AutoTrends Weekly

Preface

This issue of AutoTrends Weekly focuses on the global auto industry's development trends in market, connectivity, electrification, and autonomous driving, with the highlights including:

Global automotive market to reach $6,678.28 billion by 2032 (Towards Automotive, Apr. 15)

Auto chip market to expand to $92.49 billion by 2031 (SNS Insider, Apr. 19)

Germany, China sign joint declaration on car data sharing (Reuters, Apr. 18)

Global EV platform market size to exceed $114.82 billion by 2033 (Spherical Insights, Apr. 19)

Global automotive market to reach $6,678.28 billion by 2032 

• The global automotive market is calculated at $4,359.98 billion in 2024 and is expected to reach around $6,678.28 billion by 2032, growing at a CAGR of 5.66% from 2024 to 2032, according to a recent report from Towards Automotive.

• Auto companies are tapping into the growing demand for inexpensive private vehicles in developing nations, where the middle-income demographic is expanding, by introducing affordable new cars and motorcycles.

• The increasing interest in EVs presents a significant growth opportunity for auto industry players. (Towards Automotive, Apr. 15)

Auto chip market to expand to $92.49 billion by 2031

• The auto chip market is poised to expand to $92.49 billion by 2031, according to a recent report from SNS Insider.

• The integration of ADAS drives the demand for auto chips capable of processing sensor data and executing complex algorithms.

• The rapid expansion of the EV market fuels demand for semiconductor chips powering electric drivetrains, battery management systems, and charging infrastructure, driving market growth.

• The demand for in-vehicle connectivity features fuels the adoption of auto chips. Stringent regulatory requirements for vehicle safety, emissions reduction, and fuel efficiency drive the integration of advanced auto electronics and semiconductor chips. (SNS Insider, Apr. 19)

Global ADAS market size to 655 million units by 2030 with a CAGR of 11.9%

• The global ADAS market size is projected to grow from 334 million units in 2024 to 655 million units by 2030, at a CAGR of 11.9%, according to a recent report from Research and Markets.

• The ADAS market is witnessing robust growth driven by increasing demand for electric and autonomous vehicles may drive the market for ADAS systems.

• EVs require advanced sensors and control systems in harmony to ensure safe and efficient operation, which will increase the demand for ADAS systems.

• The growing trend of autonomous vehicles and the focus on safety may increase the demand for ADAS, as these vehicles require advanced systems for navigation, obstacle detection, and collision avoidance. (Research and Markets, Apr. 15)

Germany, China sign joint declaration on car data sharing

• Germany and China have signed a joint declaration to cooperate on autonomous and connected driving which Germany hopes will enable carmakers to transfer data from China to Germany, a contentious topic for foreign businesses in China.

• The two countries will work together to develop shared standards and rules for how to manage the data generated as companies develop autonomous driving, a move which Germany's auto association VDA said would save resources in development and production.

• The declaration will provide a space for further discussion on the topic, Germany's statement said, highlighting that there was not yet consensus and advocating for "tangible improvements for German and EU companies in this area". (Reuters, Apr. 18)

Tesla slashes price for full self-driving software

• Tesla announced on Apr. 20 that it cut the price of its Full Self-Driving (FSD) driver assistant software by one-third as the company reaffirmed its commitment to self-driving technology.

• The change slashes the price for FSD software to $8,000 from $12,000 for US customers.

• FSD software will eventually become a major source of revenue for Tesla, the world's most valuable automaker, said Tesla CEO Elon Musk. (FOX Business, Apr. 21)

Global EV platform market size to exceed $114.82 billion by 2033

• The global EV platform market size is to hit $114.82 billion by 2033, at a CAGR of 28.22% from 2023 to 2032, according to a recent report from Spherical Insights.

• The sports utility vehicles segment is expected to hold the largest share of the global EV platform market from 2023 to 2032.

• The hybrid electric vehicle segment is expected to grow at the fastest CAGR during the anticipation timeframe.

• North America is projected to hold the largest share of the global EV platform market over the anticipation timeframe. (Spherical Insights, Apr. 19)

VW partners with XPeng to develop EV architecture

• VW said on Apr. 17 it is codeveloping an electrical/electronic architecture with Chinese startup XPeng in an effort to improve its competitive edge in China's heated EV market.

• The architecture, which will be available in 2026, will ensure the rapid expansion of digital services in the VW brand's China-specific vehicles.

• The announcement of the new collaboration with XPeng follows an investment of $2.67 billion in China, which is also to be spent on preparing the production of two models codeveloped with XPeng, as part of a deal the two inked in 2023. (China Daily, Apr. 18)