Europe Autonomous Vehicle Market Outlook, 2029
The Europe Autonomous Vehicle Market is segmented into By Vehicle Type (Passenger Car, Commercial Vehicle), By Type (Semi-autonomous, Fully Autonomous), By Application (Transportation, Defense), By Level of Automation (Level 1, Level 2, Level 3, Level 4, Level 5), By Component (Hardware, Software and Services)
- Bonafide Research
- 29-02-2024
- Pages : 93
- Figures : 15
- Tables : 33
- Region : Europe
- Category : IT & Telecommunications
- Telecommunications & Networks
The Europe Autonomous Vehicle market is to add above USD 29 Billion from 2024 to 2029 fueled by supportive government regulations
- Historical Period2018-2022
- Base Year2023
- Forecast Period2024-2029
- Largest Market Germany
- Fastest Market United Kingdom
- Market Difference(2024-2029) USD 29
- Format
Featured Companies
- 1. BMW Group
- 2. Ford Motors
- 3. General Motors
- 4. Nissan Motor
- 5. Tesla
- 6. Toyota Motor Corporation
- More...
Autonomous Vehicle Market Analysis
The European autonomous vehicle industry stands at the forefront of technological innovation, driving forward the vision of a future where mobility is redefined by intelligence and automation. With a rich tapestry of automotive heritage and a strong emphasis on sustainability and safety, Europe has emerged as a pivotal hub for the research, development, and deployment of autonomous driving technologies. From bustling urban centres to sprawling countryside landscapes, the continent serves as a diverse testing ground for autonomous vehicles, encompassing a wide range of road conditions, traffic scenarios, and regulatory environments. European automakers, tech giants, and startups alike are investing heavily in advancing autonomous vehicle technologies, leveraging cutting-edge sensors, artificial intelligence, and connectivity solutions to create vehicles capable of navigating complex environments with precision and efficiency. As Europe continues to lead the charge in shaping the future of autonomous mobility, the industry stands poised to revolutionise transportation, ushering in an era of unprecedented convenience, sustainability, and accessibility for all. The adoption of autonomous cars is primarily motivated by the need to improve road safety. Considering that human error is the primary cause of accidents, there is a significant push to use autonomous technology in Europe, where over 25,000 road deaths are reported each year. By using cutting-edge sensors, real-time data processing, and predictive algorithms to identify and react to possible dangers more quickly than human drivers, autonomous cars have the potential to reduce the number of accidents. According to the research report "Europe Autonomous Vehicle Market Outlook, 2029," published by Bonafide Research, the Europe Autonomous Vehicle market is projected to add more than USD 29 Billion from 2024 to 2029. The rapid urbanisation and population growth in European cities have led to increased traffic congestion, pollution, and commuting times. Autonomous vehicles offer the promise of alleviating congestion and improving traffic flow by optimising routes, reducing idle time, and enabling platooning and cooperative driving strategies. As cities strive to become more livable and sustainable, the demand for autonomous mobility solutions is expected to rise. Furthermore, Europe has an ageing population, with a significant proportion of elderly individuals who face mobility challenges due to age-related impairments or disabilities. Autonomous vehicles can provide independent mobility solutions for seniors, enabling them to access essential services, social activities, and healthcare without relying on traditional transportation options. As the population ages, there is a growing need for autonomous vehicles that cater to the mobility needs of older adults. Europe boasts a vibrant innovation ecosystem comprising automakers, technology companies, research institutions, and startups dedicated to advancing autonomous vehicle technologies. Collaborative research initiatives, public-private partnerships, and government funding support innovation in areas such as sensor development, artificial intelligence, connectivity, and cybersecurity. This ecosystem fosters the development of cutting-edge autonomous technologies and accelerates their commercialization, driving demand for autonomous vehicles in the European market.
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Market Drivers • Safety concerns: Safety concerns drive the development and adoption of AV technology as a promising solution to reduce road accidents caused by human error. Europe has a strong focus on improving road safety, and AVs offer the potential to minimise accidents by leveraging advanced sensors and artificial intelligence to detect and respond to hazards more effectively than human drivers. By incorporating features like collision avoidance systems, pedestrian detection, and emergency braking, AVs aim to significantly reduce the number of traffic accidents, injuries, and fatalities on European roads. • Urbanisation and Congestion: Additionally, urbanisation and congestion are driving the demand for AVs as cities across Europe grapple with increasing traffic congestion, pollution, and challenges with traditional transportation systems. AVs offer the promise of alleviating urban congestion by optimising traffic flow, reducing commute times, and enhancing the efficiency of transportation networks. With features like platooning and cooperative driving, AVs can enhance mobility in densely populated urban areas, providing convenient and sustainable transportation options for residents while reducing the environmental impact of congestion-related emissions. Overall, safety concerns and urbanisation-driven congestion are driving forces behind the development and adoption of AV technology in Europe, shaping the future of transportation and mobility in the region. Market Challenges • Cybersecurity: Cybersecurity risks pose a substantial threat to the safety and integrity of AV systems. With increasing reliance on software, connectivity, and data processing, AVs are vulnerable to cyberattack, including hacking, malware, and data breaches. Malicious actors could exploit vulnerabilities in AVs' software and communication systems to gain unauthorised access, manipulate vehicle behaviour, or compromise passenger safety and privacy. Addressing cybersecurity risks requires robust measures to secure AV systems, networks, and data against potential threats, including encryption, authentication, intrusion detection, and regular software updates. Building resilience against cyberattack is essential to ensuring the trust, safety, and reliability of AV technology. • Public perception and acceptance: Public perception and acceptance are critical determinants of the successful adoption of AVs in Europe. While AVs hold the promise of improving road safety, reducing congestion, and enhancing mobility, public attitudes towards autonomous technology vary widely, ranging from excitement and curiosity to scepticism and apprehension. Concerns about safety, privacy, job displacement, and the ethical implications of AVs can contribute to resistance and opposition from the public. Addressing misconceptions, building trust, and engaging stakeholders in transparent dialogue are essential for fostering acceptance and adoption of AV technology. Educating the public about the potential benefits, limitations, and risks of AVs, as well as soliciting feedback and addressing concerns, can help mitigate resistance and build confidence in autonomous technology. Ultimately, building public trust and acceptance is crucial for the successful integration of AVs into European transportation systems and communities.
Autonomous Vehicle Segmentation
| By Vehicle Type | Passenger Car | |
| Commercial Vehicle | ||
| By Type | Semi-autonomous | |
| Fully Autonomous | ||
| By Application | Transportation | |
| Defense | ||
| By Level of Automation | Level 1 | |
| Level 2 | ||
| Level 3 | ||
| Level 4 | ||
| Level 5 | ||
| By Component | Hardware | |
| Software and Services | ||
| Europe | Germany | |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Russia | ||
Based on the vehicle type, they are segmented into passenger cars and commercial vehicles. Furthermore, the types are segmented into semi-autonomous and fully autonomous. In Europe, passenger cars lead the market. Passenger cars represent the largest segment of the automotive market in Europe, accounting for the majority of vehicle sales and registrations. As such, there is significant consumer demand for autonomous technology in passenger vehicles, driven by factors such as convenience, safety, and the potential for enhanced mobility services. Europe's densely populated urban centres face challenges related to congestion, pollution, and limited parking space. Autonomous passenger cars offer the potential to alleviate these issues by providing efficient and flexible urban mobility solutions. Consumers in urban areas are particularly interested in autonomous ride-hailing and car-sharing services, which can offer on-demand transportation without the need for personal vehicle ownership. European automakers and technology companies are at the forefront of autonomous vehicle innovation, investing heavily in research and development to develop advanced driver assistance systems (ADAS) and autonomous driving technology. Companies such as BMW, Mercedes-Benz, Volvo, and Volkswagen are actively developing and testing autonomous passenger car prototypes, aiming to bring fully autonomous vehicles to market in the near future. Furthermore, in Europe, the Fully Autonomous market is growing. European cities face challenges such as congestion, pollution, and limited parking space. Fully autonomous vehicles offer a potential solution by providing efficient and convenient urban mobility options. Autonomous ride-hailing and car-sharing services, enabled by fully autonomous technology, can offer on-demand transportation without the need for personal vehicle ownership, reducing traffic congestion and emissions in urban areas. Public attitudes towards fully autonomous vehicles are gradually shifting as awareness and familiarity with the technology grow. Surveys indicate that a significant portion of European consumers are open to using fully autonomous vehicles, especially for specific use cases such as ride-hailing, last-mile delivery, and mobility services for the elderly and disabled. Positive consumer perceptions and acceptance of fully autonomous technology contribute to the growing market demand. Based on the application, they are segmented into transportation and defense. In Europe, the defence sector contributes the highest CAGR rate during the forecast period. Advances in robotics, artificial intelligence, sensor technology, and communication systems have accelerated the development and deployment of autonomous vehicles in the defence sector. European defence contractors and research institutions are investing in research and development to develop next-generation autonomous platforms with advanced capabilities, autonomy, and resilience in challenging environments. Defence budgets in Europe are facing pressure to deliver greater efficiency and effectiveness in defence operations. Autonomous vehicles offer cost-effective solutions for performing a wide range of military tasks, reducing the need for expensive manned platforms and personnel. By leveraging autonomous technology, defence organisations can optimise resource allocation, reduce operational costs, and enhance mission readiness. Autonomous vehicles offer the potential to enhance safety and security in defence operations by reducing the risk to military personnel in high-risk environments. Unmanned ground vehicles (UGVs) equipped with autonomous capabilities can perform tasks such as reconnaissance, surveillance, and bomb disposal in hazardous or hostile environments without putting human lives at risk. Autonomous vehicles can enhance operational efficiency in defence logistics, supply chain management, and transportation. Autonomous ground vehicles can autonomously navigate supply routes, transport cargo, and perform logistical tasks, reducing the need for human intervention and streamlining operations. Autonomous aerial vehicles can be used for aerial resupply missions, medical evacuation, and troop transport, enhancing the speed and agility of military logistics operations. Based on the level of automation, they are segmented into Level 1, Level 2, Level 3, Level 4, and Level 5. In terms of the components, they are segmented into hardware, software, and Software and Services. Furthermore, in terms of level 2, level 2 is leading the market. While retaining driver engagement, level 2 autonomous cars mark a substantial development in automobile technology. In order to give customers and regulators time to become used to the new technology, a gradual transition towards complete autonomy is preferred in Europe. While they don't totally eliminate the need for driver supervision, level 2 systems—which come equipped with features like automatic parking, lane-keeping assistance, and adaptive cruise control—offer noticeable advantages in terms of ease and security. European regulatory bodies have shown greater acceptance and willingness to approve Level 2 autonomous systems compared to higher levels of automation. Regulations and standards have been developed to ensure the safety and reliability of Level 2 systems, providing a clear framework for manufacturers to comply with. This regulatory support fosters confidence among consumers and encourages the adoption of Level 2 autonomous vehicles. In terms of the components, software and services contribute the highest market share. A thriving community of software developers, digital firms, and research centres dedicated to furthering autonomous vehicle technology may be found throughout Europe. These organisations are spearheading innovation in fields including data analytics, machine learning, sensor fusion, and artificial intelligence—all of which are essential for the creation of software and services for autonomous vehicles. Europe has a strong emphasis on mobility services, including ride-hailing, car-sharing, and last-mile delivery. Autonomous vehicle software and services play a central role in enabling these mobility solutions by providing platform development, fleet management, routing optimisation, and customer experience management services.
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Autonomous Vehicle Market Regional Insights
Based on the report, the major countries covered include Germany, the United Kingdom, France, Italy, Spain, Russia, and the rest of Europe. In Europe, Germany contributes the highest market share. Germany is home to some of the world's leading automotive manufacturers, including Volkswagen, BMW, Daimler (Mercedes-Benz), and Audi. These companies have a long history of innovation and engineering excellence in the automotive sector, making significant investments in autonomous vehicle research and development. German automotive companies have extensive expertise in advanced driver assistance systems (ADAS), sensor technologies, and software development, which are essential for autonomous vehicle development. Germany's strong engineering talent pool and research infrastructure further contribute to its leadership in autonomous vehicle technology. German automakers collaborate closely with research institutions, universities, and technology firms to advance autonomous vehicle technology. Partnerships between industry and academia facilitate knowledge sharing, research collaboration, and technology transfer, driving innovation and competitiveness in the autonomous vehicle market. The regulatory framework in Germany is favourable to the development and testing of autonomous vehicles. For the purpose of testing autonomous cars on public roads, the German government has set rules and guidelines that give manufacturers a defined framework within which to carry out their R&D. Germany has committed a large amount of money to upcoming transportation projects, such as driverless and electric cars. In order to promote innovation and industry growth, the German government has started offering financial incentives and programmes to encourage the development, implementation, and research of autonomous vehicle technology.
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Companies Mentioned
- BMW Group
- Ford Motors
- General Motors
- Nissan Motor
- Tesla
- Toyota Motor Corporation
- Volkswagen
- Alphabet Inc
- Uber Technologies, Inc
- Dating Group
- The Mercedes-Benz Group AG
- The Volvo Group
Table of Contents
- 1. Executive Summary
- 2. Research Methodology
- 2.1. Secondary Research
- 2.2. Primary Data Collection
- 2.3. Market Formation & Validation
- 2.4. Report Writing, Quality Check & Delivery
- 3. Market Structure
- 3.1. Market Considerate
- 3.2. Assumptions
- 3.3. Limitations
- 3.4. Abbreviations
- 3.5. Sources
- 3.6. Definitions
- 4. Economic /Demographic Snapshot
- 5. Global Autonomous Vehicle Market Outlook
- 5.1. Market Size By Value
- 5.2. Market Share By Region
- 5.3. Market Size and Forecast, By Vehicle Type
- 5.4. Market Size and Forecast, By Type
- 5.5. Market Size and Forecast, By Application
- 5.6. Market Size and Forecast, By Level of Automation
- 5.7. Market Size and Forecast, By Component
- 6. Europe Autonomous Vehicle Market Outlook
- 6.1. Market Size By Value
- 6.2. Market Share By Country
- 6.3. Market Size and Forecast, By Vehicle Type
- 6.4. Market Size and Forecast, By Type
- 6.5. Market Size and Forecast, By Application
- 6.6. Market Size and Forecast, By Level of Automation
- 6.7. Market Size and Forecast, By Component
- 7. Market Dynamics
- 7.1. Market Drivers & Opportunities
- 7.2. Market Restraints & Challenges
- 7.3. Market Trends
- 7.4. Covid-19 Effect
- 7.5. Supply chain Analysis
- 7.6. Policy & Regulatory Framework
- 7.7. Industry Experts Views
- 7.8. Germany Autonomous Vehicle Market Outlook
- 7.8.1. Market Size By Value
- 7.8.2. Market Size and Forecast By Vehicle Type
- 7.8.3. Market Size and Forecast By Type
- 7.8.4. Market Size and Forecast By Application
- 7.9. United Kingdom Autonomous Vehicle Market Outlook
- 7.9.1. Market Size By Value
- 7.9.2. Market Size and Forecast By Vehicle Type
- 7.9.3. Market Size and Forecast By Type
- 7.9.4. Market Size and Forecast By Application
- 7.10. France Autonomous Vehicle Market Outlook
- 7.10.1. Market Size By Value
- 7.10.2. Market Size and Forecast By Vehicle Type
- 7.10.3. Market Size and Forecast By Type
- 7.10.4. Market Size and Forecast By Application
- 7.11. Italy Autonomous Vehicle Market Outlook
- 7.11.1. Market Size By Value
- 7.11.2. Market Size and Forecast By Vehicle Type
- 7.11.3. Market Size and Forecast By Type
- 7.11.4. Market Size and Forecast By Application
- 7.12. Spain Autonomous Vehicle Market Outlook
- 7.12.1. Market Size By Value
- 7.12.2. Market Size and Forecast By Vehicle Type
- 7.12.3. Market Size and Forecast By Type
- 7.12.4. Market Size and Forecast By Application
- 7.13. Russia Autonomous Vehicle Market Outlook
- 7.13.1. Market Size By Value
- 7.13.2. Market Size and Forecast By Vehicle Type
- 7.13.3. Market Size and Forecast By Type
- 7.13.4. Market Size and Forecast By Application
- 8. Competitive Landscape
- 8.1. Competitive Dashboard
- 8.2. Business Strategies Adopted by Key Players
- 8.3. Key Players Market Positioning Matrix
- 8.4. Porter's Five Forces
- 8.5. Company Profile
- 8.5.1. The Mercedes-Benz Group AG
- 8.5.1.1. Company Snapshot
- 8.5.1.2. Company Overview
- 8.5.1.3. Financial Highlights
- 8.5.1.4. Geographic Insights
- 8.5.1.5. Business Segment & Performance
- 8.5.1.6. Product Portfolio
- 8.5.1.7. Key Executives
- 8.5.1.8. Strategic Moves & Developments
- 8.5.2. Uber Technologies, Inc
- 8.5.3. Bayerische Motoren Werke AG
- 8.5.4. Toyota Motor Corporation
- 8.5.5. General Motors Company
- 8.5.6. Volkswagen AG
- 8.5.7. Alphabet Inc.
- 8.5.8. Volvo Cars
- 8.5.9. Nissan Motor Co., Ltd.
- 8.5.10. Ford Motor Company
- 8.5.11. Nvidia Corporation
- 8.5.12. Tesla, Inc
- 9. Strategic Recommendations
- 10. Annexure
- 10.1. FAQ`s
- 10.2. Notes
- 10.3. Related Reports
- 11. Disclaimer
Table 2: Top 10 Counties Economic Snapshot 2022
Table 3: Economic Snapshot of Other Prominent Countries 2022
Table 4: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 5: Global Autonomous Vehicle Market Size and Forecast, By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 6: Global Autonomous Vehicle Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 7: Global Autonomous Vehicle Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 8: Global Autonomous Vehicle Market Size and Forecast, By Level of Automation (2018 to 2029F) (In USD Billion)
Table 9: Global Autonomous Vehicle Market Size and Forecast, By Component (2018 to 2029F) (In USD Billion)
Table 10: Europe Autonomous Vehicle Market Size and Forecast, By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 11: Europe Autonomous Vehicle Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 12: Europe Autonomous Vehicle Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 13: Europe Autonomous Vehicle Market Size and Forecast, By Level of Automation (2018 to 2029F) (In USD Billion)
Table 14: Europe Autonomous Vehicle Market Size and Forecast, By Component (2018 to 2029F) (In USD Billion)
Table 15: Influencing Factors for Autonomous Vehicle Market, 2023
Table 16: Germany Autonomous Vehicle Market Size and Forecast By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 17: Germany Autonomous Vehicle Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 18: Germany Autonomous Vehicle Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 19: United Kingdom Autonomous Vehicle Market Size and Forecast By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 20: United Kingdom Autonomous Vehicle Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 21: United Kingdom Autonomous Vehicle Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 22: France Autonomous Vehicle Market Size and Forecast By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 23: France Autonomous Vehicle Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 24: France Autonomous Vehicle Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 25: Italy Autonomous Vehicle Market Size and Forecast By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 26: Italy Autonomous Vehicle Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 27: Italy Autonomous Vehicle Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 28: Spain Autonomous Vehicle Market Size and Forecast By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 29: Spain Autonomous Vehicle Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 30: Spain Autonomous Vehicle Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 31: Russia Autonomous Vehicle Market Size and Forecast By Vehicle Type (2018 to 2029F) (In USD Billion)
Table 32: Russia Autonomous Vehicle Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 33: Russia Autonomous Vehicle Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Autonomous Vehicle Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Autonomous Vehicle Market Share By Region (2023)
Figure 6: Europe Autonomous Vehicle Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: Europe Autonomous Vehicle Market Share By Country (2023)
Figure 8: Germany Autonomous Vehicle Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: UK Autonomous Vehicle Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 10: France Autonomous Vehicle Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Italy Autonomous Vehicle Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 12: Spain Autonomous Vehicle Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 13: Russia Autonomous Vehicle Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 14: Competitive Dashboard of top 5 players, 2023
Figure 15: Porter's Five Forces of Global Autonomous Vehicle Market
Autonomous Vehicle Market Research FAQs
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