According to the report analysis, ‘Europe Self-driving Car Market (2018-2024)’ it is stated that some of the major key players for dominating the huge market share are working more significantly in Europe by doing developments and innovations for gaining profit more extensively includes Apple, Microsoft, IBM, Volvo, Nissan, Bosch and several others. With the effective working of the key players the international key players are willing to come for gaining higher return on their investment which makes the market more competitive and fruitful for both the key player and user. It is expected that the 90% crashes would reduce with the introduction of self-driving cars. The market of self-driving car in Europe is expected to grow at a CAGR of 49.9%, foremost to global revenue of USD 38.51 Billion by 2024.
A self-driving car is also known as an autonomous car, a robotic car or a car in which requirement of a driver not compulsory. Whereas, the self-driving car is a combination of radar sensor, cameras, artificial intelligence and GPS system for travelling between destinations without the requirement of any human drivers. Moreover, the self-driving car market in Europe is further divided based on applications, automation and technology components. The sector of applications is also split into personal use and commercial use. However, major portion of the self-driving cars on the road are owned for personal usage. ‘Robo taxi’ i.e. the self-driving taxi is predictable to take over the transportation system. It would help to decrease buying cost and preservation cost. It is supposed to improve the share riding conception. Furthermore, the key players of this market are playing an important role for dominating the huge market share in Europe by doing significant developments in the specifications of the technology which become profitable for leading the fastest market growth in the near future.
Based on the regions, the market of self-driving car is divided into EU5 and rest of EU5. The EU5 would shelter with the uppermost market share because countries such as U.K. and France are succeeding with self-driving cars. Moreover, on the basis of automation, the self-driving automation levels are characterized into semi-autonomous and full autonomous technology. However, semi-autonomous cars are governing the automation sector. Fully autonomous operated vehicles are still a long way to be established on the roads. European automakers are employed on the introducing of semi-automation cars. Companies like Google, Audi and BMW are pursuing its autonomous analysis to handle security challenges.
Feature that may confine the acceptance of self-driving cars is lack of skill; limit the data protection regulation set by the European Union. For instance, by 2035, it is anticipated that there would be 25% of self-driving car dissemination in this region. The countries would not observe a fully automated vehicle but would operate lots of manual cars with computerized features. Therefore, in the near future, it is expected that the market of self-driving car in Europe will grow more significantly with an effective development and investment by the focused key players.
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Ankur Gupta, Head Marketing & Communications