AutoTrends Weekly

Preface

Auto industry to hit 104 million units by 2030

• The auto industry size is projected to grow from 88 million units in 2024 to 104 million units by 2030, at a CAGR of 2.4%, according to a recent report from Research and Markets.

• The introduction of autonomous cars with enhanced safety features and higher levels of automation is shifting the trends in the automotive market.

• 5G-connected cars to enhance the driving experience, manage car fleets, smart cities and cloud computing are catching on rapidly.

• The launch of autonomous and semi-autonomous vehicles is another factor contributing to the market's expansion. (Research and Markets, Jul. 9)

Shared mobility market to reach $732.20 billion by 2031

• The shared mobility market is estimated to be valued at $318.32 billion in 2024 and reach $732.20 billion by 2031, growing at a CAGR of 12.6% from 2024 to 2031, according to Coherent Market Insights.

• The increasing preference for carpooling and ride-sharing services over private vehicle ownership, especially among the millennial population, is driving the growth of this market.

• The flexibility and accessibility offered through online platforms are driving a significant shift away from private vehicle ownership, which has quickly emerged as a major driver boosting shared mobility usage globally.

• The online sales channel contributes the highest share of 71% in 2024 of the shared mobility market due to the increasing smartphone and internet penetration. (Coherent Market Insights, Jul. 15)

Car-sharing app market to show a rise during the forecast period 2024-2032

• The car-sharing app market is expected to grow at a CAGR of 15.9% from 2024 to 2032, according to a recent report from Infinity Business Insights.

• Key trends include the integration of electric and autonomous vehicles into car-sharing fleets, promoting sustainability and innovation. 

• Advanced technologies like AI and machine learning are enhancing user experience through personalized recommendations and dynamic pricing models. 

• Partnerships between car-sharing companies and public transportation providers are increasing, offering integrated mobility solutions. 

• Additionally, the market is seeing growth in peer-to-peer car-sharing models, enabling individuals to rent out their personal vehicles, and further diversifying options for consumers. (Infinity Business Insights, Jul. 11)

Connected car market to hit $26.4 billion by 2030, at a CAGR of 13.3%

• The 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% from 2024 to 2030, according to a recent report from Research and Markets.

• The rapid development of network infrastructure in key markets like China and India facilitates the integration of cutting-edge technology in vehicles.

• New car buyers are showing a strong preference for connected features, which is driving the market towards more innovative and tech-savvy solutions.

• The widespread adoption of smartphones and the decreasing cost of data plans make connected car technologies more accessible to a broader consumer base.

• The growing sales of electric and autonomous vehicles are fueling the demand for connected car technologies, shaping the future of auto connectivity on a global scale. (Research and Markets, Jul. 12)

China's first large-scale closed test field for intelligent connected vehicles to put into operation

• China's first large-scale closed intelligent connected vehicle test field will commence operations on Jul. 16, according to the China Automotive Technology & Research Center Co., Ltd.

• The Yangtze River Delta (Yancheng) intelligent connected vehicle test site, constructed with an investment of RMB 1.5 billion (about $0.2 billion), is dedicated to researching and testing intelligent connected vehicles and autonomous vehicles.

• It meets all testing needs of intelligent connected vehicles in a real tunnel scenario, enabling the testing of perception, computing, decision-making, and execution functions of intelligent connected vehicles when there is no GPS positioning signal and network signals are shielded. (Ecns.cn, Jul. 9)

Baidu's robotaxis orders surge, paving the way for large-scale autonomous ride-hailing services 

• Apollo Go Robotaxi, Baidu's autonomous ride-hailing platform, has been gaining public attention as it is winning new business in Wuhan, Central China's Hubei Province, while market analysts even predicted that it could pave the way for commercial services.

• In Wuhan, a 10-kilometer ride in a self-driving robotaxi costs between RMB 4 and RMB 16 ($0.60-$2.30), whereas a regular ride-hailing service costs between RMB 18 and RMB  30.

• In the first quarter of 2024, bookings for fully driverless taxis in Wuhan accounted for 55 percent of all ride-hailing services.

• Looking ahead, we plan to deploy RT6, our sixth generation robotaxi in Wuhan this year, which will significantly reduce hardware depreciation costs, said Robin Li, Baidu's founder. (Global Times, Jul. 10)

Beijing to support use of self-driving cars in online ride-hailing services

• China's capital Beijing has plans to support the use of self-driving cars in online ride-hailing services, according to Beijing Daily, which cited municipal draft rules for autonomous vehicles.

• The draft rules that seek public comment through Jul. 29 are intended to provide a clear, transparent, and predictable institutional framework for some autonomous vehicles.

• Beijing took the lead in building the country's first high-level autonomous driving demonstration zone in Sept. 2020. (Reuters, Jul. 8)