As per the reports by the International Transport Forum, Europe is one of the leading regions in the policy development and deployment of autonomous vehicles. European countries such as Germany, France, and the UK also established legal frameworks for regulating the testing and deployment of autonomous vehicles.
According to the Research and Markets report, the European autonomous vehicle market is expected to grow at a compound annual growth rate (CAGR) of over 40% during the forecast period of 2021–2026, The marvelous growth of AVs is attributed to factors such as increasing demand for safer and more efficient transportation, supportive government regulations, and advancements in autonomous technology.
The report also states that the passenger vehicle segment is predicted to hold the largest share of the market, whereas the commercial vehicle segment is expected to grow at a faster rate. The development of smart cities and the adoption of connected and autonomous vehicles in public transportation are expected to create new opportunities for the European market to grow.
Autonomous technology is also being developed for applications such as commercial vehicles, drones, and even ships. Such as Volvo and Scania, which are developing autonomous trucks for commercial transportation, whereas Rolls-Royce is exploring the use of autonomous ships for maritime transportation.
The development of smart cities is also expected to create new opportunities for autonomous technology in public transportation. Several cities in Europe, such as Helsinki, Barcelona, and Vienna, are also testing autonomous buses and shuttles for public transportation.
However, trust in autonomous vehicles is way low in Europe, even with such highly funded policies and regulations. As per a survey by the European Commission, only 36% of Europeans can trust autonomous vehicles.
It is also stated that the European autonomous vehicle market may experience significant growth in the coming years due to technological advancements, supportive government policies, and increasing demand for safer and more efficient transportation.
Source: International Transport Forum, Research, and Markets report