(MENAFN- PR Newswire) DUBLIN, March 27, 2024 /PRNewswire/ --
The "China Autonomous Vehicles Market, Size, Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to
ResearchAndMarkets's offering.
The China Autonomous Vehicle Market is projected to reach US$ 31.60 Billion via 2030 from US$ 8.01 Billion in 2023, growing at a
CAGR of 21.66% during 2024-2030.
The Chinese automobile industry is undergoing an exceptional time of disruption pushed by the adoption of automobile ACES standards (autonomy, connectivity, electrification, and shared mobility), carbon neutrality commitments, and carbon peak goals. This steady advancement in regulatory frameworks, technological improvements, and commercialization efforts expedites the development of autonomous driving, a pivotal component of intelligent and linked vehicles (ICVs). The integration of autonomous automobiles has the potential to herald a transformative technology for China's car sector, reshaping the dynamics of on road transportation.
The influence of self-driving technology extends well beyond individual cars, encompassing a numerous range of programs, from driverless taxis to computerized shipment vehicles. This technological transition marks a profound revolution in the automobile and mobility industries. Once perceived as a concept confined to the realm's of science fiction, self-sustaining automobiles at the moment are becoming a tangible reality in China, infiltrating every-day life earlier than expected. This groundbreaking technology holds vast capacity to redefine every day routines and inaugurate a brand-new era of smart transportation.
In select Chinese towns, autonomous taxis, commonly called robotaxis, are already reachable for booking thru ride hailing applications. These self-riding automobiles can efficiently transport passengers to numerous locations, which include subway stations, business districts, and home areas. Users input their favored pickup and drop-off places, specifying the quantity of passengers, and within minutes, a self-driving taxi arrives to offer transportation services.
China Autonomous Vehicles Market is poised for significant surge, with an anticipated CAGR of 21.66% from 2024 to 2030
The commercialization of autonomous using high technology will benefit substantial traction in China over the next couple of years, pushed by using on-going technological improvements and strong policy support. Experts assert that China is at the forefront of global research, development, and utilization of modern vehicle technology. China technology corporations are intensifying their efforts to expedite the practical use of self-riding vehicles. Baidu, for example, has bold plans to deploy an additional 200 absolutely self-sustaining robotaxis nationally to establish the world's biggest fully driverless journey-hailing service place. According to CEO of Apollo, the plan is to extend the attain of its autonomous trip-hailing platform, Apollo Go, to encompass 65 cities by 2025 and expend further to 100 cities by 2030.
Chinese tech firms like Pony, WeRide, and Didi Autonomous Driving, a Didi Global subsidiary, are aggressively pushing self-driving taxi services to boost widespread commercial adoption of this evolving transport tech. China, the world's second-largest autonomous driving market, offers domestic and international players significant opportunities. With the availability of public driverless shuttles, China could emerge as a global leader in autonomous vehicles. China is moving swiftly towards extensive adoption of autonomous technology, thanks to a favourable regulatory climate in Beijing, which encompasses thorough highway testing and the goal to incorporate partial self-driving technology into 50% of all new vehicle sales by 2025.
Over the recent years, China has implemented a series of policies aimed at promoting the advancement and commercialization of autonomous driving technology. Notably, the Ministry of Industry and Information Technology and the Ministry of Public Security have introduced a preliminary guideline to expand the scope of road tests for self-driving vehicles throughout the country. Additionally, China has released its inaugural national draft guideline concerning using autonomous vehicles for public transportation.
Furthermore, in a pioneering move, authorities in Wuhan, Hubei province, and the Yongchuan district in Chongqing have granted Baidu the first permits in China to charge fares for fully autonomous ride-hailing services within designated areas. As autonomous driving technology continues to reach a state of maturity, the industry is expected to consolidate in the forthcoming years.
Internal Combustion Engines revenue share was dominated in the China autonomous vehicle market
Propulsion sub-divides the China Autonomous Vehicle Market into Battery Electric Vehicle, Fuel Cell Electric Vehicles, Hybrid Electric Vehicle, Internal Combustion Engine, and Plug-in Hybrid Electric Vehicle. In the evolving landscape of the China self-sufficient vehicle market; internal combustion engines keep preserving a dominant presence. While the market increasingly more embraces electric and hybrid powertrains, the attempted-and-actual internal combustion engines are nevertheless being organized to relinquish their foothold.
These engines power various autonomous automobiles, from passenger vehicles to commercial vehicles. Their reliability, present infrastructure, and familiarity make them a realistic choice for producers and purchasers. As China speeds up its efforts to lead in autonomous transportation, versatile internal combustion engines remain a steadfast force in the market, illustrating the on-going synergy among traditional and present day technologies.
Company Analysis
AutoX Baidu Apollo Didi Chuxing Pony TuSimple WeRide
Level of Driving - Market breakup from 5 viewpoints:
Hardware - Market breakup from 13 viewpoints:
Passive Components Embedded Modem Ultrasonic Sensors Odometry Sensors Other Electronics & Architecture Actuators HMI Hardware Mapping Hardware Embedded Controls Hardware V2X Hardware Cameras Radar Lidar
Software - Market breakup from 5 viewpoints:
HMI Software Data Security Software Mapping Software Embedded Controls Software V2X Software
Vehicle Type - Market breakup from 2 viewpoints:
Passenger Vehicle Commercial Vehicle
Application - Market breakup from 4 viewpoints:
Civil Defense Transportation & Logistics Construction
Propulsion - Market breakup from 5 viewpoints:
Battery Electric Vehicle Fuel Cell Electric Vehicles Hybrid Electric Vehicle Internal Combustion Engine Plug-in Hybrid Electric Vehicle
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