At the Beginning Stage, Intelligent Connected Automobile Industry of China Will Grow at a Considerable Scale and Speed in the Future

Intelligent connected vehicle is an organic combination of the Internet of vehicles and intelligent vehicles. Equipped with advanced sensing systems, control systems and decision-making systems, it can connect to the Internet of vehicles platform. At the same time, new technologies such as 5G and artificial intelligence will be used to share and exchange information between vehicles and people, roads and clouds. With autonomous driving functions, intelligent connected vehicles will gradually become a new-generation vehicle for intelligent mobile space and application terminals.

Intelligent connected vehicles can provide comprehensive solutions and travel modes that are more comfortable, more environmentally friendly, more energy efficient and safer. They are an important guarantee for cities and towns to promote intelligent and fast transportation systems, and one of the core elements of building a green and low-carbon society. With the acceleration of the new round of scientific and technological revolution and industrial transformation, intelligent connected vehicles have become the strategic direction of the development of China's automobile industry.

At present, the penetration rate of intelligent connected vehicles is increasing rapidly. Intelligent connected vehicles can integrate millions of applications of mobile phones into automobiles, achieving a breakthrough in the magnitude of automobile applications. The penetration rate of smart cars in China increased from 2.67% in 2016 to 95% in 2021, and about 2.04 million smart cars were sold in 2021, a year-on-year growth of 22.16%. At present, a new round of global technological industry reform is booming. As an important carrier of technological innovation, intelligent networked vehicles are promoting profound changes in the form of automobile industry, transportation mode, energy consumption structure and social operation mode.

In recent years, the scale of China intelligent connected automobile industry has shown a rapid growth trend. Statistics show that the scale of China's intelligent connected automobile industry increased from 99.8 billion yuan in 2017 to 339323 million USD in 2020, with an annual compound growth rate of 36.8%. With the benefit of policy, technology and other factors, the scale and penetration rate of China intelligent connected car market will continue to increase.

Source: Market Monitor Co., Limited

With the increasing of China policy support and the maturing of relevant technologies, Chin intelligent connected vehicles have entered a rapid development channel. With the continuous popularization of 5G from 2015 to 2021, in order to promote the development of intelligent connected vehicles, China has formulated a series of policies, regulations and standard systems from the central government to local governments at all levels to get through related parties in automobile, communication, transportation and other aspects for coordinated development.

As the development direction of the future automobile industry, intelligent connected vehicles are still in the primary stage of development. At present, China is leading the world in such fields as intelligence and 5G. The rapid development of upstream artificial intelligence and communication technology for intelligent connected vehicles will effectively promote the industry progress.

For more industry information, please refer to the latest Global and Regional Smart car Market Details Research Report 2023-2028  released by Market Monitor Co., Limited.
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