Korea makes a highly attractive market for UK Connected and Autonomous Vehicle (CAV) technology and solution providers.
Korea’s state-of-the-art ICT infrastructure is already world-class and full. By 2022, Korea is expected to have nationwide 5G coverage. This strength in network technology, along with the country’s globally-competitive automotive sector, offers a strong foundation for rapid commercialisation of self-driving vehicles.
CAV Marketplace Worth £2.5 billion by 2025
The Korean automotive industry is the 7th largest in the world. In 2018, Korea produced over 4 million vehicles.
Korea’s Hyundai Motor Company is the third-largest vehicle manufacturer in the world and continues to dominate 70% of the domestic market with its three Original Equipment Manufacturers (OEMs): Hyundai Motors, Kia Motors and Genesis Motor. Moreover, Hyundai Motor Company announced a £2 billion investment in CAV over 5 years from 2019. As a result, strengthening Korea’s position as a key player in the CAV sector.
Overall, the global CAV market is developing rapidly. For instance, the current market size is estimated at anywhere between £70 million to £100 million. And by 2025 experts predict it will be as large as £2.5 billion.
Opportunities in Sensors, Mapping and In-Vehicle Data
Key research and commercialisation areas are sensor technology; including cameras, Light Detection and Ranging (LiDAR) and radars. As well as control hardware and software, In-Vehicle Infotainment (IVI), Vehicle-to-everything (V2X) solutions, HD mapping and AI algorithms.
Find Out More
To find out how your CAV technology platform can take advantage of the opportunities in Korea in 2020 and 2021, read this Market Intelligence Report 2019: Connected and Autonomous Vehicles South Korea from the Department of International Trade. You can also book a FREE place at one of our upcoming GTM Global workshops listed below. Please note, if there are no upcoming events, you can contact us here or visit our events page here to view the latest schedule.