AutoTrends Weekly

Preface

China's NEV industry speeds up for greener, smarter future

• China's new energy vehicle (NEV) sector has achieved a milestone by surpassing the market share of fuel-powered cars for the first time, in an accelerated drive toward a greener and more intelligent future.

• Retail sales of NEVs nationwide reached 878,000 units in July, accounting for 51.1% of the total market, according to data released by the China Automobile Dealers Association.

• It is a historic moment not only for the transformation of the country's automotive industry but also for the global shift toward green transportation, analysts said.

• "This is the beginning of a 'qualitative change' in the NEV market," said Zheng Yun, a senior partner and Asia head of automotive practice at Roland Berger, a consultancy. (Xinhua, Aug. 16)

Global shared mobility market to reach $867.54 by 2030, CAGR 7.71% 

• By 2030, the global shared mobility market is predicted to grow at a CAGR of 7.71% to reach $867.54 billion, according to a recent report from Maximize Market Research.

• Increasing concerns about environmental sustainability and rising transportation costs are encouraging consumers to seek alternatives to private vehicle ownership. 

• Key factors influencing market dynamics include the proliferation of smartphone apps, the integration of electric and autonomous vehicles into shared fleets, and supportive government policies aimed at reducing traffic congestion and pollution. 

• Additionally, investments in smart city infrastructure and the development of dedicated lanes and parking solutions for shared vehicles are contributing to market expansion. (Maximize Market Research, Aug. 15)

Connected car market size to reach $32.87 billion by 2032

• The connected car market share is expected to grow at a CAGR of 11.74% over 2024-2032 to reach $32.87 billion by 2032, according to a recent report from SNS Insider.

• The connected car market offers vast opportunities as the auto industry increasingly integrates advanced connectivity features, such as real-time data exchange, V2X communication, and enhanced infotainment systems. 

• Additionally, the rise of autonomous driving and the demand for smart mobility solutions are driving the growth of this market, creating new avenues for innovation and services. (SNS Insider, Aug. 16)

Automotive software market worth $32.3 billion by 2030 globally, at a CAGR of 7.8%

• The automotive software market size is projected to $32.3 billion by 2030, at a CAGR of 7.8%, as per the recent study by Markets and Markets.

• The rise in focus towards software-defined vehicles paired with increasing penetration of ADAS features in vehicles are expected to increase the demand for auto software solutions. 

• Also, the strong government support for vehicle safety paired with rising adoption of software-over-the-air (SOTA) updates are anticipated to promote the revenue growth of auto software market. (Markets and Markets, Aug. 15)

Global market for autonomous vehicles to reach 75.3 million units by 2030

• The global market for autonomous vehicles is projected to reach 75.3 million units by 2030, growing at a CAGR of 14.9% from 2023 to 2030, according to a recent report from Research and Markets.

• Global automotive V2X market to move ahead swiftly in top gear, accelerating the journey towards autonomous driving.

• Growing investments in auto blockchain brings the promise of groundbreaking innovations in autonomous vehicle capabilities in the coming decade.

• Steady evolution & use of AI in automobiles will help catalyze the commercialization & functional capabilities of autonomous vehicles. (Research and Markets, Aug. 13)

NEVs to dominate new vehicle sales by 2035 

• On Aug. 11, the State Council issued opinions on accelerating the comprehensive green transformation of economic and social development. The document also promotes low-carbon transportation tools, advocating for NEVs and the electrification of urban public service vehicles. 

• By 2030, the carbon emission intensity per unit turnover of operating vehicles will decrease by about 9.5% compared to 2020. 

• By 2035, NEVs are expected to become the mainstream of vehicles on sale. (China Automotive News, Aug. 12)