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As per the expert reports, the autonomous vehicle market is expected to rapidly grow in a significant manner in China by 2030.  The key predictions are:-

• The Chinese Autonomous Vehicle Market is expected to $98.89 billion by 2030, CAGR of 58.9% during 2021-2030.
• In China, the total size of automotive value is expected to double by 2030, speculating the market size to be more than USD 4.5 trillion.
• The self-driving car market in China is expected to reach 62.4 million units by 2030 with a CAGR of 13.3% during 2021-2030.
• As per KPMG research, China is expected to launch autonomous vehicles in major cities.
• Over the next decade, China is expected to see a mass number of autonomous vehicles and lead a shift toward a service-oriented passenger vehicle market focused on mobility services.
• China wants to deploy intelligent connected vehicles for 50% of new car sales by 2025.
• The Chinese government is also supporting regulations and policies to implement to encourage the development and adoption of autonomous vehicles.
• Baidu, Alibaba, and Tencent are the big tech giants in China to invest heavily in autonomous driving. WeRide and Pony.ai are the startups aiming high at the China market.

Even though the AV market in China is also affected by its disadvantages such as cybercrimes or other problematic concerns, it is hoped the issues of urban life, traffic congestion, and other facts of the streets to have a smooth way of driving can be demonstrated and may subside the challenges of AVs with protected software against any malware.

It shows that China is well aware of the future tech and the trend of becoming a hub for emerging technology. The automotive industry is one of the major industries that has seen major shifts in the way we commute. China’s emerging as a leader and growing hub shows its capability of completing a major journey. 

Sources:- PRNewswire, strategy&pwc, reuters, globenewswire