The autonomous cars market in Singapore is estimated to witness strong growth on account of increasing investments by both private and public sectors towards the development of advanced transportation infrastructure. Autonomous vehicles utilize sophisticated sensors and cameras along with AI-powered algorithms to drive themselves without human intervention. These vehicles detect their surroundings, navigate roads and make decisions about braking, acceleration and steering automatically. The technology allows for collision avoidance, increased road safety and traffic congestion management.
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 players operating in the Singapore autonomous cars market are Hyundai Motor, Renault, Moovita, nuTonomy, Grab and Among Others.
Key Takeaways
Key players related content: Hyundai Motor, Renault and Moovita are among the leading players investing heavily in self-driving technologies and partnering with the Singapore government on pilot projects. nuTonomy and Grab are working closely with authorities to launch autonomous taxi services in limited areas of Singapore.
Growing demand: Rapid urbanization and rising traffic congestion levels have increased demand for innovative transportation solutions in Singapore. Autonomous vehicles can help alleviate road space constraints and allow people to utilize travel time productively.
Technological advancement: Investments in 5G networks, AI and IoT sensors are enabling advanced connectivity capabilities required for autonomous driving. Partnerships between automakers, technology companies and universities are accelerating R&D to commercialize fully autonomous vehicles over the next decade.
Market Trends
Multi-modal transportation is gaining traction with projects exploring autonomous shuttles, buses and delivery trucks. This will facilitate first-mile and last-mile connectivity in Singapore. Deployment of autonomous vehicles for transportation within business parks, airports and port areas is also being assessed.
Vehicle-to-everything (V2X) communication systems utilizing cellular vehicle-to-everything (C-V2X) are enabling continuous sharing of real-time traffic, road and sensor data between autonomous cars and infrastructure for improved navigation capabilities. This is critical for environments with high vehicle densities.
Market Opportunities
Growing focus on mobility-as-a-service (MaaS) business models is opening opportunities for mobility platform providers. Companies are collaborating with automakers and cities to launch autonomous pods, taxis and buses on a ride-sharing basis.
Strong government support through regulatory clarity, funding, test-bed development and public acceptance campaigns will accelerate commercialization of autonomous driving technologies over the next decade. Emerging use cases around delivery logistics and elderly transportation present large market potential.
Impact of COVID-19 on Singapore Autonomous Cars Market
The COVID-19 pandemic has significantly impacted the growth of Singapore autonomous cars market. During the peak of crisis in 2020, the market registered negative growth due to country-wide lockdowns imposed by the Singapore government. This led to disruption in autonomous vehicle testing and delayed commercial launch timelines of several autonomous vehicles. With offices, factories, and industries temporarily shut down to curb the spread of the virus, demand from commercial sectors reduced drastically.
However, post-lockdowns from mid-2020, the market has started recovering steadily on back of rising focus on integration of advanced safety technologies like autonomous driving in new vehicles. Manufacturers are accelerating R&D to develop autonomous driving solutions suitable for conditions amid pandemic. They aim to eliminate need of close human supervision for commercial deployment of self-driving vehicles soon. Rising consumer preference for personal mobility over public transport during the pandemic is further supporting the autonomous cars market growth.
The Singapore government has also announced new incentive schemes and investments to boost autonomous initiatives of companies. It is providing extra funds to autonomous vehicle startups for developing autonomous driving technologies addressing new mobility needs due to pandemic. This is expected to fuel the development of autonomous vehicles for goods delivery, medical services, and autonomous shuttles in coming years. Overall, while COVID-19 delayed the progress made so far, it has opened new opportunities for future growth of autonomous cars market in Singapore.
Geographical Regions of Concentrated Value
In terms of value, the Singapore autonomous cars market is highly concentrated in the Central region of the country. This region encompasses the main island of Singapore which is the economic and financial hub of the nation. It houses the capital city of Singapore which is a major center for vehicle testing and pilot projects. Presence of prominent universities and research institutions driving autonomous vehicle innovations also contribute to Central region's leading share. The region accounts for over 60% of the total autonomous cars market value in Singapore presently.
Fastest Growing Geographical Region
The Western region of Singapore comprising Jurong Island and part of mainland is expected to exhibit fastest growth in the autonomous cars market during forecast period. Various automotive companies and global tech giants have set up or expanding their autonomous vehicle research and production facilities on Jurong Island. This includes Hyundai, TuSimple and others developing self-driving trucks and buses. Additionally, the upcoming Jurong Innovation District is envisioned as a future autonomous mobility hub. Such focused initiatives are anticipated to significantly boost testing and commercialization of autonomous logistics solutions, propelling Western region to highest CAGR over next decade.
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?
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