AutoTrends Weekly

Preface

China to further promote high-level opening-up and intensify efforts to introduce and utilize foreign investment 

• China will further promote high-level opening-up and intensify efforts to introduce and utilize foreign investment, according to an action plan released by the General Office of the State Council.

• China will refine the negative list for foreign investment, carry out pilot programs to ease access for foreign investment in scientific and technological innovation, and allow wider participation by foreign financial institutions in banking and insurance.

• China will expand the business scope of foreign financial institutions in the domestic bond market, and conduct pilot investment programs for qualified foreign limited partners in China.

• China will provide support for foreign enterprises in industry transfers from eastern regions to central, western, and northeastern regions. (The State Council, Mar. 19)

Global IoT in auto market projected $760.3 billion by 2032 with a 22.6% CAGR

• The global IoT in auto market is expected to gain a value of $760.3 billion by 2032, with an outstanding CAGR of 22.6% from 2023 to 2032, according to a recent report from Allied Market Research.

• In recent years, the global demand for connected car services and features has surged due to a heightened focus on road safety, accident prevention, and the advent of autonomous vehicles, leading to increased demand for IoT in the auto sector.

• The expansion of vehicle-to-everything (V2X) communication, along with the rise of data-driven services and opportunities for monetization, is anticipated to propel the growth rate of this industry.

• The integration of IoT technology into vehicles has resulted in the development of connected car services. (Allied Market Research, Mar. 20)

Applied AI in autonomous vehicles market to grow to $11.94 billion by 2032 with 26.6% CAGR

• The applied AI in autonomous vehicles market is projected to grow to $11.94 billion by 2032, exhibiting a CAGR of 26.6% during 2023-2032, according to a recent report from Market Research Future.

• Companies such as Tesla, Baidu and Ford are driving innovation and shaping the landscape of the applied AI in the autonomous vehicles market.

• The increasing adoption of electric and autonomous vehicles, coupled with the integration of AI-powered features is creating a fertile ground for market growth.

• In Asia-Pacific, the market is witnessing substantial growth, fueled by the increasing demand for smart mobility solutions in countries like China and Japan. (Market Research Future, Mar. 21)

Shanghai's latest test zone for driverless cars includes world's first 5G-A pilot road

• Pudong New Area opened another 205 kilometers worth of public roads for the testing of self-driving vehicles yesterday, including the globe's first pilot road using 5G-A IOV technology, said the district government.

• The end-to-end latency of 5G-A is much faster than that of 5G, at 20 ms, which is able to sense traffic conditions in all weather conditions and at all times of the day.

• Shanghai now has 1,003 open roads with a combined length of over 2,000 kilometers for self-driving tests. (Yicai, Mar. 20)

VW partners with Mobileye for Level 4 autonomous vehicles

• VW has announced a collaboration with Mobileye Global, a major player in autonomous driving technology. The companies together will work on bringing Level 4 autonomous vehicles to the commercial market.

• VW will leverage Mobileye's expertise in autonomous driving technology.

• Mobileye's highly automated driving tech will make it across VW Group brands including Audi, Porsche and Bentley.

• Mobileye is working on advanced driving tech including Level 4 autonomous driving. (Car and Bike, Mar. 22)

NIO partners with CATL to develop long-lasting EV batteries

• NIO recently signed an agreement with CATL, a China-based battery manufacturer, for the development of long-lasting EV batteries with up to 15 years of life, nearly twice the current national warranty standard.

• The automaker has not yet provided the production timeline for the new long-lasting batteries.

• Per the statistics, nearly 20 million NEVs battery warranties are expected to expire between 2025 and 2032. Both companies aim to make battery swap services widely available with their latest partnership deal, which will eliminate the concerns related to the high replacement costs of the battery. (Zacks Equity Research, Mar. 19)

Global car rental business market to grow at 5.5% CAGR during 2024-2031

• The worldwide car rental business market is expected to grow at a booming CAGR of 5.5% during 2024-2031, according to a recent report from Infinity Business Insights.

• The car rental business market is witnessing robust growth as travelers seek convenient and flexible transportation solutions.

• As travelers prioritize affordability and sustainability, the demand for Car Rental Business will continue to rise.

• Leveraging technology for seamless booking and contactless rentals presents opportunities for innovation and market differentiation, catering to diverse traveler preferences and needs. (Infinity Business Insights, Mar. 21)