-definition map providers, which causes the cost of these vehicles to skyrocket.
 

Moreover, despite the presence of such expensive equipment, the vehicles are limited by the poor 4G network connectivity in the region, which further impedes the industry expansion.
 

Based on the autonomy type, the level-4 autonomous cars segment is anticipated to see a sizeable growth in the forthcoming years, primarily owing to the early adoption of autonomous transportation in the region. Market players based in the region are actively carrying out level-4 tests, this early conduction of these tests is expected to provide new growth opportunities in the coming years.
 

Considering the geographical landscape, Europe autonomous cars market is divided into UK, Germany, France, Italy, Spain, Netherlands, and Sweden. Among these, France autonomous cars market is projected to register distinguished growth during the study period, especially considering that France has already approved the testing of level-5 autonomous cars.
 

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Prominent players of Europe autonomous cars market include BMW, Audi, Mercedes, Waymo, Volkswagen, Volvo Car Corporation, General Motors Company, Ford Motor Company, Volkswagen Group, Bosch GMBH, Uber Technologies Inc., Toyota Motor Corporation, Nvidia Corporation, Tesla Inc., Autoliv Inc., and Aptiv PLC.
 

These companies are implementing several strategies including partnership, acquisition, merger, and investments to bring innovations the autonomous cars industry and expand their services globally.


Frequently Asked Questions (FAQ) :

Technological advancements in vehicle automation, rising demand for luxury vehicles, and strict government mandates towards the integration of autonomous emergency-braking systems and forward-collision warning systems are fostering the expansion of the autonomous vehicle market in Europe.
High costs associated with autonomous vehicles, owing to the components that deliver the autonomous capabilities to these vehicles, and the poor 4G network connectivity in the region are some of the restraints that are impeding industry expansion across Europe.
Level-4 autonomous cars segment market is anticipated to see a sizeable growth in forthcoming years, owing to the early adoption of autonomous transportation in the region.
France autonomous cars market is projected to register distinguished growth during the study period, especially considering that France has already approved the testing of level-5 autonomous cars.