June 22, 2024
Singapore Autonomous Cars Market

Singapore Autonomous Cars Market Poised to Grow at a Robust Pace owing to Increasing Investments in Infrastructure by Government and OEMs

Autonomous or self-driving cars are vehicles capable of sensing their surrounding environment and navigating without human input. Autonomous cars use technologies such as lidar, radar sensors and computer vision to detect lane markings, traffic signals, pedestrians and other paths so that an AI system can drive the vehicle. The need for increased road safety, reduced traffic jams and convenience for the elderly & disabled are driving the demand for autonomous cars in Singapore. The government’s aim of making half of all vehicles driverless by 2030 is also boosting investments in associated infrastructure and technologies.

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 Takeaways

Key players operating in the Singapore Autonomous Cars are Hyundai Motor, Renault, Moovita, nuTonomy, Grab and Among Others.

The key opportunities in the market include growing investments by OEMs, technology startups and government in mapping technologies, 5G infrastructure and cybersecurity solutions. The market presents lucrative opportunities for autonomous shuttle service providers, self-driving package delivery and transportation services for elderly residents.

Singapore aims to become a global testing hub for autonomous vehicle technologies. OEMs and technology companies are setting up regional R&D centers in the country to benefit from the advanced infrastructure and business-friendly policies. Several alliances are being formed to commercialize autonomous mobility solutions and expand to other Asian markets over the next decade.

Market Drivers

The primary driver for the growth of autonomous cars in Singapore is the government’s decision to invest heavily in building the necessary infrastructure for autonomous vehicles. Significant funds have been allocated for building world-class 5G networks, high-definition maps, simulation centers and regulatory sandboxes that encourage innovation. The country aims to reduce traffic congestion, road accidents and increase mobility access for all through widespread adoption of self-driving technologies by 2030.

PEST Analysis

Political: Singapore government has implemented policies and regulations to support the development and testing of autonomous vehicles. This includes exemptions from traffic laws to enable on-road testing.

Economic: The adoption of autonomous cars is expected to boost Singapore’s economy by reducing transportation costs and increasing productivity. It will especially be beneficial for the elderly and disabled who have difficulty driving.

Social: Younger generation in Singapore is more open to new technologies like autonomous cars as it offers convenience. However, some older people may find it difficult to accept vehicles without a human driver due to safety concerns.

Technological: Major automotive companies and startups are investing heavily in developing self-driving technologies using sensors, cameras and AI. 5G networks will also facilitate vehicle to infrastructure communication required for autonomous driving.

The market in Singapore is concentrated in urban areas like Singapore Central Business District, Changi, Jurong, where traffic is heavy and adoption of autonomous vehicles can improve mobility. Commercial applications of autonomous shuttles and delivery bots are also gaining traction in places with high population density.

China is expected to witness the fastest growth in adoption of autonomous vehicles driven by supportive government policies and large tech companies investing in self-driving technologies. China aims to mass produce autonomous vehicles after 2025. The growing middle class demand for personalized mobility is also encouraging automakers to develop autonomous cars for urban transportation in major cities like Beijing, Shanghai and Guangzhou.

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