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.
South Korea Autonomous Vehicles Market size is predicted to sign in a CAGR of 21.66% from 2023 to 2030
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. Hence, South Korea Autonomous Vehicles Market size is worth US$ 800.84 Million in 2023.
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.
Key Players
Hyundai Motor Company, GM Korea Company, Renault Samsung Motors, and KG Mobility Corporation are the major companies in the South Korea autonomous vehicles market.The report titled "South Korea Autonomous Vehicles Market Forecast By Level of Driving (L1, L2, L3, L4, and L5), Technology (Hardware and Software), Hardware (Passive Components, Embedded Modems, Ultrasonic Sensors, Odometry Sensors, Other Electronics and architecture, Actuators, HMI Hardware, Mapping Hardware, Embedded Controls Hardware, V2X Hardware, Cameras, Radar, and Lidar), Software component (HMI Software, Data Security Software, Mapping Software, Embedded Controls Software, and V2X Software), Vehicle type (Commercial vehicles and Passenger vehicles), Application (Civil, Defense, Transportation & Logistics, and Construction), Propulsion (Battery Electric Vehicle, Fuel Cell Electric Vehicles, Hybrid Electric Vehicle, Internal Combustion Engine, and Plug-in Hybrid Electric Vehicle), Companies (Hyundai Motor Company, GM Korea Company, Renault Samsung Motors, KG Mobility Corporation)" provides a detailed and comprehensive insight of the South Korea Autonomous Vehicles Industry.
Level of Driving - South Korea Autonomous Vehicles Market breakup from 5 viewpoints:
1. L12. L2
3. L3
4. L4
5. L5
Technology - South Korea Autonomous Vehicles Market breakup from 2 viewpoints:
1. Hardware2. Software
Hardware - South Korea Autonomous Vehicles Market breakup from 13 viewpoints:
1. Passive Components2. Embedded Modems
3. Ultrasonic Sensors
4. Odometry Sensors
5. Other Electronics and architecture
6. Actuators
7. HMI Hardware
8. Mapping Hardware
9. Embedded Controls Hardware
10. V2X Hardware
11. Cameras
12. Radar
13. Lidar
Software - South Korea Autonomous Vehicles Market breakup from 5 viewpoints:
1. HMI Software2. Data Security Software
3. Mapping Software
4. Embedded Controls Software
5. V2X Software
Vehicle Type - South Korea Autonomous Vehicles Market breakup from 2 viewpoints:
1. Commercial vehicles2. Passenger vehicles
Application - South Korea Autonomous Vehicles Market breakup from 4 viewpoints:
1. Civil2. Defence
3. Transportation & Logistics
4. Construction
Propulsion - South Korea Autonomous Vehicles Market breakup from 5 viewpoints:
1. Battery Electric Vehicle2. Fuel Cell Electric Vehicles
3. Hybrid Electric Vehicle
4. Internal Combustion Engine
5. Plug-in Hybrid Electric Vehicle
All companies have been covered from 3 viewpoints:
- Overview
- Recent Development
- Revenue
Company Analysis:
1. Hyundai Motor Company2. GM Korea Company
3. Renault Samsung Motors
4. KG Mobility Corporation
Table of Contents
Companies Mentioned
- Hyundai Motor Company
- GM Korea Company
- Renault Samsung Motors
- KG Mobility Corporation
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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