The Chinese automotive market is likely to shift into a higher intelligence level by 2025. The L1 and L2 autonomous vehicles are currently available in the market, with a total sales of 0.3 million units in 2018. Going forward, the market is likely to experience a positive compound annual growth rate (CAGR) of 28.4%, reaching 1.5 million unit shipments across L1, L2, L3 and L4 autonomous vehicle technology in China in the long term. In the passenger car segment, 96.5% of autonomous vehicles are L1 and L2 private cars.
This is according to the “China’s Autonomous Vehicle Market, Forecast to 2025” report, which has recently been added to ResearchAndMarkets.com’s offering.
The aim of this study is to evaluate the autonomous driving market in China. The study identifies the key autonomous driving participants and their market activities in the automotive industry. The value chain of the market is also discussed in this study.
According to ResearchandMarkets, autonomous vehicle technology will see more adoption in passenger car business segments, such as public taxis and mobility service vehicles. Public taxis and other mobility service vehicles will account for 25.6% of the passenger car market share in 2025.
The China FAW Group Corp. is the leading domestic automotive OEM in terms of autonomous vehicle technology development. It is likely to pioneer L4 autonomous vehicle technology and achieve commercialization of the same in 2020.
In addition, SAIC Motor Co., Ltd. and Zhejiang Geely Holding Group Co., Ltd. are likely to commercialize the L4 autonomous vehicles between 2022 and 2024, in China. NIO Inc., a new start-up, is another key notable participant in the market.
Baidu Inc., Alibaba Group Holding Ltd. and Tencent Holdings Ltd. are the key notable technology companies that provide software and database platforms to support automotive OEMs in China. Apollo, Baidu’s open platform, and Alibaba’s intelligent expressway (expected to be ready by 2038), and Tencent’s cybersecurity and vehicle connectivity platform can enhance the autonomous vehicle software features in China.
The Chinese government is expected to introduce official regulations on the autonomous vehicle by 2023. The demonstration bases for autonomous vehicles in Shanghai, Beijing and Chongqing will be further expanded in China between 2019 and 2020.
For more information about this report, visit: https://www.researchandmarkets.com/r/26hwxx