Dublin, March 05, 2024 (GLOBE NEWSWIRE) -- 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.
The autonomous vehicles market in South Korea is gearing up for a significant evolution, set to transform the automotive landscape. A comprehensive industry analysis predicts that by 2030, the market size will touch approximately US$ 3,159.87 million, driven by robust technological advancements and government support.
Brimming with innovation and a conducive environment, South Korea is swiftly progressing towards becoming a global hotspot for autonomous vehicle development. With burgeoning market segments like battery electric vehicles (BEVs) and a flourishing tech ecosystem, the nation is on the path to reinventing mobility.
Technological Prowess Fuelling Market Expansion
The report sheds light on South Korea's autonomous vehicle landscape, documenting the nation's march towards level 4 automation by 2024. Armed with a technological arsenal, key market players like Hyundai Motor Company and Renault Samsung Motors are driving an imminent paradigm shift in transportation.
South Korea's strategic emphasis on electric and hybrid vehicles, coupled with advancements in hardware and software components, is particularly noteworthy. This is compounded by the government's proactive stance towards establishing rigorous safety standards and a comprehensive insurance ecosystem.
South Korea Steering Towards Autonomous Domination with L2 Automation
Level 2 automation emerges as the reigning champion in the South Korean market, leveraging advanced drive-assistance technologies to increase safety and accessibility.
Key Market Segments Expected to Thrive
- Hardware dominates the technological realm owing to its indispensable role in autonomous vehicle functionality.
- V2X (Vehicle-to-Everything) software is set to revolutionize the market with its ability to enhance communication capabilities.
- Passenger vehicles are projected to lead the vehicle type segment, responding to the demands of urban mobility.
- Civil applications are forecast to experience rapid growth, reinforcing South Korea's commitment to smart city initiatives.
- BEVs are poised to outpace other segments, reflective of the nation's push towards sustainable transportation.
Market Poised for a Strategic Shift Towards Comprehensive Autonomy
The report cuts through the complexity of autonomous vehicle technology, offering a granular analysis of various components integral to this shift. It provides an in-depth segmentation on levels of driving, hardware types, and potential market applications, laying out a roadmap for South Korea's autonomous journey.
Driving the Future of Mobility
The ever-evolving landscape of autonomous vehicles in South Korea marks a transition towards safer, more efficient, and increasingly sophisticated driving systems. With strategic insights into propulsion types and the competitive landscape, the report delves into the factors shaping the market's trajectory.
Spanning across multiple facets of the industry, this pivotal analysis serves as a testament to South Korea's burgeoning influence in global autonomous vehicle technology. The market's avid growth signifies a transformative era of transportation that hinges on innovation, sustainability, and government-industry synergy.
Companies Mentioned
- Hyundai Motor Company
- GM Korea Company
- Renault Samsung Motors
- KG Mobility Corporation
For more information about this report visit https://www.researchandmarkets.com/r/bi17ob
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