Dublin, March 05, 2024 (GLOBE NEWSWIRE) -- The "China Autonomous Vehicles Market, Size, Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to ResearchAndMarkets.com's offering.
This comprehensive research publication on the China Autonomous Vehicle Market illustrates a potential reach of US$ 31.60 billion by 2030, marking a remarkable growth surge supported by technological advancements and regulatory frameworks tailored to foster intelligent and connected vehicles. This industry insight delves into the transformative impact that autonomy and connectivity are having on the Chinese automotive sector, indicative of an impending revolution in transportation dynamics.
Market Driven by Technological Innovation and Strong Policy Support
China's commitment to autonomous vehicle technology showcases impressive progression within its urban landscapes, notably through the integration of robotaxis in certain cities. In line with the country's carbon neutrality goals and ACES standards, the report asserts a projected compound annual growth rate (CAGR) of 21.66% from 2024 to 2030.
Chinese tech companies, notably Baidu with plans for expanding driverless taxi services, are in pursuit of bolstering the commercial use of autonomous technology, setting the stage for China to potentially lead the global market in autonomous driving solutions.
Policy Reforms Accelerating Autonomous Vehicle Adoption
China's strategic policy initiatives are playing a pivotal role in propelling the autonomous vehicle market. With guidelines from the relevant Ministries to extend the scope of road tests and the release of the nation's first national draft guideline concerning autonomous vehicles for public transport, China is demonstrating a conducive environment for the technology's maturity and industry consolidation.
Level 3 autonomous driving reflects a significant trend within the Chinese automobile sector, with both large corporations and startups channeling resources toward the development and commercialization of semi-autonomous vehicles.
Software Segment to Dominate the Autonomous Vehicle Industry
The crucial role of software in the operability of autonomous vehicles is underscored by its dominant market share forecast in the industry. Emerging technologies such as Lidar hardware and V2X software are gaining prominence and are expected to significantly advance the capabilities of autonomous driving in the near future.
Commercial Vehicles Spearheading Market Growth
In the realm of vehicle types, commercial applications of autonomous technology are witnessing the fastest growth, bolstered by demands for improved transportation logistics and reduced operational costs. Analogously, the defense sector in China is expected to hold a significant market share within the autonomous vehicle market, as military applications of autonomous technology become increasingly paramount.
The report highlights the enduring presence of internal combustion engines in China's autonomous vehicle market, despite the transition toward electric and hybrid alternatives. These engines continue to offer a reliable solution for a range of autonomous vehicles.
Key Market Players & Recent Developments
- AutoX
- Baidu Apollo
- Didi Chuxing
- Pony.ai
- TuSimple
- WeRide
These leading companies are pivotal in shaping the landscape of China's Autonomous Vehicles Market, contributing to its growth and technological innovation. Recent developments by these companies further substantiate the market's trajectory toward an autonomous future in transport technology.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 170 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $8.01 Billion |
| Forecasted Market Value (USD) by 2030 | $31.6 Billion |
| Compound Annual Growth Rate | 21.6% |
| Regions Covered | China |
For more information about this report visit https://www.researchandmarkets.com/r/jqbt2y
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