The German fully autonomous vehicles market is predicted to exhibit a CAGR of 20.2% between 2020 and 2030 andattain a valuation of $28.0 billion by 2030, as per the estimates of P&S Intelligence, a market research firm. The German autonomous vehicles market size is being driven by the increasing implementation of various government initiatives that encourage the deployment of autonomous vehicles in the country and the rising requirement for a more efficient and safer driving option all over the country.
The German government was
the first one in the entire world to authorize fully and semi-autonomous
driving systems. The government announced its plans to build autonomous driving
facilities and infrastructure in the country in December 2016. This was
followed by an amendment to the Road Traffic Act in June 2017, which allowed
drivers to give away driving controls to autonomous vehicles. As a result,
there are many semi-autonomous automobiles (level 1—3) running on German roads
today.
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When vehicle autonomy is
taken into consideration, the German
autonomous vehicles market is divided into fully autonomous and
semi-autonomous vehicles. Of these, the semi-autonomous vehicles had 100% share
in the market in the years gone by. However, this will change in the future and
the fully autonomous vehicles category will register the highest CAGR in the
market between 2023 and 2030, owing to the development of fully autonomous
vehicles, which are predicted to hit the market in 2023.
The German autonomous vehicles market is also divided, depending on
application, into ride hailing, motor coaches, personal cars, transit buses,
and logistics. Out of these, the motor coaches category is predicted to exhibit
the highest CAGR in the market in the coming years. This would be because of
the rising popularity of shared autonomous vehicles all over the country, on
account of the growing consumer preference for these services over the personal
ownership of vehicles.
Hence, it can be concluded
that the market would demonstrate rapid expansion in the future years,
primarily because of the rising implementation of initiatives by the government
that support the deployment of autonomous vehicles and the growing consumer
demand for safer and more efficient vehicles in the country.
