Global Autonomous Vehicle Sensor Market | Increased Need to Reduce Road Accidents to Boost the Market Growth

The global autonomous vehicle sensor market size is poised to grow by 45.3 million units during 2020-2024, progressing at a CAGR of over 37% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201014005120/en/

Technavio has announced its latest market research report titled Global Autonomous Vehicle Sensors Market 2020-2024 (Graphic: Business Wire)

The rise in the urgency in curbing road accidents is one of the primary drivers for this market. Road traffic accidents are one of the leading causes of death. In an attempt to counter the rising number of road accident fatalities, several governments across the globe are promoting the adoption of LiDAR sensors in vehicles. LiDAR sensors form an essential component of autonomous cars. This continued enforcement by governments across the globe will curb accidents through the use of automated driving systems, which, in turn, will augment growth in the global autonomous vehicle sensors market during the forecast period.

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Report Highlights:

  • The major autonomous vehicle sensor market growth came from the radar sensors segment. Radar sensors hold the highest market share among all other types of autonomous vehicle sensors available in the market. Market growth in this segment will be slower than the growth of the market in the LiDAR sensors segment, but faster than the growth in image sensors and other sensors segments.

  • North America was the largest autonomous

Hyundai begins building electric vehicle hub in Singapore

SINGAPORE (Reuters) – South Korea’s Hyundai Motor Co started construction on a research and development centre in Singapore on Tuesday that will house a small-scale electric vehicle production facility.

Speaking at the groundbreaking ceremony, Singapore Prime Minister Lee Hsien Loong said the facility may produce up to 30,000 electric vehicles (EVs) annually by 2025 and represents an investment of S$400 million ($295 million).

Singapore is one of the world’s most expensive places to buy a car and does not currently have any auto manufacturing capacity. But the wealthy city-state has set out ambitious plans to phase out petrol vehicles by 2040.

“Automotive activities are becoming viable in Singapore once again. EVs have a different supply chain, fewer mechanical parts and more electronics, which plays to Singapore’s strengths,” PM Lee said.

A Hyundai spokeswoman confirmed the 30,000 unit target but said that the exact capacity was yet to be determined. The facility is due for completion by end 2022, the firm said in a statement.

The announcement comes after vacuum cleaner company Dyson last year scrapped plans to build an electric car in Singapore, saying it was not commercially viable.

Singapore plans to phase out petrol and diesel vehicles by 2040, and make a bigger bet on electrification to cut greenhouse gases and slow climate change.

Hyundai said in a statement its new Singapore facility aims to be carbon neutral by using solar and hydrogen energy, will utilise technologies such as artificial intelligence and robotics, and will include a test drive track for customers.

The centre is part of Hyundai’s vision to enable future vehicle buyers to customize and purchase vehicles online using a smartphone, allowing production to be on-demand.

($1 = 1.3590 Singapore dollars)

(Reporting by John Geddie and Aradhana Aravindan in Singapore; Editing by Ana Nicolaci da Costa)

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Automotive Engineering Service Providers Market | Increasing Vehicle Digitization and Electrification to Boost the Market Growth

The global automotive engineering service providers market size is poised to grow by USD 5.31 billion during 2020-2024, progressing at a CAGR of over 6% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201009005403/en/

Technavio has announced its latest market research report titled Global Automotive Engineering Service Providers (ESP) Market 2020-2024 (Graphic: Business Wire).

Disruptive technology-driven trends in the automotive industry have been propelling automotive OEMs to incorporate advanced driver-assistance systems (ADAS) primarily for product differentiation and gain competitive advantage. The significant demand from the consumer end for increased safety, lower emissions, fuel efficiency, and improved driving experience is also increasing the installation of ADAS, such as speed assist system, park assist system, and other sensors. Increased technological innovations in vehicles have prompted OEMs to partner with consumer electronics, energy, and telecommunications companies. These factors are creating business opportunities for EDP to offer various engineering solutions to optimize products and processes of OEMs and their suppliers. As a result, the automotive engineering service providers market will register steady growth over the forecast period.

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Report Highlights:

  • The major automotive engineering service providers market growth came from the powertrain segment. OEMs are working toward the development of lightweight and fuel-efficient engines, which has been creating significant business opportunities for ESPs. Furthermore, the increasing need for rigorous testing and validation methodologies of engines and