by The autonomous cars market in Singapore has been witnessing steady growth over the past few years. Autonomous cars also known as self-driving cars offer several advantages such as enhanced safety, reduced traffic, parking convenience and transportation flexibility for elderly & disabled people. The Singapore government has undertaken several initiatives to make the country a global leader in autonomous vehicle innovation and development. This includes funding for research and development activities, testing of autonomous vehicles on public roads and proposals to operate driverless taxi services by 2022.
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 market are Hyundai Motor, Renault, Moovita, Nutonomy, Grab And Among Others.
The Singapore autonomous cars market offers significant growth opportunities in commercial fleet operations, elderly transportation services and inter-city shuttles. The Singapore Government aims to have driverless vehicles make up 90% of all vehicles on public roads by 2030.
Major global autonomous vehicle technology developers and automakers are focusing on expanding their presence and testing facilities in Singapore due to the supportive regulatory environment and advanced infrastructure for mobility innovation.
Market Drivers
The adoption of autonomous cars market in Singapore is expected to witness high growth owing to increasing investments by the government and private players in advanced technologies. The Land Transport Authority of Singapore plans to invest over $10 billion in research until 2025 to testbed autonomous vehicle technologies and infrastructure. This will help trial full-scale driverless vehicle operations on roads, creating a conducive environment for the large-scale adoption of autonomous cars over the forecast period
Pest Analysis
Political: Singapore government has laid down regulations to allow testing of autonomous vehicles on public roads. The government aims to deploy driverless taxis and buses by 2022.
Economic: Rising disposable incomes have increased demand for autonomous vehicles among population. Decreasing driver salaries is positively impacting adoption of autonomous technology.
Social: Younger population is more willing to adopt new technologies. Autonomous transport is seen as a convenient mode of commuting with increased safety.
Technological: Advancements in AI, sensors and connectivity solutions are enabling development of self-driving features. Continuous technology upgrades by OEMs are aimed at achieving fully autonomous driving capabilities.
Geographical regions of concentration
Being a small city-state, the autonomous car market regional analysis in Singapore is concentrated within urban limits of the country. Areas around Singapore’s Central Business District witness highest autonomous vehicle usage for shuttle services. Technological parks and academic institutions are also deploying self-driving buses and shuttles to ferry employees and students. Residential townships are emerging as potential zones for autonomous mobility services in near future.
Fastest growing region
China is expected to record fastest growth in adoption of autonomous vehicles during forecast period. Large automobile manufacturing base and growing R&D investments are facilitating widespread testing and deployment of self-driving technologies. Megacities like Beijing and Shanghai serve as test beds for autonomous shuttles and taxis. Favorable regulations and presence of tech giants are positioning China as global leader in autonomous driving space.
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 vendors
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?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
