Dublin, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The "South Korea Autonomous Vehicles Market, Size, Forecast 2023-2030, Industry Trends, Share, Growth, Insight, Company Analysis" report has been added to ResearchAndMarkets.com's offering.
In 2022, the South Korean Automotive Vehicles Industry was valued at US$ 567.53 Million and is expected to be US$ 5,340.65 Million by 2030, expanding at a CAGR of 32.34% from 2022 to 2030
Over the last decade, self-driving technology has become one of South Korea's most well-adapted megatrends, notably in connected and autonomous vehicles (CAVs), which enable V2X connectivity (communication between cars, infrastructure, and other road users).
As a result, South Korea considers autonomous vehicles a significant trend in the automotive industry that promises to improve road safety and driver comfort. Furthermore, considerable progress has been made in South Korea in autonomous vehicle technology, which is attracting increasing interest from car manufacturers, technology companies, decision-makers, and the general public.
Many motives for transitioning to autonomous vehicles exist in the regions of South Korea when it comes to the next generation of cars. Whether for personal transportation or freight delivery, autonomous vehicles in South Korea now pose a significant threat to traditional auto manufacturers, business, and society.
As a result, potential benefits are theoretically reachable, and early demonstrations and trials stimulate the autonomous car market. Apart from that, reductions in accidents caused by human error, reduced transportation costs and environmental impact, the liberation of time currently spent driving, and accessibility to a broader range of users are the major factors encouraging the growth of autonomous vehicles in South Korea.
South Korean Consumers are getting closer to Autonomous Vehicles because of Hardware and Software Components
Our analysis has summarised the market for both hardware and software components based on technology. According to our findings, the hardware market continues to be the most prominent. Hardware are also bringing South Korean consumers closer to increasingly autonomous and self-driving vehicles.
Level 3 Vehicles Have the Largest Market Share
Technological sophistication determines the ability of autonomous vehicles to operate without human intervention. Our report categorizes autonomous vehicles into Level 3, Level 4, and Level 5. Furthermore, Level 3 refers to conditional automation, Level 4 to high automation, and Level 5 to full automation.
Level 3 vehicles will mark a watershed moment in technological testing, paving the way for mass-market adoption of an automated technology. According to our analysis, because of their environmental detection capabilities, Level 3 vehicles, also known as conditional driving automation vehicles, have a dominant market share in South Korea.
Key Players
Hyundai Motor Company, GM Korea Company, and Renault Samsung Motors are among the firms helping to expand the autonomous car industry in South Korea. To stay competitive, market players use a variety of strategies such as new product launches, mergers and acquisitions, government alliances, and technical developments to contribute significantly to market growth.
Furthermore, the companies are expected to rise throughout the projected period, owing to increased government and private sector backing for autonomous driving vehicle technology in several nations.
COVID-19's Impact on South Korea's Autonomous Vehicles Industry
The Covid-19 outbreak has halted the automotive industry's overall performance. The strategy of a South Korean corporation to prevent the development of new technologies and an investment plan to keep costs low would further stifle the mobility solution according to autonomous cars, and a global economic recession will progressively halt the market's growth.
Furthermore, a study of the future of autonomous vehicles is being conducted in South Korea to gather the opinions of a manifold group of specialists to develop a more precise and informed viewpoint on the growth of the automotive industry over the next decade.
Companies Covered:
- Hyundai Motor Company
- GM Korea Company
- Renault Samsung Motors
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. South Korea Autonomous Vehicles Market
5.1 Semi-Autonomous Driving
5.2 Self Driving Car
5.2.1 Level 4: High Automation
5.2.2 Level 5: Full Automation
6. Numbers - Autonomous Vehicles Market
6.1 Semi-Autonomous Driving
6.2 Self Driving Car
6.2.1 Level 4: High Automation
6.2.2 Level 5: Full Automation
7. Market Share
7.1 Hardware vs. Software - Autonomous Vehicles
7.2 By Level of Driving (L3, L4 & L5)
7.3 By Technology - Hardware Components
7.4 By Technology - Software Components
8. Technology
8.1 Hardware Components
8.2 Software Components
9. Market Analysis - Hardware Components
9.1 Sensing & Local Mapping Hardware
9.1.1 LIDAR
9.1.2 Radar
9.1.3 Cameras
9.2 Actuators
9.3 Connectivity Hardware
9.3.1 Embedded Modem
9.3.2 Embedded Controls Hardware
9.4 Control Systems and Computing Hardware
9.4.1 Passive Components
9.4.2 Other Electronics & Architecture
9.5 Safety-Related HMI Hardware
9.5.1 Odometry Sensors
9.5.2 Ultrasonic Sensors
9.6 V2X Hardware
9.7 Mapping Hardware
9.8 HMI Hardware
10. Market Analysis - Software Components
10.1 V2X Software
10.2 Embedded Controls Software
10.3 Mapping Software
10.4 Data Security Software
10.5 HMI Software
11. Company Analysis
11.1 Overview
11.2 Recent Developments
11.3 Revenue
For more information about this report visit https://www.researchandmarkets.com/r/tfcmg6
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