June 21, 2024
Singapore Autonomous Cars Market

Singapore Autonomous Cars Market Is Riding on Automated Driving Technologies Trend

The Singapore autonomous cars market comprises vehicles that have automated driving capabilities at various levels of autonomy ranging from driver-assistance to fully autonomous driving. Autonomous cars help make driving safer through their advanced driver assistance systems and sensors that monitor roadways and surrounding vehicles. They reduce traffic accidents, ease traffic congestion, and offer mobility to those who cannot drive themselves, such as the elderly and disabled.

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 Takeaways

Key players operating in the Singapore autonomous cars are Hyundai Motor, Renault, Moovita, nuTonomy, Grab and Among Others. These companies are investing significantly in developing automated driving technologies and partnering with local authorities to test self-driving vehicles. The growing demand for safety, mobility, and accessibility is expected to drive the adoption of autonomous vehicles in Singapore. Several fleet operators and ride-sharing companies have started deploying self-driving cars for mobility services. Furthermore, the Singapore government is supporting initiatives to make the country a global testing ground for autonomous driving which will help the market expand globally.

Market Key Trends

Automated driving technologies are emerging as a key trend in the Singapore autonomous cars market. Technologies like adaptive cruise control, parking assistance, lane keeping assistance, automatic emergency braking are gaining popularity as they make driving safer and less stressful. Fully autonomous vehicles able to drive themselves in nearly all roadway and environmental conditions without human input are under development. Rising demand for automated mobility solutions coupled with government support is expected to proliferate automated driving in Singapore in the coming years.

Porter’s Analysis

Threat of New Entrants: The autonomous vehicle market in Singapore requires high capital investments for R&D which poses high entry barriers for new players.

Bargaining Power of Buyers: Buyers have moderate bargaining power due to the presence of many producers of autonomous cars in Singapore.

Bargaining Power of Suppliers:
Presence of global automotive manufacturers in Singapore increases suppliers’ power due to their technical expertise.

Threat of New Substitutes: Alternatives like public transport pose limited threat due to Singapore’s robust transport network.

Competitive Rivalry: Intense competition exists among major players to integrate latest technologies for self-driving systems and achieve market leadership.

Geographical Regions

Being a city-state, Singapore concentrates a large share of its autonomous cars market value within its territory due to supportive regulations and adequate infrastructure for testing. Major automakers use Singapore as a testbed for autonomous driving technologies in tropical urban conditions.

Fastest Growing Region

Countries in Southeast Asia are expected to emerge as the fastest growing regional market for autonomous cars from Singapore as manufacturers seek to export self-driving vehicles and their expertise to other developing urban centers and roll out applicable mobility services across the region. Collaboration with local partners will be crucial to understand diverse transportation needs.

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 Market Market’s growth between 2024 and 2031.

:- Accurate calculation of the size of the Singapore Autonomous Cars Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behavior

:- Singapore Autonomous Cars Market 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 Market vendor

FAQ’s

Q.1 What are the main factors influencing the Singapore Autonomous Cars Market?
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 Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Singapore Autonomous Cars Market market’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?

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  1. Source: CoherentMI, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it