AutoTrends Weekly

Preface

Connected car market to surpass $143.72 billion by 2031

• The global connected car market size is poised to grow to $143.72 billion by 2031, growing at a CAGR of 19.50% from 2024 to 2031, according to a recent report from Skyquestt.

• The growing demand from consumers for connection solutions, the growing need for continuous connectivity, the growing reliance on technology, and the growing number of tech-savvy people are the key factors propelling the growth of the market.

• The car is equipped with computers and sensors that give the driver precise, up-to-date information. This in turn encourages the global adoption of connected cars, which boosts the market's expansion. (Skyquestt, Jul. 21)

US to issue proposed rules limiting Chinese vehicle software in Aug.

• The US Commerce Department plans to issue proposed rules on connected vehicles next month and expects to impose limits on some software made in China and other countries deemed adversaries, a senior official said on Jul. 16.

• "We're looking at a few components and some software - not the whole car but it would be some of the key driver components of the vehicle that manage the software and manage the data around that car that would have to be made in an allied country," said export controls chief Alan Estevez.

• The Biden administration has proposed sharp hikes in tariffs on Chinese EVs and other goods that they expect to be in place by Aug. 1. (Reuters, Jul. 18)

Solutions to be searched as robotaxis gain in popularity

• More than 20 Chinese cities have introduced policies supporting autonomous driving tests, with more than 60 enterprises having obtained self-driving test licenses.

• Now, ensuring the safety and stability of robotaxis remains a top priority, said Zhang Xiang, an auto analyst at North China University of Technology.

• More efforts are required to enhance self-driving testing and application scenarios, optimize algorithms, reduce the manufacturing costs of driverless vehicle components, and strengthen the construction of intelligent transportation infrastructure, Zhang added.

• China will operate the world's largest robotaxi fleet of about 12 million self-driving vehicles by 2040, according to research company BloombergNEF. (China Daily, Jul. 22)

Beijing seeks to drive up China's much-needed consumption by upping NEV number plate quota 

• The Beijing municipal government is set to issue 20,000 new energy passenger cars with number plates to be used by families from Jul. 22, according to Beijing Daily

• Beijing's new quota represents a 34% increase from the original target, with the city's government having planned to distribute 58,400 number plates annually for families.

• "The need to stimulate consumption is outweighing considerations of traffic congestion, and the Beijing government is easing original car-buying restrictions, akin to the recent relaxation of real estate regulations," said Peng Peng, executive chairman of the Guangdong Society of Reform think tank. (South China Morning Post, Jul. 22)

Ferrari's first EV will debut in 2025

• Ferrari's first EV will be revealed as soon as 2025, according to a report by Autocar.

• Ferrari boss Benedetto Vigna confirmed the upcoming EV has amassed several thousand on-road testing miles and said the EV will be made "in the right way."

• The Ferrari EV will be produced at the brand's new E-building located on its Maranello campus. (Autocar, Jul. 18)

Hongqi to launch two EVs in Europe

• Chinese automaker Hongqi will launch two EV models later this year in Europe.

• The automaker did not disclose details of the two models' price.

• The cars can be charged in 30 minutes at -10 degrees Celsius and would retain 50% of their range at -20 degrees Celsius, making them ideal for the colder climates in the UK and other European countries.

• The EH7 has a range of up to 690 kilometers on a single charge and can get fully charged in 20 minutes, said Hongqi. (China Daily, Jul. 16)

MUV rental market size to grow by $14.12 billion from 2024-2028

• The global multi-utility vehicle (MUV) rental market size is estimated to grow by $14.12 billion from 2024-2028, at a CAGR of 23.59%, according to a recent report from Technavio.

• MUV rental operators continually update their applications with new features, such as Uber's swipe-and-choose vehicle option, which displays vehicle details and rental agreement information. These technological advancements are expected to significantly grow the market.

• MUV models with advanced features, safety systems, and connectivity options are popular among personal users for leisure and commercial purposes.

• In logistics and construction industries, specialized MUV configurations like cargo vans and utility trucks are in demand. (Technavio, Jul. 18)