AutoTrends Weekly

Preface

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

Shared mobility market to $867.54 billion by 2030, growing at a 7.71% CAGR (Maximize Market Research, Aug. 28)

Connected car market to expand at a CAGR of 14.91% to reach $390.23 billion by 2034 (Research and Markets, Aug. 27)

Uber invests in UK startup Wayve to speed up self-driving projects (Reuters, Aug. 29)

China accuses Canada of protectionism over 100% tariffs on electric vehicles (AP News, Aug. 27)

Shared mobility market to $867.54 billion by 2030, growing at a 7.71% CAGR 

• By 2030, the shared mobility market is predicted to reach $867.54 billion, at a CAGR of 7.71% from 2023 to 2030, according to a recent report from Maximize Market Research.

• The proliferation of smartphone apps and GPS technology has made it easier for users to access and manage shared transportation services, leading to a surge in popularity for ride-hailing, bike-sharing, and scooter-sharing platforms.

• Advancements in EVs and autonomous driving technology are transforming the market, offering more sustainable and efficient options for shared mobility.

• Furthermore, partnerships between tech companies and traditional auto manufacturers are fostering new business models and expanding the range of shared mobility solutions. (Maximize Market Research, Aug. 28)

Sharing economy market to exhibit a CAGR of 3.70% from 2024 to 2031

• The sharing economy market is valued at approximately $300 billion and is projected to exhibit a CAGR of 3.70% from 2024 to 2030, according to a recent report from Report Prime.

• The sharing economy market is significantly shaped by the rise of digital platforms facilitating peer-to-peer transactions, an increasing consumer preference for sustainable and cost-effective alternatives, and urbanization driving a demand for flexible access to goods and services.

• Shared transportation holds the largest market share, driven by technological advancements and urbanization trends, while shared space is witnessing exponential growth due to a shift towards remote working. 

• Emerging areas like shared health care and shared knowledge education are tapping into collaborative resources, indicating strong growth potential. (Report Prime, Aug. 30)

Connected car market to expand at a CAGR of 14.91% to reach $390.23 billion by 2034

• The connected car market is evaluated at a valuation of $97.19 billion in 2024 and is projected to expand at a CAGR of 14.91% to reach $390.23 billion by 2034, according to a recent report from Research and Markets.

• Investments in intelligent traffic, roads, and advanced networks are essential for seamless V2X communication. These advancements improve traffic management, lessen congestion, and facilitate the adoption of ADAS & autonomous driving, boosting connected car capabilities.

• Further propelling market expansion is consumer desire for upgraded safety features, real-time data, and sophisticated entertainment systems.

• The connected car market will see accelerated development as governments continue to invest in smart infrastructure and regulatory frameworks change to support these innovations. (Research and Markets, Aug. 27)

Auto software market to grow at CAGR of 16.65% through 2033

• The auto software market is projected to $136.04 billion by 2033 at a CAGR of 16.65% during the forecast period 2024 - 2033, according to a recent report from The Brainy Insights.

• The rising international demand for electric and connected vehicles, coupled with the increasing need for advanced auto applications like remote vehicle diagnostics, automatic crash notifications, and emergency assistance, is propelling market expansion.

• Moreover, leading players are continually launching cutting-edge technology-based smart systems, further contributing to market growth.

• Additionally, the increasing incorporation of electronic applications in vehicles, the demand for ADAS, the surge in EV demand, and the involvement of innovative technologies for improved user interfaces are crucial factors fueling market expansion. (The Brainy Insights, Aug. 28)

Uber invests in UK startup Wayve to speed up self-driving projects

• Ride-hailing platform Uber will invest in Wayve to help the British self-driving technology startup work with major automakers to speed up the development of its systems.

• Wayve has developed "Embodied AI" technology that it says can learn from and adapt to human behavior.

• Wayve said it would use the funding and support to accelerate the development of level 2 and level 3 driver assistance and automated driving functions with automakers, "while also working towards the development of globally scalable level 4 autonomous vehicles for future deployment on Uber." (Reuters, Aug. 29)

BYD will use Huawei's tech to power up 'hard-core' EVs and keep pace with Tesla

• China's leading EV maker, BYD, will use Huawei's advanced driver-assist tech for its new "hard-core" electric SUV brand. The new partnership comes as BYD looks to close the tech gap with Tesla and other upcoming Chinese rivals.

• The brand will use Huawei's new Qiankun Intelligent Driving ADS 3.0 to open "a new era of global intelligent hard-core" driving. BYD's Fang Cheng Bao will work with the tech giant to research and develop smart driving tech for its off-road vehicles. (electrek, Aug. 27)