The Europe autonomous driving system was valued at USD 5.68 billion in 2018 and is expected to project a CAGR of 31.50%, during the forecast period, 2019-2024.
Europe Autonomous Driving System use technologies like RADAR, LIDAR, GPS, and computer vision, in order to sense their environment. Advanced control systems that are integrated into the car can interpret the sensory inputs to detect the signboards or to avoid the collision.
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Key Market Trends
Cyber Security and Safety Concerns are Hindering the Market Growth
One of the major cyber security risks associated with autonomous vehicles is hacking.
Cyber security is going to be a key consideration for the developing Europe Autonomous Driving system, as it is not just concerned with the vehicles themselves, but is also related to the whole environment that will be developed to support such vehicles. A connected and automated vehicle system is a cyber-physical system, with components of both the physical and virtual worlds. The safety stakes are high, as these systems are hard to protect. There are also risks associated with the networks that connect vehicles.
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Major players operating in the Europe Autonomous Driving System market include, Uber Technologies Inc., Daimler AG, Google Inc., Toyota Motor Corp, Nissan Motor Co. Ltd, Volvo Cars, General Motors Company, Volkswagen AG, Tesla Inc., and BMW.
Volvo and Chinese internet service provider, Baidu, have joined hands to develop and mass produce self-driving electric cars in China. Volvo will offer its expertise in advanced technologies in the auto industry, whereas Baidu provides its autonomous driving platform, Apollo.
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Connected vehicles, e-commerce, autonomous driving and the industrial internet have emerged as major driving factors of automotive digitalisation. With a global economic potential of EUR 120 billion revenue per year in connected vehicles equipment – hard- and software – the digitalisation of the automotive industry is set to radically transform our transport and mobility patterns.
From connected vehicles to self-driving vehicles, driverless vehicles are set to become the game changer of the coming years. Already today, vehicles are increasingly connected to the internet and equipped with electro-mechanical control systems. Autonomous means self-governing. Many historical projects related to vehicle automation have been automated (made automatic) subject to a heavy reliance on artificial aids in their environment, such as magnetic strips. Autonomous control implies satisfactory performance under significant uncertainties in the environment and the ability to compensate for system failures without external intervention.