Automotive industry

After more than a century of dynamic growth, the automotive industry now faces a range of major challenges. Flights contribute to global warming, inattentive drivers cause accidents, air pollution claims lives, traffic congestion plagues cities and highways, and the shift toward alternative fuels is underway. These pressing issues call for meaningful, high-impact innovations. The European Union is heavily investing in research and innovation projects to drive these transitions forward.

With over € 54 billion invested annually, the automotive sector is Europe’s largest spender on innovation and R&D. Globally, Europe leads the way, with its car manufacturers accounting for nearly 50% of worldwide automotive R&D investments. The numerous mobility challenges of today are fueling creativity and entrepreneurship. From futuristic concept cars to emission-free vehicles and self-driving technology, the industry is evolving rapidly. While some concepts may seem far-fetched and not all innovations will live up to their promise, one thing is clear: change in mobility is accelerating. Nowhere are these rapid developments more visible than in the automotive industry. While national governments support their domestic industries, the European Union remains the largest source of funding for automotive innovation.