European Autonomous Car Market to Witness 18.4% CAGR during 2023-2030

The concern regarding road safety has only risen since the emergence of vehicles. Due to technological advancements, the vehicles kept becoming faster and more efficient, however, in the process towards making the fast-paced, the security and safety of people has somewhat been neglected across the globe, including Europe. For example, the number of fatalities because of road traffic crashes were approximately 25,100 in 2018 in the European Union. However, this was a reduction of 21% as compared to 2010 and reduction of 1% as compared to 2017 . This decrease in the road casualties in Europe is due to their strict regulatory policies and adoption of safer, advanced technologies such as autonomous cars.

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In terms of vehicle type, there are three types of autonomous cars: battery electric vehicle (BEV), internal combustion engine (ICE), and hybrid electric vehicle (HEV). While ICE-based autonomous vehicles were more in demand in the past, BEV-based autonomous vehicles are expected to be more in requirement in the coming years. The major reason for this is that the deployment of fully autonomous technology is easier in BEVs in comparison to other-fuel-type cars. A number of sensors, cameras, radars, and other equipment are utilized for making a vehicle autonomous and it is easier to achieve smooth connectivity among the electrical components in BEVs rather than HEVs or fuel-based vehicles.

Within the region, Germany has been witnessing the highest deployment of autonomous cars, which is attributed to the presence of key original equipment manufacturers (OEM) in the country that are focusing on launching new models equipped with innovative automation levels. Several OEMs such as Tesla Inc., BMW, and Volkswagen AG are introducing new cars for public and commercial purposes. These cars are equipped with advanced driver-assistance systems (ADAS) features including smart park assist, blind spot detection, and anti-lock braking system, which enhance the safety of vehicles. Since such safety features enhance road safety, the European autonomous cars market is registering considerable growth.

The need for safer driving options is basically what is resulting in the growing demand for autonomous cars in the region. Autonomous cars can increasingly improve the safety of cars and the passengers alike because it is equipped with a number of sensors to assist the driver. Various human driver-associated factors such as unsafe distance from the vehicle moving in front, failure to pay attention, and inappropriate speed cause majority of road accidents. Technologies such as ADAS help the driver in maintaining certain safety levels.

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Europe Autonomous Car Market Competitive Landscape

The European autonomous car market was dominated by three major OEMs, namely Volkswagen Group, PSA Group, and Renault Group, in 2018, who jointly accounted for over 50% of the market share. The recent trend in the market shows a significant number of collaborations and partnerships among the major OEMs. For instance, in 2018, Fiat-Chrysler entered into a partnership with the BMW Group for receiving software and hardware assistance from them. The other major manufacturers operating in the European autonomous car market in Europe are Tesla Inc., Daimler AG, BMW Group, General Motors Company, Fiat Chrysler Automobiles N.V., Ford Motor Company, and Toyota Motor Corporation.

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