AutoTrends Weekly

Preface

This issue of AutoTrends Weekly explores the latest development trends impacting the global automotive sector in connectivity, electrification, shared mobility, autonomous driving, and market sales. The highlights of this article include:

Global car sales expected to hit new records in 2025 (Economist Intelligence Unit, Oct. 24)

Ride-sharing market to reach $357.93 billion by 2030 (Maximize Market Research, Oct. 25)

Connected car market to grow at a projected CAGR of 20.5% from 2023 to 2033 (Evolve Business Intelligence, Oct. 26)

Transition to EVs will lead to a 'fundamental transformation' of the auto industry (EcoWatch, Oct. 23)

Global car sales expected to hit new records in 2025 

• The auto industry will make a full recovery in 2025. The EV market is forecast to increase by almost 16% but trade tensions, strong competition from Chinese EV makers, and disputes over decarbonization targets will pose risks, according to a report by the Economist Intelligence Unit.

• New vehicle sales across the world's 60 biggest markets will hit 97.2 million units in 2025, surpassing their 2017 record. Growth in new-car sales in 2025 will expand by a healthier 2.3% year on year, owing largely to expansion in the EV market.

• Many governments still offer some tax relief to buyers and are tightening EV targets for automakers. This, along with EV makers' discounts, should support the market. (Economist Intelligence Unit, Oct. 24)

Ride-sharing market to reach $357.93 billion by 2030

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

• Throughout the projection period, the e-hailing segment is expected to hold a significant portion of the global market. 

• Additionally, the demand for ride-sharing, especially e-hailing, is being driven by the government's intensified efforts to raise public awareness of air pollution, passenger comfort, growing traffic congestion, and the ease of booking. (Maximize Market Research, Oct. 25)

Waymo closes $5.6 billion funding to expand autonomous ride-hailing service

• Alphabet's self-driving unit, Waymo, said on Oct. 25 it had closed a $5.6 billion funding round led by the Google parent, as it looks to expand its autonomous ride-hailing service.

• "With this latest investment, we will continue to welcome more riders into our Waymo One ride-hailing service in San Francisco, Phoenix, and Los Angeles, and in Austin and Atlanta through our expanded partnership with Uber," said Waymo. (Reuters, Oct. 25)

Transition to EVs will lead to a 'fundamental transformation' of the auto industry 

• The transition to EVs will have "far-reaching" effects on production, investment, global trade, and employment. The rising adoption of EVs represents a fundamental transformation of the global auto industry, said the International Monetary Fund in the recent World Economic Outlook.

• The shift from fossil fuel-powered vehicles to EVs has been accelerating and is an important part of countries' climate targets around the world.

• Speeding up the global move toward EVs would change the industry, especially if China remains the export and production leader in front of European and US rivals. (EcoWatch, Oct. 23)

CATL unveils the world's first Super hybrid battery with EV-like range

• The world's largest EV battery maker CATL unveiled its new Freevoy Super hybrid battery, calling it "the world's first" hybrid battery with over 400km (250 mi) all-electric range.

• With ultra-fast 4C charging, drivers can gain nearly 175miles (280km) in just 10 minutes. CATL claims the new battery improves hybrid power performance by 20%.

• By 2030, the Freevoy battery will be used in 30 hybrid models from top automakers, including Volvo owner Geely, Chery, GAC, and VOYAH. (Electrek, Oct. 24)