Europe to embark upon a Revolution in the Automotive Vertical
Published On : Oct 10, 2021
Europe is known as the pioneer of industrial revolution. In the 21st century, the scenario is such that the vans, buses, trucks, and cars in Europe come across as the safest, quietest, and cleanest ones around the world. Also, it is a known fact that Europe leads with respect to clean production, with reduced quantities of energy and water for manufacturing a vehicle, with lesser waste and carbon dioxide churned out in the entire process. This also ensures that postal and emergency services get delivered on time.
Research states that automotive industry accounts for close to 7% of the entire GDP of the EU. With several ancillary units related to the automotives, the ripple effects are observed almost everywhere. As of now, 14.6 Mn Europeans earn their bread and butter (directly or indirectly) through the automotive vertical. Over 19 Mn cars, trucks, vans, and buses are produced every year. Plus, Europe does dominate the globe in patents for the autonomous vehicles, thereby going for 33.3% of the overall applications and the percentage is expected to cross 40% in the next 10 years.
Coming to the major market players, Germany leads the automobile manufacturing vertical in Europe. Over 4.8 Mn passenger cars and more than 500K commercial vehicles are being produced every single year in Germany. Spain comes in second with housing 10 world class auto manufacturers. The local brand include SEAT, GTA Spano, Hurtan, but there are foreign companies such as Renault, Daimler AG, Volkswagen, Nissan, Ford also operate from here. Spain accounts for close to 3% of global production. France stands second, with Renault Group and PSA Group leading from the front. The automotive vertical is reported to render employment to close to 10% of the total population of France.
Regarding the United Kingdom, Aston Martin, Lotus, Jaguar, Bentley, and Rolls-Royce are holding the baton. The UK accounts for close to 1.6 Mn vehicles across the globe.
Just as the automotive industry could be traced to Europe, development of automotive industry is expected to reach the highest pinnacle of its glory in Europe itself. With the tides turning towards environmentally-friendliness, electrical vehicles are being asked for. The top automakers in Europe are working in that direction as well. The automotive industry could grow at a slower pace at times, but bouncing back is not tough for it. It, in fact, was holding its horses till the pandemic, but has come off full-fledged now, and will continue with the same spirit in the years to come.