Asia-Pacific's AV market expected to be USD 47.4 billion by 2024

SINGAPORE, Jan. 23, 2019 /PRNewswire/ -- IQPC Worldwide has recently launched the AUTONOMOUS VEHICLES IN ASIA: Trends, Challenges and Opportunities for 2019 report ahead of IQPC Worldwide's 3rd Autonomous Vehicles Asia Summit (12-13 March 2019, Singapore).

AUTONOMOUS VEHICLES IN ASIA: Current and Future Readiness
AUTONOMOUS VEHICLES IN ASIA: Current and Future Readiness

In Asia, Europe and the US, a steady stream of new pilot schemes, technological breakthroughs and infrastructural investments for supporting AV readiness are making headlines and penetrating the collective consciousness of the end users.

The global autonomous vehicles market is expected to expand to USD 173.15 billion within the next five years, and Asia's market will reach USD 47.4 billion by 2024.

Arguably the most dynamic of all the regions attempting to promote AV implementation, Asia is making great strides each year. Considering the four key pillars of policy and legislation, technology and innovation, infrastructure and consumer acceptance, Singapore is considered to be the second most AV prepared country in the world by KPMG in its latest AV Readiness Index, only narrowly trailing The Netherlands. Singapore is the world leader in two of these pillars -- policy and legislation and consumer acceptance -- due in large part to its breakthrough legislation of a 2017 amendment to its Road Traffic Act, allowing self-driving vehicles to be tested on public roads. This has essentially turned the entirety of the island city state into one large AV testing area, no doubt accelerating the acclimatisation rate of Singaporean consumers to the prospect of self-driving vehicles.

South Korea is another Asian entry to the Top Ten, attaining an overall ranking of 10th but also capturing the number 4 spot for infrastructure, thanks largely to having the best 4G coverage of any nation measured. Also in South Korea's favour are its government's willingness to invest in AV pilot schemes, such as the creation of the world's largest test bed for self-driving cars.

While further down the worldwide listings at 16th, China is another critical player in Asia's push for AV readiness. China has the world's largest auto market by production and sales, massive density of electric charging stations and a government that is both positive towards AV adoption and capable of enacting supportive legislation very rapidly and broadly across the country when the time is right.

In spite of this significant progress and potential, where Asia falls down as a region is its lack of headquartered AV technology companies and providers, who are clustered elsewhere. However, as conditions for testing and consumer acceptance improve, this could quickly change.

This information is part of AUTONOMOUS VEHICLES IN ASIA: Trends, Challenges and Opportunities for 2019 report. Download the full report here.

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