AutoTrends Weekly

EU modifies anti-subsidy tariff rates for Chinese EVs, a four-month period remains until the final ruling   

• Starting from Jul. 5, the European Union will impose temporary anti-subsidy tariffs on Chinese EVs.

• The European Commission has modified the tariff rates disclosed on Jun. 12. The tariff rate for SAIC Motor Corporation Limited has been reduced from 38.1% to 37.6%, while the rate for Geely Auto Group has decreased from 20% to 19.9%.

• There is still a four-month period before the final ruling, said He Yadong, spokesperson for China's Ministry of Commerce, on Jul 4. China hopes that both sides could work together to expedite the consultation process, aiming to reach a mutually acceptable solution based on facts and rules as soon as possible. (Caixin, Jul. 4)

Ride-sharing market to reach $205.83 billion by 2030, growing at a CAGR of 13.2% from 2021

• 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 from Allied Market Research.

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

• 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. (Allied Market Research, Jul. 3)

Global car-sharing market to reach $15.4 billion, with a CAGR of 14.04%

• By 2028, the global car-sharing market is expected to reach $15.4 billion, with a CAGR of 14.04%, according to a recent report from TechReport.

• By 2028, the number of car-sharing users worldwide is expected to rise to almost 65 million.

• Reduction in fuel and parking costs is a significant motivation for many who struggle with inflation and cost-of-living crises.

• Reduction in car costs for owners who share their vehicle promotes market growth. (TechReport, Jul. 3)

Shared mobility market to $1181.09 billion by 2030, growing at an impressive 28.8% CAGR

• The shared mobility market is projected to grow at a CAGR of 28.8% from 2024 to 2030, reaching approximately $1181.09 billion, according to a recent report from Stellar Market Research.

• The market's rapid growth is driven by urbanization, environmental concerns, limited energy resources, and economic factors.

• Increased adoption of autonomous taxis and shuttles is anticipated.

• Significant investments from venture capital and private equity are shaping the market. (Stellar Market Research, Jul. 2)

Connected car market worth $26.4 billion by 2030 globally, at a CAGR of 13.3% 

• The global connected car market is projected 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 Markets and Markets.

• The introduction of several laws requiring safety features like e-call, navigation, collision warning systems, etc., is anticipated to increase the uptake of connected car services worldwide.

• The rising sales of high-end and luxury autos partly drive the growing demand for connected car services.

• The aftermarket connected car services segment holds the largest market share in the connected car market during the forecast period. (Markets and Markets, Jul. 2)

Audi to implement ChatGPT for better voice control

• Audi is implementing the AI-based chatbot ChatGPT via Microsoft Azure OpenAI Service to enhance its vehicles' voice control capabilities.

• Enhanced voice control can be used to realize navigation and system control, and answer general questions.

• New Audi vehicles such as the Q6 e-tron1 and future models with the E3 1.2 electronics architecture will receive ChatGPT via Cerence Chat Pro as an extension of the Audi assistant, according to Audi officials. (Shine, Jul. 1)

Autonomous vehicle market to develop at an exceptional 37.8% CAGR by 2031

• The autonomous vehicle market size is poised to grow from $52.09 billion in 2023 to $677.23 billion by 2031, at a CAGR of 37.8% from 2024 to 2031, according to a recent report from Skyquestt.

• High investments in the development of novel autonomous driving technologies and rising acceptance of self-driving vehicles are also slated to augment the global autonomous vehicle market development going forward.

• A growing number of road accidents and rising emphasis on improving road safety are also forecasted to create new opportunities for autonomous vehicle companies in the future. 

• The use of artificial intelligence and connected car technologies will also provide new opportunities for autonomous vehicle market players in the long run. (Skyquestt, Jul. 3)

BYD to take Tesla's crown as the world's No. 1 producer of battery EVs

• BYD is on track to overtake Tesla in battery EV sales this year, with its BEV market share expected to surge, according to a Counterpoint report.

• China's BEV sales are estimated to be four times that of North America’s in 2024.

• China will continue to hold more than 50% market share of global BEV sales until 2027 and Chinese BEV sales are projected to top the combined sales of North America and Europe in 2030. (Counterpoint, Jul. 3)