South Korea Autonomous Vehicles Market Report Share and Growth 2024-2030

Renub Research recently published report “South Korea Autonomous Vehicles Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2030” includes detailed country analysis and market share. The research looks at the South Korea Autonomous Vehicles Market’s competitive landscape, growth potential, and geographic distribution.

 

The Autonomous Vehicles Market in South Korea is poised for substantial growth, projected to achieve a 21.66% Compound Annual Growth Rate (CAGR) from 2023 to 2030

 

South Korea’s robust commitment to smart mobility solutions positions it as a global leader in autonomous vehicle technology. The active involvement of the private sector contributes significantly to this leadership. Advanced smart city traffic management systems play a pivotal role in optimizing traffic flow and alleviating congestion, thereby enhancing the navigation of autonomous vehicles. A well-connected infrastructure provides critical road data, bolstering safety measures and reducing accidents.

 

The Autonomous Vehicles Market in South Korea is poised for great increase, projected to gain a 21.66% Compound Annual Growth Rate from 2023 to 2030. South Korea’s sturdy commitment to smart mobility solutions positions it as a worldwide leader in self-sufficient car technology. The energetic involvement of the non-public sector contributes substantially to this management. Advanced smart town traffic management systems play a pivotal role in optimizing traffic flow and alleviating congestion, thereby enhancing the navigation of self-reliant vehicles. Well-connected infrastructures provide critical road data, bolstering safety measures and decreasing accidents.

 

The adoption of Mobility as a Service (MaaS) further helps access to self-sustaining vehicles, enabling users to request rides thru a unified platform and diminishing the need for private vehicle ownership. The South Korean government plays a vital role in propelling autonomous car improvement via considerable investments in research and development and enforcing favourable regulations. These investments expedite technological advancements, positioning South Korea as an world leader in autonomous automobile innovation.

 

Forward-thinking policies streamline the testing and deployment technique, instilling self belief in the industry and expediting commercialization. Notably, Hyundai Mobis’s cutting-edge self-riding device exemplifies South Korea technological leadership, contributing extensively to the predicted increase of the market. The South Korea Autonomous Vehicles Market is expected to reach approximately US$ 3.16 Billion via 2030.

 

L3 is experiencing the fastest increase among all Level of Driving in the South Korean autonomous vehicle market.

The rapid boom of L3 in the South Korea independent vehicles market can be attributed to its pioneering technology and strategic alliances. By harnessing superior AI algorithms and sensor systems, L3’s vehicles show extraordinary protection and dependability. Furthermore, their partnerships with local establishments and government bodies have streamlined regulatory backing and infrastructure enhancement. This one-of-a-kind combination of innovation and collaboration firmly establishes L3 as a trendsetter, garnering interest from both 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 protection. 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 strong 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

 

In the autonomous vehicle market in South Korea, lidar holds a leading position.

Lidar generation holds dominance in the South Korea 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 difficult 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 Korea autonomous vehicles market.

V2X (Vehicle-to-Everything) boasts a substantial market presence due to its huge 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, the establishment of standardized protocols, and partnerships with tech corporations have cemented V2X’s function as an indispensable component in South Korea’s autonomous automobile atmosphere, in addition to solidifying its popularity and great 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

 

Commercial vehicles hold the highest share in the South Korea autonomous vehicles market due to compelling economic and logistical factors.

Businesses prioritize self-reliant solutions for price-saving benefits, progressed efficiency, and reduced labor costs. South Korea’s sturdy production and export industry, together with automakers and logistics organizations, sees 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

 

In the South Korea autonomous vehicles market, the defence sector leads due to a combination of national security concerns and technological advancements.

The South Korean authorities have invested closely in self-reliant defence systems to strengthen their defence skills, including unmanned ground cars for surveillance and reconnaissance. These investments drive research, development, and adoption of self-reliant technology, positioning Defence 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 defence vehicles market.

Application – The South Korea Autonomous Vehicles Market has been covered from four viewpoints.

Civil

Defence

Transportation & Logistics

Construction

 

The internal combustion engine is expected to dominate the South Korean autonomous vehicles market due to existing infrastructure and economic considerations.

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 is probable to persist 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 players in the South Korea autonomous vehicle market 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.

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