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McKinsey report predicts the autonomous vehicle market to grow to $290 billion annually by 2030.
Global consulting firm McKinsey, through their report 'Automotive Semiconductors for the Autonomous Age', has forecasted that the autonomous vehicle market size will grow to an annual $290 billion (approximately 35.3 trillion KRW) by 2030.
Estimated autonomous vehicle market size to reach $126.2 billion annually.
According to a survey by market research firm Prescient & Strategic Intelligence, the global autonomous vehicle market size is estimated to have reached $126.19 billion (approximately 163 trillion KRW) in 2022.
The market size is expected to reach $170.14 billion (approximately 220.3993 trillion KRW) in 2023, with a compound annual growth rate (CAGR) of 38.8%, projected to grow to $1.8084 trillion (approximately 2,342.834 trillion KRW) by 2030.
Autonomous Vehicle Market Size from 2020 to 2030 (in billions of dollars)
Source: Precedence Research (precedenceresearch.com
Market Size Forecast by Level (Lx3/Lx4)
The global market size for autonomous vehicles is projected to grow at an annual average of 41% from $6.4 billion in 2020, reaching a size of $1.1204 trillion by 2035.
In particular, the global market size for fully autonomous vehicles is expected to grow at an annual average of 84.2% from $0.66 billion in 2020, reaching a size of $629.9 billion by 2035.
Mass-produced vehicles equipped with level 3 and above autonomous driving technology are expected to begin shaping the market around 2025, with a projected compound annual growth rate of 14.7% from 2025 to 2035.
Size and Forecast of Domestic and International Autonomous Vehicle Market (Units: Billion Dollars, Billion Won)
Data: Autonomous Vehicles, Navigant Research/ Strategic Analysis of the European and North American Market for Automated Driving, Frost&Sullivan
As the market size expands and the level of autonomous driving improves, a surge in demand for electronic components for autonomous vehicles is anticipated. MCNEX is developing a total solution for autonomous driving, including various camera and sensor technologies as well as controllers necessary for ADAS (Advanced Driver Assistance Systems) and autonomous driving technology to achieve Level 5 autonomy.
-MCNEX ADAS FIELD TEST site-
The core technologies of autonomous vehicles broadly include camera and sensor technology, connectivity, software algorithms (AI and machine learning), and simulation. Autonomous vehicles perceive and analyze their surroundings through an integrated approach using LiDAR, Radar, ultrasonic sensors, GPS, IMU (Inertial Measurement Unit), and computer vision technology. These sensors and systems interact with each other to provide accurate and real-time environmental information. AI and machine learning are used to interpret this data and make driving decisions.
MCNEX possesses advanced camera technology for the ADAS (Advanced Driver Assistance System), and LiDAR system technology, which is an ultra-precision sensor technology. They continuously participated in CES for nine years with a standalone booth and displayed their sensing camera and image system optimized for Level 3 autonomous vehicles, which enhance the safety of autonomous driving when applied to the ADAS, at CES 2023 held in Las Vegas, USA, in January 2023.
Market Expansion Due to Increased Demand for Electronic Components for Autonomous Vehicles
With the increased demand for electronic components for autonomous vehicles and the expansion of the market size, MCNEX is participating in the development of various new models with Hyundai/Kia (primary partners) and global mobility companies. They are progressing as a global electronic company capable of elevating customer value.
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