AutoTrends Weekly

Preface

This issue of AutoTrends Weekly focuses on the Chinese government's continuous efforts to drive domestic NEV sales, as well as the global auto industry's development trends in shared mobility, connectivity, electrification, and autonomous driving. The highlights of this article include:

China unveils plan to galvanize NEV uptake in rural areas (China Daily, May 16)

Global ride-sharing market size to exceed $418.53 billion by 2033 (Spherical Insights, May 17)

Connected cars market size to reach $165.72 billion in 2028 at CAGR of 15.7% (The Business Research Company, May 14)

Baidu Apollo launches 6th-gen robotaxi with 60% lower cost (CnEVPost, May 15)

EV market to reach $6,916.43 billion and 446.54 million units by 2031 (Meticulous Research, May 14)

China unveils plan to galvanize NEV uptake in rural areas

• China's Ministry of Industry and Information Technology, in collaboration with four government bodies, has launched a nationwide campaign to bolster the NEV uptake in China's rural areas, which will run from May to Dec. 2024.

• The NEV rural promotion catalog features an impressive array of 99 models from leading auto manufacturers, encompassing a wide range of NEVs for various sectors.

• A series of activities will be organized over the course of the eight months, including exhibitions, test drives and other consumer experiences.

• The program will also implement policies to encourage NEV adoption, such as those related to vehicle trade-ins and improvements to county-level infrastructure, and it will focus on county-level cities with currently low NEV uptake rates but high growth potential. (China Daily, May 16)

Global industrial vehicles market size to exceed $59.73 billion by 2033

• Global industrial vehicles market size is to grow from $38.92 billion in 2023 to $59.73 billion by 2033, at a CAGR of 4.38% from 2023 to 2033, according to a recent report from Spherical Insights.

• The forklifts are perfect for lumber, steel, and auto customers, but they can also perform any heavy-duty operation that requires significant strength. Such advancements are projected to drive market expansion.

• The growing demand for electric forklifts among recycling plant operators and chemical companies is expected to propel the forklift industry forward.

• The advantages of industrial vehicles, such as decreased downtime and cost savings, have motivated firms to invest in these novel goods, resulting in increasing industrial vehicle market demand by the end of 2032. (Spherical Insights, May 16)

Global ride-sharing market size to exceed $418.53 billion by 2033

• The global ride-sharing market size is to grow from $91.63 billion in 2023 to $418.53 billion by 2033, at a CAGR of 16.40% during the projected period, according to a recent report from Spherical Insights.

• The introduction of big data analytics, IoT, and AI provides smart riding options and the expanded availability of cab booking services, which are the primary factors driving the global market.

• The rapid use of smart devices such as smartphones and smart wearables, as well as the increased use of internet data, are hastening the growth of the global ride-sharing industry.

• Several organizations, such as the European Union Paris Agreement on Climate Change, have set lofty goals and standards, which are projected to increase the use of sharing services. (Spherical Insights, May 17)

Ride-sharing software industry to generate $34.2 billion by 2032 at a CAGR of 17.6%

• The ride-sharing software industry is anticipated to generate $34.2 billion by 2032, witnessing a CAGR of 17.6% from 2023 to 2032, according to a recent report from Allied Market Research.

• Organizations are increasingly investing in online transport technologies that can provide seamless travel experiences to passengers. 

• An increase in the demand for smartphone applications including online mobility applications boosts the demand for the e-hailing segment in ride-sharing software. 

• Factors such as increased urbanization and growing demand for technological advancements are further expected to provide lucrative growth opportunities for the market. (Allied Market Research, May 20)

Connected car market size to reach $165.72 billion in 2028 at CAGR of 15.7%

• The connected car market size is predicted to reach $165.72 billion in 2028 at a CAGR of 15.7% from 2024 to 2028, according to a recent report from The Business Research Company.

• The growth in the connected cars market is due to an increase in efforts by governments to develop intelligent transportation systems. 

• Asia-Pacific region is expected to hold the largest connected cars market share. (The Business Research Company, May 14)

Baidu Apollo launches 6th-gen robotaxi with 60% lower cost 

• Baidu's smart driving arm Apollo launched its 6th-gen robotaxi at Apollo Day 2024 in Wuhan, Hubei province on May 15, costing RMB 200,000 ($27,670), a 60% drop compared to its predecessor.

• These vehicles will join the robotaxi fleet on Apollo Go, Baidu's self-driving ride hailing platform, which by the end of 2024 plans to deploy 1,000 6th-gen robotaxi in Wuhan.

• As a fully autonomous robotaxi operation network is established, operating costs will be reduced by 30%, Baidu said. Through the optimization of self-driving technology efficiency, service costs will be reduced by 80%. (CnEVPost, May 15)

EV market to reach $6,916.43 billion and 446.54 million units by 2031

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

• The growth of the global EV market is driven by factors such as supportive government policies and regulations, increasing investments in EV development by leading auto original equipment manufacturers, rising environmental concerns, decreasing battery prices, and the increasing consumer demand for EVs. 

• The growing adoption of autonomous EVs and the increasing focus on electric mobility in emerging economies are expected to generate growth opportunities for the stakeholders in this market. (Meticulous Research, May 14)