Dublin, May 03, 2024 (GLOBE NEWSWIRE) -- The "South Korea Autonomous Vehicle Market Overview, 2029" report has been added to ResearchAndMarkets.com's offering.
South Korea Autonomous Vehicle Market is projected to grow with more than 25% CAGR from 2024 to 2029
Government assistance, as demonstrated by initiatives such as the K-City project and the "K-ADEX" expo, serves as a driver for market expansion. Furthermore, the country's tech-savvy population has a tendency to embrace technical innovations, establishing them as early adopters of AV technology. Factors such as an ageing population and congested cities generate demand for novel transportation solutions such as autonomous vehicles.
This creates profitable potential in a variety of industries, including logistics, tourism, and last-mile deliveries, where AVs may provide efficient and sustainable solutions. In terms of trade statistics exports of Level 2+ Advanced Driver Assistance Systems (ADAS) components have increased significantly. South Korea's AV industry is also benefiting from expanding relationships with global giants such as Aurora and Aptiv, indicating the country's growing integration into the global AV ecosystem. These trends point to a good future for South Korea's AV sector, which is primed for significant growth and innovation in the coming years.
There are different types and levels of automation in the world of self-driving cars. These categories include passenger cars and commercial vehicles, each with differing levels of autonomy. Semi-autonomous vehicles, rated Level 2 by the Society of Automotive Engineers (SAE), have certain automated driving functions including adaptive cruise control and lane-keeping assistance but still require human intervention. On the other hand, completely autonomous cars, also known as a self-driving car or autonomous car, is a vehicle that is capable of performing all driving tasks without human intervention. This includes functions such as navigation, acceleration, braking, and even decision-making.
Fully autonomous vehicles use a combination of sensors, cameras, radar, lidar, and advanced artificial intelligence (AI) systems to perceive their environment, interpret data, and make driving decisions. The development of autonomous vehicles requires both hardware and software components. The hardware consists of physical components such as sensors, computers, and actuators that allow the vehicle to detect and respond to its surroundings. In contrast, software and services, like algorithms, machine learning models, and connectivity solutions, are critical in allowing the vehicle's autonomous capabilities. These software and services make navigation, decision-making, and communication easier, which improves the overall usefulness and safety of autonomous cars.
The Society of Automotive Engineers (SAE) defines autonomous vehicles (AVs) according to their application and level of automation in the J3016 standard. Transportation (logistics, civil, etc) and defence are possible applications. Levels of automation range from 1 to 5, with each indicating the extent to which the vehicle can operate without human involvement. At Level 1, the vehicle can only assist with steering or acceleration/deceleration, not both. Under some scenarios, Level 2 automation enables simultaneous management of steering and acceleration/deceleration, necessitating the human driver's continued engagement and monitoring of the driving environment.
Level 3 autonomy means that the vehicle can do the majority of driving functions automatically under specified conditions, but a human driver must be present to take over if necessary. Moving on to Level 4, the vehicle can conduct all driving activities automatically under specified settings and environments, removing the need for human interaction. Finally, degree 5 autonomy is the maximum degree, in which the vehicle can handle all aspects of driving without the use of manual controls or human supervision. These classifications give a framework for understanding the capabilities and limitations of AV technology across industries, as well as a road map for future improvements in autonomous driving.
On the policy and regulatory front, governments have a significant impact on the landscape for AV deployment. Many administrations are actively pushing AV development by establishing clear roadmaps and implementing pilot initiatives. Concurrently, efforts are being made to build strong safety testing and certification methods, which are critical for assuring the dependability and compliance of AV systems. Furthermore, legislators are wrestling with the development of data privacy and cybersecurity rules to protect against potential weaknesses in autonomous technology. In terms of sales channels, the current environment is dominated by business-to-business (B2B) transactions, with fleet operators and logistics businesses driving uptake.
However, as AV technology matures and reaches increasing levels of autonomy, consumer sales are expected to increase significantly, particularly with the adoption of Level 3 and 4 autonomy. Notably, internet platforms are projected to develop as key sales channels for personal AVs, providing convenience and accessibility to potential purchasers. As the industry navigates these difficulties and opportunities, stakeholder participation and proactive regulatory measures will be critical to accelerating the mainstream deployment of autonomous vehicles. South Korea's automobile sector relies heavily on imported raw materials, notably essential components like sensors, semiconductors, and LiDAR technology. This dependency highlights the sector's vulnerability to global supply chain disruptions.
In response, the government has initiated steps to strengthen domestic supply chains, aiming for greater self-sufficiency and resilience. However, accomplishing this goal will necessitate significant investments in research, development, and infrastructure. South Korea's automotive landscape includes both established players and fresh entrants. Established heavyweights such as Hyundai, Kia, LG Electronics, and SK Telecom have long controlled the market by using their resources and experience. Meanwhile, younger firms like Aurora, Aptiv, and Waymo, in collaboration with Hyundai, are shaking up the sector with novel autonomous vehicle (AV) technologies.
Furthermore, businesses concentrating on specialty niches such as last-mile deliveries and shuttle services are emerging, injecting vitality and diversity into the market. The COVID-19 pandemic originally hampered automobile testing and development processes, creating schedule disruptions and delays. However, South Korea's perseverance and effective response have resulted in a slow comeback, with the industry gradually restarting its operations.
Looking ahead, the country has set high goals, intending to become a global leader in Level 4 AVs by 2030. Achieving this goal will require close collaboration between the government, industry stakeholders, and academics to build an ecosystem conducive to innovation, regulation, and infrastructure development. Such coordinated efforts will be critical in breaking down technological hurdles, establishing safety standards, and realising the full potential of self-driving technology in South Korea's automotive sector.
Market Dynamics
- Key Findings
- Key Developments - 2021
- Market Drivers & Opportunities
- Market Restraints & Challenges
- Market Trends
- COVID-19 Effect
- Supply chain Analysis
- Policy & Regulatory Framework
- Industry Experts Views
South Korea Autonomous Vehicle Market Opportunity Assessment
- By Vehicle Types, 2024 to 2029
- By Type, 2024 to 2029
- By Application, 2024 to 2029
- By Level of Automation, 2024 to 2029
- By Components, 2024 to 2029
Competitive Landscape
- Porter's Five Forces
- Company Profiles
- Company Snapshot
- Company Overview
- Financial Highlights
- Geographic Insights
- Business Segment & Performance
- Product Portfolio
- Key Executives
- Strategic Moves & Developments
For more information about this report visit https://www.researchandmarkets.com/r/s8zw5p
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