DUBLIN, Feb. 27, 2024 /PRNewswire/ — The “South Korea 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.
South Korea Autonomous Vehicles Market size is projected to reach around US$ 3,159.87 Million by 2030 from US$ 800.84 Million in 2023, growing at a CAGR of 21.66%
South Korea excels in the global autonomous vehicle market due to ambitious government initiatives and a thriving tech atmosphere. Hyundai Motor Group leads the nation’s enterprise with ground-breaking automobiles like the Hyundai MobisM. Vision concept car and the Hyundai Ioniq 5 robotaxi KT Corporation focuses on 5G tech for self-riding automobiles and companions with Hyundai.
Naver, a web giant, introduces the Naver Clover self-driving automobile simultaneously as Seoul Robotics gives lidar sensors to Hyundai, Naver, and other self-sufficient car corporations. The South Korean government actively helps the arena, aiming for 30% autonomous vehicle adoption by 2030, launching Seoul pilot software, and growing business deployment rules. South Korea’s conducive surroundings and dynamic industry ensure its leadership in the global autonomous vehicle market.
The Republic of Korea is the world’s seventh-largest producer of automobiles. South Korea will set up safety standards and an insurance system for the launch of Level 4 autonomous vehicles in the country by 2024, according to the transport ministry. Uber plans to operate the Level 4 IONIQ 5 robo taxis for car-hailing and delivery services in the United States for the next ten years and explore opportunities to advance to other markets with robot taxis.
In South Korea, autonomous cars have emerged as a big factor in the modern-day mobility landscape, representing a transformative technique to managing demanding conditions associated with avenue safety, town traffic congestion, and environmental pollutants. South Korea, with its present-day technology sector, stands at the main fringe of self-sustaining automobile development, instilling self-belief within the skills of autonomous cars. The South Korean authorities have played a pivotal function via enacting supportive guidelines and suggestions that inspire the testing and commercialization of self-reliant cars.
Moreover, South Korea, grappling with an ageing populace, is witnessing a rising name for strong and user-friendly transportation solutions. Autonomous cars have turn out to be a promising opportunity for this need, offering stepped-forward accessibility and comfort. Also, the surging value of fuel has amplified the appeal of self-driving automobiles, recognized for their advanced fuel efficiency, providing a direction to curtail transportation costs. Furthermore, the growing preference for transportation in South Korea, fueled by ecomomic growth and urbanization, necessitates environment solutions. Autonomous cars are best to cope with this demand, presenting a more convenient and powerful mode of transportation that aligns with the evolving requirements of the South Korea.
Besides, South Korea, famed for its sturdy technology segment, has substantially invested in autonomous vehicle studies and development. Domestic tech giants are at the leading edge of autonomous riding technology, spurring hobby, and self-belief in self-using cars with their improvements. In addition to private vehicles companies’ initiatives, the South Korean government have proactively sponsored the development and deployment of self-reliant vehicles by introducing regulations and hints designed to foster fine environment for testing and commercialization, positioning the country as a massive player within the international autonomous car marketplace.
L2, or Level 2 automation, commands the highest share in the South Korean autonomous vehicles market
By level of driving, the South Korea autonomous vehicles market size is segmented into L1, L2, L3, L4, and L5. Level 2 automation or L2, dominates the South Korean autonomous vehicles market size, normally because of its vast improvements in safety functions.
These systems include advanced drive-assistance technologies like adaptive cruise management and lane-keeping help, making them more low-cost and reachable to a wider range of consumers. This level of automation complements protection, reduces driving fatigue, and represents a stepping stone toward complete autonomy. Also, regulatory help and industry investment in L2 technologies have played a pivotal role in its market dominance, making it the preferred choice for customers and manufacturers in South Korea.
Hardware retains the highest share in the South Korea autonomous vehicles market
By technology, the South Korea autonomous car market is divided into Hardware and Software.
The South Korea autonomous vehicles market keeps hardware supremacy because of its crucial function in self-sufficient car improvement. Hardware components embody sensors, processors, cameras, and communication systems critical for perception and decision-making, ensuring protection and overall performance. The commitment of important companies in hardware research and development further solidifies its dominance, making hardware the cornerstone of autonomous generation and reinforcing South Korea’s management of this burgeoning industry.
Electronics and architecture are poised for the fastest growth in the South Korean autonomous vehicles market
By hardware technology, the South Korea autonomous car market size is fragmented into Passive Components, Embedded Modems, Ultrasonic Sensors, Odometry Sensors, Other Electronics and architecture, Actuators, HMI Hardware, Mapping Hardware, Embedded Controls Hardware, Radar, Cameras, V2X Hardware, and Lidar.
Due to their pivotal role as the backbone of autonomous structures, superior technology, such as software, connectivity solutions, and vehicle structure, are poised for the fastest growth in the South Korea autonomous vehicle market. As automobiles become increasingly sophisticated, software is pivotal in decision-making, connectivity, and real-time records processing. South Korea’s prowess in electronics and software program improvement, coupled with the demand for current vehicle architectures, positions these segments for rapid enlargement. Moreover, the convergence of artificial intelligence, cybersecurity, and network infrastructure in autonomous cars further fuels the increase of other electronics and architecture, making them imperative to South Korea’s management of autonomous technology.
V2X (Vehicle-to-Everything) software is set to dominate the forecast period in the South Korea autonomous vehicles market
By software component, the South Korea automobile car market is broken up into HMI Software, Data Security Software, Mapping Software, Embedded Controls Software, and V2X Software. V2X (Vehicle-to-Everything) software is primed to steer in the South Korea autonomous cars market size, enhancing protection and performance through real-time communication with the surroundings.
The call for seamless, consistent connectivity within the dynamic, autonomous vehicles market is important, supported by South Korea’s advanced telecom infrastructure and 5G recognition. V2X’s position in permitting automobile-to-vehicle and automobile-to-infrastructure communication pivotal for safe, efficient and self-reliant transportation, solidifying South Korea’s dominance in the global autonomous vehicles market.
Passenger vehicles are estimated to lead in the South Korea autonomous vehicles market
By vehicle kind, the South Korean autonomous vehicles market is segmented into Commercial vehicles and Passenger vehicles.
Passenger cars are poised to lead in the South Korea autonomous car market size. With a developing emphasis on improving city mobility and addressing visitor congestion, those motors provide realistic solutions for day-by-day commuters. They also gain from non-stop studies and development efforts to ensure passenger protection and comfort, making them frontrunners in shaping the future of self-sufficient automobiles in South Korea, particularly within the state’s focus on smart city initiatives and infrastructure development.
Civil applications are the fastest-growing segment in the South Korea autonomous vehicles market
By application, the South Korea autonomous vehicle market is divided into Civil, Defense, Transportation & Logistics, and Construction.
Civil application is the fastest-growing sector in the South Korea automobile car market size. The surge in the need for self-sufficient automobiles in public transportation, delivery services and logistics, and efficient and sustainable city mobility is a major motive. This trend is bolstered by South Korea’s commitment to smart city tasks and eco-friendly transportation solutions.
Civil applications embody many use cases, from self-sufficient shuttles to transport robots and smart logistics solutions, rendering them adaptable to numerous city situations. The strong infrastructure, government backing, and technological innovation in South Korea, in addition, boost the fast growth of civil self-sufficient applications, addressing vital challenges in current city environments.
In the South Korea autonomous vehicle market, battery electric vehicles, or BEVs, are the fastest-growing segment
By propulsion, the South Korea autonomous vehicle market is divided into Battery Electric Vehicle, Fuel Cell Electric Vehicles, Hybrid Electric Vehicle, Internal Combustion Engine, and Plug-in Hybrid Electric Vehicles. Battery electric-powered cars (BEVs) take the lead because they are the fastest-growing section in the South Korea autonomous car market size. South Korea’s proactive stance in promoting electric-powered mobility, using incentives and infrastructure development, positions BEVs as the natural desire for autonomous packages.
Furthermore, BEVs resonate with the worldwide shift towards sustainability and reduced emissions, aligning with the eco-conscious customer base in South Korea. Advancements in the battery technology and charging infrastructure support BEVs’ boom. Their silent, clean, and efficient operation complements autonomous vehicles, making BEVs the frontrunners in reshaping South Korea’s urban and intercity transportation panorama.
Company Analysis: Overview, Recent Developments, Revenue
- Hyundai Motor Company
- GM Korea Company
- Renault Samsung Motors
- KG Mobility Corporation
Level of Driving – South Korea Autonomous Vehicles Market breakup from 5 viewpoints:
- L1
- L2
- L3
- L4
- L5
Technology – South Korea Autonomous Vehicles Market breakup from 2 viewpoints:
- Hardware
- Software
Hardware – South Korea Autonomous Vehicles Market breakup from 13 viewpoints:
- Passive Components
- Embedded Modems
- Ultrasonic Sensors
- Odometry Sensors
- Other Electronics and architecture
- Actuators
- HMI Hardware
- Mapping Hardware
- Embedded Controls Hardware
- V2X Hardware
- Cameras
- Radar
- Lidar
Software – South Korea Autonomous Vehicles Market breakup from 5 viewpoints:
- HMI Software
- Data Security Software
- Mapping Software
- Embedded Controls Software
- V2X Software
Vehicle Type – South Korea Autonomous Vehicles Market breakup from 2 viewpoints:
- Commercial vehicles
- Passenger vehicles
Application – South Korea Autonomous Vehicles Market breakup from 4 viewpoints:
- Civil
- Defence
- Transportation & Logistics
- Construction
Propulsion – South Korea Autonomous Vehicles Market breakup from 5 viewpoints:
- Battery Electric Vehicle
- Fuel Cell Electric Vehicles
- Hybrid Electric Vehicle
- Internal Combustion Engine
- Plug-in Hybrid Electric Vehicle
For more information about this report visit https://www.researchandmarkets.com/r/881y6w
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