Renub Research lately posted a paper on the South Korean autonomous vehicles market, studying its company landscape, growth ability, and geographic distribution. The paper “South Korea Autonomous Vehicles Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2030” gives detailed analysis and marketplace percentage data.
South Korea’s Autonomous Vehicles Market is expected to grow at a CAGR of 21.66% from 2023 to 2030. South Korea’s dynamic consciousness of smart mobility solutions propels the self-sustaining vehicles market, with strong private sector engagement establishing South Korea as a worldwide chief in self-reliant technology. Advanced smart city traffic’ management systems streamline traffic go with the flow and simplicity congestion, improving self-reliant automobile navigation. Interconnected infrastructure imparts crucial street facts, bolstering safety and decreasing accidents. The adoption of Mobility as a Service (MaaS) streamlines self-sufficient car access, permitting customers to request rides thru a unified platform, diminishing the necessity for private vehicle ownership.
Moreover, the South Korean government play a pivotal role in using the improvement of self-reliant motors through massive investments in studies and improvement and the implementation of favorable recommendations. These massive investments expedite technological progress, positioning South Korea as a global leader in self-reliant vehicle innovation. Forward-wondering rules streamline the testing and deployment, instilling industry confidence and accelerating commercialization. For instance, Hyundai Mobis’s modern-day self-using device exemplifies South Korea’s technological leadership, contributing to the market projected growth. Hence, South Korea Autonomous Vehicles Market attained approximately US$ 3.16 Billion through 2030.
The future of smart mobility solutions in South Korea appears promising due to the fact the government and personal agencies are dedicated to their development and deployment, positioning the country as a global leader within the smart mobility market. The South Korean public’s widespread attractiveness of self-using automobiles is apparent, with the modern survey by using the Korea Automobile Research Institute revealing that 70% of South Koreans suppose autonomous vehicles are safe on the road, signaling growing comfort with the technology. So, the South Korean public stays optimistic about the capability of independent cars to decorate transportation protection and performance.
In the autonomous vehicle market in South Korea, L3 is expanding at the quickest rate.
The rapid boom of L3 in the South Korea independent vehicles market can be attributed to its pioneering technology and strategic alliances. L3’s vehicles show extraordinary protection and dependability by harnessing superior AI algorithms and sensor systems. Furthermore, their partnerships with local establishments and government bodies have streamlined regulatory backing and infrastructure enhancement. This unique combination of innovation and collaboration firmly establishes L3 as a trendsetter, garnering interest from customers and investors in the thriving South Korea autonomous vehicle enterprise.
Level of Driving – The South Korea Autonomous Vehicles Market has been covered from five viewpoints.
- L1
- L2
- L3
- L4
- L5
The fastest-growing segment of the South Korea autonomous vehicle market is software.
The software program section is poised for growth in the South Korea autonomous vehicles market, given its crucial function in fuelling innovation and protection. Cutting-edge software program solutions allow real-time data processing, seamless sensor integration, and AI-driven decision-making, improving vehicle autonomy and security. South Korea’s thriving tech enterprise attracts pinnacle expertise, fostering software program improvement expertise. Also, software program performs an essential function in tailoring self-reliant cars to numerous local situations and regulations. These factors, blended with substantial government backing, position software as an extensive catalyst for growth in the South Korea autonomous vehicles market.
Technology – The South Korea Autonomous Vehicles Market has been covered from two viewpoints.
- Hardware
- Software
Lidar holds a leading position in the autonomous vehicle market in South Korea.
Lidar generation dominates South Korea’s autonomous vehicles market due to its accuracy and reliability. Lidar sensors use laser pulses to create high-resolution 3-D maps of the surroundings, providing unique object detection and distance measurement. South Korea’s diverse terrain and challenging climate conditions require robust sensing skills, making lidar a desired choice for ensuring safety. Government regulations and enterprise standards, in addition, encourage lidar adoption, solidifying its role as the top sensing technology in the South Korea autonomous vehicle market.
Hardware Components – The South Korea Autonomous Vehicles Market has been covered from thirteen 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
V2X technology has gained popularity in the South Korean autonomous vehicle market.
V2X (Vehicle-to-Everything) boasts a substantial market presence due to its vast communication talents. It helps real-time data exchange amongst cars, infrastructure, and pedestrians, elevating safety and operational efficiency. South Korea’s smart city initiatives and included transportation systems align seamlessly with V2X’s capacity to alleviate traffic congestion and enhance safety. Government backing, standardized protocols, and partnerships with tech corporations have cemented V2X’s function as an indispensable component in South Korea’s autonomous automobile atmosphere, solidifying its popularity and significant adoption.
Software Components – The South Korea Autonomous Vehicles Market has been covered from five viewpoints.
- HMI Software
- Data Security Software
- Mapping Software
- Embedded Controls Software
- V2X Software
Due to compelling economic and logistical factors, commercial vehicles hold the highest share of the South Korean autonomous vehicles market.
Businesses prioritize self-reliant solutions for price-saving benefits, progressed efficiency, and reduced labor costs. South Korea’s sturdy production and export industry, as well as automakers and logistics organizations, see autonomous technology as a method to enhance competitiveness and streamline operations. Favorable regulations and authority incentives also inspire the deployment of independent commercial vehicles, making them a dominant force in the South Korean market.
Vehicle Type – The South Korea Autonomous Vehicles Market has been covered from two viewpoints.
- Commercial vehicles
- Passenger vehicles
The defense sector leads in the South Korean autonomous vehicles market due to a combination of national security concerns and technological advancements.
The South Korean authorities have invested closely in self-reliant defense systems to strengthen their defense skills, including unscrewed ground cars for surveillance and reconnaissance. These investments drive research, development, and adoption of self-reliant technology, positioning Defiance as a leader in the market. South Korea’s know-how in robotics and its cognizance of country-wide protection make it a driver of innovation and deployment in the autonomous defense vehicles market.
Application – The South Korea Autonomous Vehicles Market has been covered from four viewpoints.
- Civil
- Defense
- Transportation & Logistics
- Construction
Due to existing infrastructure and economic considerations, the internal combustion engine is expected to dominate the South Korean autonomous vehicles market.
South Korea possesses a well-set-up automobile industry with vast investments in traditional engine technology. Transitioning to electric-powered vehicles includes tremendous expenses and infrastructure upgrades. Furthermore, South Korea’s energy panorama is nevertheless heavily predicated on fossil fuels, making internal combustion engines a more pragmatic preference. Although electric-powered automobiles are on the rise, the legacy of traditional engines will remain in the market for some time.
Propulsion – The South Korea Autonomous Vehicles Market has been covered from five viewpoints.
- Battery Electric Vehicle
- Fuel Cell Electric Vehicles
- Hybrid Electric Vehicle
- Internal Combustion Engine
- Plug-in Hybrid Electric Vehicle
Competitive Landscape.
The leading South Korea autonomous vehicle market players are Renault, Samsung Motors, KG Mobility Corporation, Hyundai Motor Company, and GM Korea Company.
Company Insights.
- Overview
- Recent Development and Initiatives
- Sales Analysis
Analysis of the companies present in the South Korea autonomous vehicle market.
- Renault Samsung Motors
- KG Mobility Corporation
- Hyundai Motor Company
- GM Korea Company.