AutoTrends Weekly

Preface

This issue of AutoTrends Weekly focuses on the global auto industry's development trends in connectivity, electrification, and autonomous driving. The key points covered in this article include:

Auto connectivity market to hit $190.29 billion by 2033, propelled by a robust 19% CAGR growth trajectory (Future Market Insights, Mar. 28)

China’s driverless vehicles taking fast lane to success (China Daily, Mar. 29)

Global low-speed EV market to hit $33.48 billion by 2032, at 22.5% CAGR (Astute Analytica, Mar. 27)

Auto connectivity market to hit $190.29 billion by 2033, propelled by a robust 19% CAGR growth trajectory

• The global auto connectivity market is projected to register a moderate-paced CAGR of 19% from 2023 to 2033, according to a recent research report from Future Market Insights.

• By 2033, demand for auto connectivity is expected to reach a high of $190.29 billion.

• The growth in the adoption of auto connectivity is supported by the introduction of strict safety regulations, the rising popularity of high-end luxury vehicles, the advent of 5G infrastructure, etc.

• The key factor propelling the automotive connectivity market is the growing prevalence of ADAS in vehicles, with an increase in requests for end users’ simplicity, security, and convenience.

• The expansion of the automotive connectivity market is anticipated to be fueled by the increasing popularity of ADAS. (Future Market Insights, Mar. 28)

Connected car poised to reach $20.5 billion by 2026

• The global connected car market size is projected to reach $20.5 billion by 2026, at a CAGR of 15.9%, from 2021 to 2026, according to a recent research report from Markets and Markets.

• Rapid advancements and developments in autonomous vehicles are expected to spur the growth of the connected car market.

• ZF introduced its coASSIST Level 2+ semi-automated driving system on the 2020 Dongfeng Aeolus Yixuan, and offers copilot, a scalable ADAS solution. More such affordable ADAS solutions would significantly boost the connected car market in the coming years.

• The connected car market for the integrated form is expected to increase with the increase in the penetration of smartphones. (Markets and Markets, Mar. 26)

China’s driverless vehicles taking fast lane to success

• China will be home to the largest fleet of robotaxis, according to BloombergNEF’s Electric Vehicle Outlook, and there will be 12 million self-driving vehicles in the country by 2040.

• Earlier this year, Pony.ai obtained the country’s first cross-provincial demonstration permit for its self-driving heavy-duty trucks. 

• Level 4 robotaxis are expected to become commercially available on a large scale by 2030, and fully autonomous trucking is expected to reach viability between 2028 and 2031, according to a McKinsey report. (China Daily, Mar. 29)

China autonomous vehicles market to reach an anticipated CAGR of 21.66% from 2024 to 2030

• The China autonomous vehicle market is projected to reach $31.60 billion in 2030, growing at a CAGR of 21.66% during 2024-2030, according to a recent research report from Research and Markets.

• This steady advancement in regulatory frameworks, technological improvements, and commercialization efforts expedites the development of autonomous driving.

• China technology corporations are intensifying their efforts to expedite the practical use of self-riding vehicles.

• China has implemented a series of policies aimed at promoting the advancement and commercialization of autonomous driving technology. (Research and Markets, Mar. 27)

Global low-speed EV market to hit $33.48 billion by 2032, at 22.5% CAGR

• The global low-speed electric vehicle market is projected to surpass $33.48 billion by 2032, at a CAGR of 22.5% during 2024-2032, according to a recent research report from Astute Analytica.

• Low-speed electric vehicles (LSEVs) are rapidly expanding their applications due to their efficiency, eco-friendliness, and cost-effectiveness.

• The low-speed electric scooter segment is experiencing explosive growth, currently holding a 48.0% share of the global LSEV market.

• Medium-sized LSEVs (2.4 to 3.5 meters in length) are the most sought-after type, with a market share of 49.8%. (Astute Analytica, Mar. 27)

Xiaomi SU7 heats up EV segment

• The official launch of Xiaomi’s first EV will intensify competition in the crowded Chinese EV market and inject new vitality into the EV sedan segment, said experts on Friday.

• Lei Jun, founder and CEO of Xiaomi, announced that the price of its SU7 sedan models would range between RMB 215,900 ($29,874) and RMB 299,900.

• Xiaomi’s edge lies in its AI-enabled internet of things, or IoT ecosystem, said Roy Lu, an automotive analyst.

• The competition in the EV industry will heat up this year, with a more differentiated market landscape, said Zhang Yongwei, vice president of China EV 100. (China Daily, Mar. 30)

BYD produces its 7 millionth plug-in electric car, aiming for 10 million by year-end

• BYD announced the production of its 7 millionth NEV, predominantly full battery electric cars and plug-in hybrids, with the milestone vehicle being a Denza N7 SUV from its premium brand.

• This year, BYD plans to sell more NEVs into the Australian market, including an SUV and ute offerings likely to arrive before the end of the year.

• The anticipated production of BYD’s 10-millionth vehicle by year-end is likely to prompt legacy automakers to reassess their EV production plans due to the rapid rate of production and deliveries. (The Driven, Mar. 26)