AutoTrends Weekly

Preface

Ride-sharing market to $357.93 billion at 17.2% CAGR  

• The ride-sharing market is projected to soar to $357.93 billion by 2030, at a CAGR of 17.2% from 2024 to 2030, according to a recent report from Maximize Market Research.

• The proliferation of internet connectivity and the widespread adoption of smartphones propel the market forward.

• Rising carbon emissions from vehicles have prompted governments and organizations worldwide to implement stringent regulations and encourage the adoption of sustainable transportation solutions.

• The escalating costs associated with vehicle ownership are also contributing to the market's expansion. (Maximize Market Research, Sept. 16)

China's vehicle software market exceeds RMB 65 billion

• China's vehicle software market is worth more than RMB 65 billion (about $9.2 billion), accounting for 30% of the country's total software market, according to a report on the development of a new quality productive force in China's automobile industry.

• The report also pointed out that the localization rate of automobile chips is on the rise as enterprises such as Huawei are making headway in chip development. The localization rate of power semiconductors has risen to 15% to 20%. (en.people.cn, Sept. 22)

Internet of cars market to reach $865.7 billion by 2030, growing at a CAGR of 17.8%

• The Internet of cars market is projected to reach $865.7 billion by 2030, growing at a CAGR of 17.8% from 2023 to 2030, according to a recent report from Research and Markets.

• The Internet of cars services segment is expected to see remarkable growth, reaching $458.9 billion by 2030 with a CAGR of 17.8%. 

• Additionally, the Internet of cars software segment is projected to grow at an 18.5% CAGR over the same period. (Research and Markets, Sept. 22)

US to propose a ban on Chinese software and hardware in connected vehicles

• The US Commerce Department is expected on Sept. 23 to propose prohibiting Chinese software and hardware in connected and autonomous vehicles on American roads due to national security concerns, said two sources.

• The department also plans to propose making the prohibitions on software effective in the 2027 model year and the ban on hardware would take effect in January 2029 or the 2030 model year. 

• The prohibitions in question would include vehicles with certain bluetooth, satellite, and wireless features as well as highly autonomous vehicles that could operate without a driver behind the wheel. (Reuters, Sept. 22)

Waymo in talks with Hyundai Motor to produce self-driving taxis 

• Alphabet's Waymo is in talks with South Korea's Hyundai Motor to outsource manufacturing of its self-driving vehicles.

• Officials at Waymo and Hyundai Motor have discussed a plan to use Hyundai's IONIQ 5 EVs for Waymo's sixth-generation self-driving technology, adding that the plan includes replacing offerings from China's ZEEKR with IONIQ 5 models.

• Hyundai Motor said, "Nothing is determined at this stage about new businesses," referring to its plan to sell its vehicle platform to self-driving technology companies. (Reuters, Sept. 19)

EV market to reach $6,916.43 billion by 2031 

• The EV market is projected to reach $6,916.43 billion by 2033, at a CAGR of 28.0% from 2024 to 2031, while in terms of volume, this market is expected to reach 446.54 million units by 2031, at a CAGR of 20.5% from 2024 to 2031, according to a recent report from Meticulous Research.

• Supportive government policies and regulations, increasing investments in EV development by leading auto OEMs, rising environmental concerns, decreasing battery prices, and the significant and increasing consumer demand for EVs are key factors driving the growth of the market.

• Furthermore, the growing adoption of autonomous EVs and the increasing focus on electric mobility in emerging economies are expected to generate growth opportunities for the EV market players. (Meticulous Research, Sept. 18)

Hyundai Motor cuts 2030 sales goals as EV chasm likely protracted

• Hyundai Motor has slashed its long-term vehicle sales targets by 6% as it prepares for aggressive marketing by Chinese rivals and a protracted EV uptake slowdown.

• The flagship unit of Hyundai Motor now expects 5.55 million global vehicle sales in 2030, down from its earlier target of 5.9 million units.

• Hyundai's Chief Executive Chang Jae-hoon said Hyundai plans to double its hybrid vehicle lineup to 14 models and develop longer-range EVs to overcome a prolonged EV sales slowdown. (The Korea Economic Daily, Sept. 19)