Market Trends of Europe Eye Tracking Solutions Industry
Automotive and Transportation to Have a Significant Share
- Eye tracking allows obtaining important elements regarding the drivers' behavior during their driving activity by employing a device that tracks the eye's movements and the user's observation point.
- Europe is one of the major contributors to the automotive industry worldwide, with the region being the home to many global automotive manufacturers. Germany is Europe's biggest automotive market, with Europe's leading producer, accounting for about 25 percent of all passenger cars manufactured and 20 percent of all new registrations.
- Additionally, according to the Society of Motor Manufacturers and Traders (SMMT), the UK automotive industry will be a vital part of the UK economy, worth more than EUR 67 billion in turnover and adding EUR 14 billion value to the UK economy. Additionally, the United Kingdom produced. Over 775,014 cars in 2022.
- The players in the market are focusing on strategic investments to stronghold their presence and cater wider customer base. For instance, Smart Eye, a Swedish company that supplies driver monitoring systems for automakers, announced the acquisition of Affectiva, an emotion-detection software start-up, for USD 73.5 million.
- Also, Smart Eye announced the acquisition of iMotions, a human behavior software company, for USD 46.6 million. The acquisition will help Smart Eye in using the company's capability that can be folded into its own AI-based eye-tracking technology. Such developments are driving the demand for the market over the studied period.
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France to Have a Significant Market Share
- The adoption of eye tracking in automotive and consumer electronics, among others, is boosting the market's growth in the country. The automotive industry in France is the biggest contributor to France's foreign trade balance and ranks third in terms of vehicle production in Europe, after Germany and Spain.
- The French automotive industry is constantly making efforts to increase competitiveness, in particular through high pressure, to mitigate costs at every level as well as strong investment in R&D (with spending in excess of EUR 5 billion annually). According to the OICA, in 2022, some 1.93 million vehicles were sold in France.
- Additionally, the increasing penetration of smartphones in the country is boosting the market demand as eye trackers and eye-tracking software are used to determine where the user is focusing and how they move their eyes around the screen.
- As per the Ericsson subscription outlook 2022, by the end of 2022, 5G subscription penetration in Western Europe is expected to be 11 percent of the global penetration, whereas, by 2028, it is expected that Western Europe will have the second largest 5G penetration after North America, at 88 percent.
- Further, the vendors in the region are receiving various funding for the faster deployment of their eye-tracking technologies. For instance, Pcube-Labs BV gas recently received funding of USD 4.75 million to deploy its eye-tracking technology, Neuroclues, in Europe and the U.S. The technology will help in the early diagnosis of neurological disorders such as Parkinson's, multiple sclerosis, and Alzheimer's disease.
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