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Source: ResearchandMarkets.com announcement
DUBLIN — The China Autonomous Vehicles Market, Size, Forecast 2022-2027, Industry Trends, Share, Growth, Outlooks, Impact of COVID-19, Company Analysis report has been added to ResearchAndMarkets.com’s offering.
China’s autonomous-vehicle market is projected to reach $98.89 billion by 2030.
Self-driving cars could lead China’s automotive industry into the passing lane. From automated cargo trucks to driverless taxis, autonomous vehicles (AVs) will change the nature of on-road driving and, in the process, revolutionize the mobility and automotive industries.
China’s driverless-Car market size was $1.53 billion in 2021
Notwithstanding, the Asian giant is the world’s second-largest market for autonomous-driving technology. Therefore, it offers massive opportunities for domestic manufacturers and global firms alike. Autonomous driving in China will gain further momentum as driverless shuttles have become publicly available, and China is potentially taking the lead in the global autonomous vehicle market.
Furthermore, one of the significant drivers behind China’s accelerating transformation towards self-driving technology is its favorable policy. Beijing follows an active approach to boost autonomous driving in China: Permitting extensive AV testing on highways and the goal to integrate partial self-driving technology in 50 percent of all new-auto sales by 2025 undermine China’s ambitions to adopt large-scale, self-driving technology.
Further, the Chinese government is expected to introduce official regulations on autonomous vehicles by 2023.
China’s autonomous-vehicle industry will expand at a compound annual growth rate of 58.9 percent during the 2021-2030 period.
On the basis of Level of Driving, the country’s self-driving-car market is segmented into Level 3, Level 4, and Level 5.
The Level 3 automation of the semi-autonomous market segment is expected to show the fastest growth. Its adoption rate is moderate; nevertheless, due to the increasing technological development, its penetration rate is relatively higher than Level 1 and Level 2.
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Besides, The China FAW Group Corporation is the leading domestic automotive OEM in autonomous vehicle technology development. It will likely pioneer L4 autonomous vehicle technology and achieve commercialization in 2020.
To view the entire announcement, click HERE.
