AutoTrends Weekly

China supports R&D of core technologies  

• China's Ministry of Industry and Information Technology (MIIT) will adhere to the strategy of vehicle-road-cloud integration and take stronger measures to promote the high-quality development of intelligent connected vehicles, said Miao Changxing, an official from MIIT, at the 11th International Congress of Intelligent and Connected Vehicles Technology on Jun. 18.

• The ministry will support the R&D and industrialization of core technologies such as complex system architecture, high-performance sensors, and automotive chips. It will comprehensively advance the pilot work for the access and road operation of intelligent connected vehicles. 

• Efforts will be made to deepen openness and cooperation with other countries and continuously attract the implementation of the world's advanced intelligent connected technology products in China. (chinastarmarket.cn, Jun. 18)

Ride-sharing market to reach $205.83 billion by 2030, growing at 13.2% CAGR

• The global ride-sharing market is projected to reach $205.83 billion by 2030, registering a CAGR of 13.2% from 2021 to 2030, according to a recent report published by Allied Market Research.

• Factors such as a rise in demand for ride-hailing and ride-sharing services, an increase in demand from online taxi booking channels, and an increase in the cost of vehicle ownership are anticipated to drive market growth.

• The development of robotaxis and the emergence of eco-friendly electric cab services are some of the factors expected to offer lucrative opportunities for market growth.

• Asia-Pacific is expected to lead during the forecast period, owing to technological advancements, a rise in preference amongst the people for ride-sharing services, and supportive government policies for shared mobility services. (Allied Market Research, Jun. 19)

Connected car market to reach $26.4 billion by 2030

• The globally connected car market is estimated to grow from $12.4 billion in 2024 to $26.4 billion by 2030, at a CAGR of 13.3%, according to a recent report from Markets and Markets.

• Government initiatives towards developing intelligent transportation networks and the growing trend of in-vehicle connectivity solutions are two factors influencing the growth of the worldwide connected car market.

• The consumer demand for a safer, more convenient, and entertaining driving experience is a significant driver.

• Cellular connectivity is being increasingly adopted by automakers for embedded and integrated connected car solutions due to several key advantages over DSRC, holding the fastest-growing segment for the connected car market in the network segment. (Markets and Markets, Jun. 19)

Auto semiconductor market surges to $82.82 billion by 2031

• The global auto semiconductor market was valued at $54.85 billion in 2024 and is expected to reach $82.82 billion by 2031, according to a recent report from Verified Market Research.

• The auto semiconductor market is expanding rapidly as a result of the increasing demand for autonomous vehicles and ADAS.

• High-performance semiconductors are required for battery management, power electronics, and motor controllers due to the significant increase in the adoption of EVs. This transition expedites the consumption of semiconductors, allowing manufacturers to capitalize on the increasing demand for electronic components that are both reliable and efficient.

• This growing dependence on the IoT fuels market expansion by increasing the demand for semiconductors. (Verified Market Research, Jun. 20)

Generative AI could power the next wave of self-driving cars

• By tapping the power of generative AI, some companies see a faster, more capital-efficient way to teach robots to drive.

• The latest approach, driven by extraordinary leaps in generative AI, is based on intuitive learning, enabling autonomous vehicle (AV) companies to accelerate tech development.

• Learning-based AVs can be taught driving skills more quickly, but the black-box nature of machine learning-based behavior makes it more difficult to validate safety," said AV safety expert Philip Koopman. (Axios, Jun. 18)

China approves autonomous driving startup Momenta's US IPO

• China's securities regulator said on Jun. 17 that it has approved autonomous driving startup Momenta Global Limited's initial public offering (IPO) in the US.

• Momenta plans to issue up to 63,352,856 ordinary shares and list on the Nasdaq stock market or the New York Stock Exchange, the regulator said in a statement.

• According to China's plan to accelerate the adoption of self-driving cars, drivers in the test vehicles are allowed to take their hands off the steering wheels, with automakers and fleet operators taking responsibility for safety. (Reuters, Jun. 19)

Global market for P2P EV charging to reach $718 million by 2030 

• The global market for peer-to-peer (P2P) EV charging is projected to reach $718 million by 2030, growing at a CAGR of 18.5% from 2023 to 2030, according to a recent report from Research and Markets.

• The level 1 P2P EV charging segment is expected to reach $166.1 million by 2030 with a CAGR of 15.2%. The level 2 P2P EV charging segment is set to grow at 19.7% CAGR over the next 7 years.

• The US market is estimated at $68.6 million in 2023, and China is forecasted to grow at an impressive 18.4% CAGR to reach $127.9 million by 2030. (Research and Markets, Jun. 18)

JLR, Chery to produce Freelander-branded EVs

• Jaguar Land Rover is to produce EVs in China based on its Chinese partner Chery's platform, said the British premium carmaker on Jun. 19.

• The models, which will be manufactured at the two companies' joint venture CJLR, will bear the Freelander marque.

• JLR said the Freelander-branded EVs will be first sold in China but will be exported into overseas markets over time.

• The companies added that the Freelander portfolio represents complementary growth, which is independent of both Chery's existing portfolio and JLR's modern luxury house of brands. (China Daily, Jun. 19)