by The Singapore autonomous cars market has been gaining significant traction over the recent years due to advantages such as reduced road accidents, optimized traffic flow and convenience. Autonomous vehicles use multiple advanced sensors and computer vision to navigate roads with minimal or zero human input. These vehicles are equipped with 360-degree cameras, LiDAR sensors, radar and GPS among others for sensing the environment and making navigation decisions. The addition of connectivity features to autonomous cars allows for vehicle-to-vehicle (V2V) and infrastructure-to-vehicle (I2V) communication, which further improves road safety.
The Global Singapore Autonomous Cars Market Size is estimated to be valued at US$ 692.7 Mn in 2024 and is expected to exhibit a CAGR of 15.% over the forecast period 2024-2031.
Key TakeawaysSingapore Autonomous Cars Market
Key players operating in the Singapore autonomous cars market are Hyundai Motor, Renault, Moovita, nuTonomy, Grab and Among Others. Hyundai Motor is developing advanced driver assistance systems and self-driving technologies. The company has conducted public road tests of its autonomous vehicles in Singapore. Renault has partnered with nuTonomy to launch an autonomous vehicle taxi service in Singapore. nuTonomy became the first company to obtain a license to test driverless vehicles on public roads in Singapore in 2017.
The demand for autonomous vehicles is growing rapidly in Singapore due to supportive government regulations and rising investments in smart city infrastructure development. The government aims to deploy fully self-driving taxis and buses in three business districts by 2022. This is expected to create a market worth up to US$ 1 billion. Telecommunications companies and technology start-ups are collaborating with automakers to launch autonomous mobility services in Singapore.
The Singapore autonomous cars market is also witnessing increasing global investments and partnerships. In 2021, Hyundai Motor Group announced plans to develop robotaxi fleets and services in Singapore with Motional. Automotive companies are partnering with local firms to test and commercialize autonomous driving technologies suited for Singapore’s urban landscape. This is enabling the global expansion of autonomous vehicle technologies and mobility services developed in Singapore.
Market Key Trends
One of the major trends in the Singapore autonomous cars market is the growth of connectivity technologies. Autonomous vehicles are being integrated with 5G, vehicle-to-everything (V2X) communication and smart city platforms. This allows autonomous cars to share real-time traffic, road and sensor data with other vehicles as well as transport infrastructure for safer navigation. Telecom operators in Singapore are launching 5G test beds and pilot projects for advancing development of connected and autonomous mobility. There is also rising focus on cybersecurity with the integration of more connected technologies in self-driving cars. Automotive companies are working on security features and automated software updates to protect autonomous vehicles from cyber threats.
Porter’s Analysis
Threat Of New Entrants: High investment requirements to enter autonomous car technology act as a barrier.
Bargaining Power Of Buyers: Buyers have moderate bargaining power due to availability of options from various manufacturers.
Bargaining Power Of Suppliers: Suppliers have low to moderate bargaining power as there are many component suppliers.
Threat Of New Substitutes: Threat is moderate as new transportation options can emerge as substitutes.
Competitive Rivalry: Intense competition exists among key players to offer advanced technology.
Geographical regions where market in terms of value is concentrated mainly include North America and Europe. North America holds the largest share currently due to presence of key players and government support for research & development activities. Europe is another major region driven by initiatives to reduce road accidents and emissions.
The Asia Pacific region is expected to witness the fastest growth during the forecast period attributed to government regulations and increasing adoption in countries like China and Singapore. Singapore has released regulations to allow testing of autonomous vehicles starting 2022. Countries in the region are open to new technologies which will augment the growth of autonomous cars market in Asia Pacific.
What Are The Key Data Covered In This Singapore Autonomous Cars Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Singapore Autonomous Cars’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Singapore Autonomous Cars and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Singapore Autonomous Cars Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Singapore Autonomous Cars vendors
FAQ’s
Q.1 What are the main factors influencing the Singapore Autonomous Cars?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Singapore Autonomous Cars companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Singapore Autonomous Cars’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
