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Saudi Arabia Autonomous Vehicle Market, By Vehicle Type (Passenger Car, Commercial Vehicle), By Level of Autonomy (L1, L2, L3, L4, L5), By Vehicle Autonomy (Semi-Autonomous, Fully Autonomous), By Propulsion (ICE, Electric), By Region, Competition Forecast & Opportunities, 2027
Market Report I 2023-02-01 I 74 Pages I TechSci Research
Saudi Arabia autonomous vehicle market is anticipated to register robust growth in the forecast period, 2023-2027. The primary drivers for the Saudi Arabia autonomous vehicle market are an increase in focus on road safety, the growing construction of connected infrastructure, and the development of smart cities. Also, the favorable government policies for the automotive industry and the high-end investments by the market players for research and development activities to upgrade the existing infrastructure are expected to boost the demand for Saudi Arabia autonomous vehicle market over the next five years.
A surge in Focus on Road Safety Drives the Market Growth
The Kingdom of Saudi Arabia has put road safety as one of the National Transformation Program pillars to achieve the targets set by Saudi Vision 2030. Also, the country aims to lower the number of road accidents to reduce the financial burden and loss of lives. The advent of autonomous vehicles is expected to improve the existing road systems. They offer multiple advantages such as limited fuel use, enhanced safety of the passengers, and traffic congestion. An autonomous vehicle is integrated with different sensors that generate real-time information and help passengers make informed decisions. Also, the artificial intelligence-based traffic management system that connects to the autonomous vehicles' sensors and can optimize the traffic signals can predict merging and slowdowns. There are fewer lane changes, and the road traffic becomes more orderly, which improves road safety significantly. The growing focus on road safety and advancements regarding connectivity and security in the automotive industry is expected to play a significant role in boosting the growth of Saudi Arabia autonomous vehicle market over the next five years.
Development of Digital Infrastructure Supports the Market Growth
Automation technology is gaining momentum in various industries, increasing efficiency, and overall performance. The rapid adoption of advanced technologies which can help generate real-time insights, such as internet of things technology, is expected to transform the automotive industry. Companies are investing in the construction of digital platforms that can automate the street and traffic lights and help surveillance the streets. The autonomous vehicle can communicate with smart streetlights, which lowers the chances of traffic congestion and ensures smooth traffic flow. Saudi Arabia is working on strengthening the digital infrastructure by deploying the 5G infrastructure and investing in the construction of new 6,500 towers. The developments in the telecommunication industry to advance the digital structure of the country are expected to pave the way for Saudi Arabia autonomous vehicle market growth through the forecast period.
Advancements in Autonomous Vehicle Boost the Market Growth
With the advancements in the 5G technology, the autonomous vehicle is expected to witness significant changes as the foundation of autonomous driving is a fast and reliable network. 5G technology enables the vehicle to connect to everything smoothly. The increase in the stringency of road safety regulations is making autonomous vehicle manufacturers develop technology that can be integrated with smartphones. Also, the recent technological advancements in machine learning, artificial intelligence, and the up gradation of sensors like RADAR, GPS, and others are improving the performance of autonomous vehicles. The technological advancements and the launch of better-performing vehicles in the market are expected to fuel the growth of Saudi Arabia's autonomous vehicle market for the next five years.
Market Segmentation
The Saudi Arabia autonomous vehicle market is segmented into vehicle type, level of autonomy, vehicle autonomy, propulsion, regional distribution, and competitive landscape. Based on vehicle type, the market is divided into passenger car and commercial vehicle. Based on the level of autonomy, the market is divided into L1, L2, L3, L4, and L5. Based on vehicle autonomy, the market is divided into semi-autonomous and fully autonomous. Based on propulsion, the market is divided into ICE and electric. To analyze the market based on the region, the Saudi Arabia autonomous vehicle market is studied in major regions namely north & central region, southern region, western region, and eastern region.
Market Players
Local Motors, General Motor Company, Ford Motor Company, Nissan Motor Co., Ltd., and Kia Corporation, are among the major market players operating in the Saudi Arabia autonomous vehicle market.
Report Scope:
In this report, Saudi Arabia autonomous vehicle market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Saudi Arabia Autonomous Vehicle Market, By Vehicle Type:
o Passenger Car
o Commercial Vehicle
- Saudi Arabia Autonomous Vehicle Market, By Level of Autonomy:
o L1
o L2
o L3
o L4
o L5
- Saudi Arabia Autonomous Vehicle Market, By Vehicle Autonomy:
o Semi-Autonomous
o Fully Autonomous
- Saudi Arabia Autonomous Vehicle Market, By Propulsion:
o ICE
o Electric
- Saudi Arabia Autonomous Vehicle Market, By Region:
o Northern & Central
o Southern
o Eastern
o Western
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia autonomous vehicle market.
Available Customizations:
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Saudi Arabia Autonomous Vehicle Market
5. Voice of Customer
5.1. Factors Influencing Purchase Decision
5.2. Aided Brand Recall and Unaided Brand Recall
5.3. Brand Satisfaction Level
6. Saudi Arabia Autonomous Vehicle Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value and Volume
6.2. Market Share & Forecast
6.2.1. By Vehicle Type (Passenger Car, Commercial Vehicle)
6.2.2. By Level of Autonomy (L1, L2, L3, L4, L5)
6.2.3. By Vehicle Autonomy (Semi-Autonomous, Fully Autonomous)
6.2.4. By Propulsion (ICE, Electric)
6.2.5. By Region
6.2.6. By Company (2021)
6.3. Product Market Map (By Level of Autonomy, By Region)
7. Saudi Arabia Autonomous Passenger Car Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value and Volume
7.2. Market Share & Forecast
7.2.1. By Vehicle Type (Hatchback, Sedan, SUV/MPV)
7.2.2. By Level of Autonomy
7.2.3. By Vehicle Autonomy
7.2.4. By Propulsion
8. Saudi Arabia Autonomous Commercial Vehicle Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value and Volume
8.2. Market Share & Forecast
8.2.1. By Vehicle Type (Truck, Bus)
8.2.2. By Level of Autonomy
8.2.3. By Vehicle Autonomy
8.2.4. By Propulsion
9. Market Dynamics
9.1. Drivers
9.2. Challenges
10. Market Trends and Developments
11. Policy and Regulatory Landscape
12. Saudi Arabia Economic Profile
13. Competitive Landscape
13.1. Company Profiles (Partial List of Leading Companies)
13.1.1. Local Motors
13.1.2. General Motor Company
13.1.3. Ford Motor Company
13.1.4. Nissan Motor Co., Ltd.
13.1.5. Kia Corporation
14. Strategic Recommendations
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