South Korea Autonomous Vehicles Market, Size, Forecast 2023-2030, Industry Trends, Share, Growth, Insight, Company Analysis

South Korea Autonomous Vehicles Market, Size, Forecast 2023-2030, Industry Trends, Share, Growth, Insight, Company Analysis

South Korea Autonomous Vehicles Industry is expected to be US$ 5,340.65 Million by 2030. Over the last decade, self-driving technology has become one of South Korea's most well-adapted megatrends, notably in connected and autonomous vehicles (CAVs), which enable V2X connectivity (communication between cars, infrastructure, and other road users). As a result, South Korea considers autonomous vehicles a significant trend in the automotive industry that promises to improve road safety and driver comfort. Furthermore, considerable progress has been made in South Korea in autonomous vehicle technology, which is attracting increasing interest from car manufacturers, technology companies, decision-makers, and the general public.

South Korea Autonomous Vehicles Market is expanding at a CAGR of 32.34% from 2022 to 2030:

Many motives for transitioning to autonomous vehicles exist in the regions of South Korea when it comes to the next generation of cars. Whether for personal transportation or freight delivery, autonomous vehicles in South Korea now pose a significant threat to traditional auto manufacturers, business, and society. As a result, potential benefits are theoretically reachable, and early demonstrations and trials stimulate the autonomous car market. Apart from that, reductions in accidents caused by human error, reduced transportation costs and environmental impact, the liberation of time currently spent driving, and accessibility to a broader range of users are the major factors encouraging the growth of autonomous vehicles in South Korea.

South Korean Consumers are getting closer to Autonomous Vehicles because of Hardware and Software Components:

Our analysis has summarised the market for both hardware and software components based on technology. According to our findings, the hardware market continues to be the most prominent. Recent dynamic changes in vehicle hardware technology, such as Sensing & Local Mapping Hardware (LIDAR, Radar, and Cameras), Actuators, Connectivity Hardware (Embedded Modem and Embedded Controls Hardware), Control Systems, and Computing Hardware (Passive Components and Other Electronics & Architecture), Safety-Related HMI Hardware (Odometry Sensors and Ultrasonic Sensors), V2X Hardware, Mapping Hardware, HMI Hardware are also bringing South Korean consumers closer to increasingly autonomous and self-driving vehicles.

Level 3 Vehicles Have the Largest Market Share:

Technological sophistication determines the ability of autonomous vehicles to operate without human intervention. Our report categorizes autonomous vehicles into Level 3, Level 4, and Level 5. Furthermore, Level 3 refers to conditional automation, Level 4 to high automation, and Level 5 to full automation. Level 3 vehicles will mark a watershed moment in technological testing, paving the way for mass-market adoption of an automated technology. According to our analysis, because of their environmental detection capabilities, Level 3 vehicles, also known as conditional driving automation vehicles, have a dominant market share in South Korea.

Key Players:

Hyundai Motor Company, GM Korea Company, and Renault Samsung Motors are among the firms helping to expand the autonomous car industry in South Korea. To stay competitive, market players use a variety of strategies such as new product launches, mergers and acquisitions, government alliances, and technical developments to contribute significantly to market growth. Furthermore, the companies are expected to rise throughout the projected period, owing to increased government and private sector backing for autonomous driving vehicle technology in several nations.

COVID-19's Impact on South Korea's Autonomous Vehicles Industry:

The Covid-19 outbreak has halted the automotive industry's overall performance. The strategy of a South Korean corporation to prevent the development of new technologies and an investment plan to keep costs low would further stifle the mobility solution according to autonomous cars, and a global economic recession will progressively halt the market's growth. In 2022, the South Korean Automotive Vehicles Industry was valued at US$ 567.53 Million, according to Renub Research. Furthermore, a study of the future of autonomous vehicles is being conducted in South Korea to gather the opinions of a manifold group of specialists to develop a more precise and informed viewpoint on the growth of the automotive industry over the next decade.

Renub Research report titled “South Korea Autonomous Vehicles Market Forecast By Technology (Hardware Components and Software Components), Hardware (Sensing & Local Mapping Hardware (LIDAR, Radar, and Cameras), Actuators, Connectivity Hardware (Embedded Modem and Embedded Controls Hardware), Control Systems, and Computing Hardware (Passive Components and Other Electronics & Architecture), Safety-Related HMI Hardware (Odometry Sensors and Ultrasonic Sensors), V2X Hardware, Mapping Hardware, HMI Hardware), Software (V2X Software, Embedded Controls Software, Mapping Software, Data Security Software, HMI Software), Companies (Hyundai Motor Company, GM Korea Company, and Renault Samsung Motors)” provides a detailed and comprehensive insight of the South Korea Autonomous Vehicles Industry.

Technology – South Korea Autonomous Vehicles Market has been covered from 2 viewpoints:

1. Hardware Components
2. Software Components

Further, Market Analysis – Hardware Components has been covered from 8 viewpoints:

1. Sensing & Local Mapping Hardware

i. LIDAR
ii. Radar
iii. Cameras

2. Actuators
3. Connectivity Hardware

i. Embedded Modem
ii. Embedded Controls Hardware

4. Control Systems and Computing Hardware

i. Passive Components
ii. Other Electronics & Architecture

5. Safety-Related HMI Hardware

i. Odometry Sensors
ii. Ultrasonic Sensors

6. V2X Hardware
7. Mapping Hardware
8. HMI Hardware

Market Analysis – Software Components have been covered from 5 viewpoints:

1. V2X Software
2. Embedded Controls Software
3. Mapping Software
4. Data Security Software
5. HMI Software

Company Insights:

• Overview
• Recent Developments
• Revenue

Companies Covered:

1. Hyundai Motor Company
2. GM Korea Company
3. Renault Samsung Motors