NEW YORK, June 20, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the German fully autonomous vehicle market is expected to reach $28.0 billion by 2030, advancing at a CAGR of 20.2% during 2023–2030. Increasing government support toward the development of autonomous vehicles and the rising need for safer and more efficient driving options are the major factors boosting the growth of the German autonomous vehicle market.
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Germany is the first country in the world to authorize semi- and fully autonomous driving systems. In December 2016, the German government publicized its objectives to develop autonomous driving infrastructure in the country. Moreover, the growing government support in the form of subsidies, grants, and other assistance is propelling the growth of the German autonomous vehicle market.
On the basis of vehicle autonomy, the German autonomous vehicle market has been categorized into semi-autonomous and fully autonomous cars. Between the two, semi-autonomous cars held the entire market share in 2018 and are expected to continue leading the market till 2023.
In 2012, the European Commission confirmed a proposal for the mandatory introduction of ESC in all new passenger cars and commercial vehicles sold in the EU, with all new vehicles being equipped by 2014. This eventually made all passenger cars semi-autonomous, as the ESC equipped cars are considered level 1 autonomous cars. However, during 2023–2030, the German autonomous vehicle market is expected to witness faster growth in the category of fully autonomous vehicles in terms of sales volume.
Based on application, the German autonomous vehicle market has been categorized into personal cars, ride hailing services, transit buses, motor coaches, logistics, and others. Among these, motor coaches are expected to witness the fastest growth in terms of sales volume during the forecast period. The growing availability of shared autonomous vehicles in the country and changing consumer perspective toward car ownership are encouraging the German population to switch to public transportation, thus boosting the market for autonomous motor coaches.
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The adoption of autonomous vehicles is being propelled by the promise the technology holds for safer and more efficient vehicle operations despite the road traffic. Road congestion in the country is increasing at a substantial rate, and the primary cause for road crashes is human error, which accounts for more than 90% of road accidents, often resulting in serious injuries and even death in some cases. Several factors, for instance, failure to pay attention while driving, inappropriate speed, and unsafe distance from the vehicle moving ahead, lead to crashes or accidents. Thus, the facilities offered to drivers by ADAS system-equipped semi-autonomous vehicles are driving the growth of the German autonomous vehicle market.
The mass production of autonomous vehicles not only involves the development of software prototype but also the production of electronic components, with complete component verification and validation, both virtually and physically. The process also includes system-driven product development. Thus, to facilitate the same and to support autonomous vehicle testing, many players in the German autonomous vehicle market have entered into partnerships in the past few years. For instance, in 2018, BMW AG entered into a partnership with TTTech Computertechnik AG and KPIT Technologies Limited for the development of a scalable platform (software) to facilitate autonomous driving and to support level 3, 4, and 5 functions.
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Some of the major manufacturers operating in the German autonomous vehicle market are Volkswagen AG, FCA Italy S.p.A., Group PSA, BMW Group, Hyundai Motor Company, Toyota Motor Corporation, Tesla Inc., Renault–Nissan B.V., Ford Motor Company, and Daimler AG.
More Related Reports by P&S Intelligence
Europe Autonomous Car Market
Germany held the largest volume share, of over 20%, in the European autonomous car market, in 2018. This is due to the presence of numerous OEMs in the country, which are introducing new models with higher levels of automation. In addition, car manufacturers and their tier-1 suppliers in Germany had filed much more patents for autonomous cars than in most other countries across the continent. From 2010 to 2017, more than 5,800 autonomous vehicle patents were filed worldwide, out of which about 51.0% of the registered patents came from Germany. These recent developments in the autonomous car market in the country are predicted to benefit the overall European market during the forecast years.
https://www.psmarketresearch.com/market-analysis/europe-autonomous-car-market
North America Autonomous Car Market
The U.S. held larger revenue share in the North American autonomous car market and accounted for higher sales volume in 2018. This is due to the presence of strong customer base, and a large number of original equipment manufacturers (OEMs) of autonomous car in the country that are launching new car models with advanced level of automation.
https://www.psmarketresearch.com/market-analysis/north-america-autonomous-car-market
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