On August 26, 2023, the 2023 ICVS China Autonomous Driving Expo and concurrently held China Intelligent Automotive Industry Chain Exhibition, hosted by Huamao Group and Shanghai Connected Vehicle Association, successfully concluded at the Shanghai Auto Exhibition Center. This was the world's first expo covering the entire industry chain from advanced autonomous driving solutions to autonomous driving software and hardware, intelligent chassis, intelligent cockpits, electric drive, etc.
During the same period, the ICVS Global Autonomous Driving Industry Conference was held, featuring 11 sessions and engaging talks by over 100 industry leaders. The conference focused on topics such as intelligent cockpits, radar perception, intelligent automotive industry chains, simulation testing, digitization and intelligence, AI data, intelligent networking, information security and functional safety, chassis domain control and integrated driving and parking.
The expo attracted a total of 23,172 visitors, with a cumulative attendance of 27,985. Over 500+ enterprises participated, and the conference audience reached 3,757 people. It presented an unparalleled pinnacle feast of autonomous driving, promoted the display of latest achievements and exchanges on cutting-edge technologies, and injected new momentum into the industry's development.
Zhang Zhiwei, Executive Director of Frost & Sullivan Greater China, was invited to attend the conference, participate in the 'The Drivery Ecosystem' annual innovation summit, and deliver a speech on 'Automotive Industry Trends and Innovation from a Global Perspective'.
Zhang Zhiwei pointed out that global light vehicle sales reached 79 million units in 2022. According to Frost & Sullivan's forecast, the growth rate of light vehicle sales in 2023 will be 3.3%, reaching 82 million units, with the main growth coming from North America. The North American market will recover faster than other regions, but East Asia remains the largest market for light vehicles.
Zhang Zhiwei stated that in the next three years, the global automotive industry will exhibit the following development trends: 1) Sustainable supply chain development; 2) Vertical integration in electric vehicle manufacturing; 3) The automotive industry's 'New Four Modernizations' (electrification, intelligence, networking, and sharing); 4) Next-generation battery management solutions for electric vehicles; 5) The rise of smart factories, etc.
According to Frost & Sullivan data, in 2022, the sales of electric vehicles in China reached as high as 6.8 million units, making China the world's largest electric vehicle market for the eighth consecutive year. Currently, the penetration rate of electric vehicles has reached 26.7%, and it is expected to continue to grow at a high rate in the future. Norway, a Nordic country, leads the world with an electric vehicle penetration rate of 79.1%. Although the penetration rate of electric vehicles in the United States is only 7.2%, its market size is the second largest in the world.
Zhang Zhiwei pointed out that the main trends in the development of electric vehicles in 2023 include: 1) continuous investment by OEMs in the electric vehicle field; 2) the emergence of digital products for electric vehicles; 3) practical exploration of vehicles' integration with the power grid/virtual power plants; 4) clarity in the fair standards for electric vehicle networking; 5) the popularization of high-power/supercharging capabilities; 6) the analysis and utilization of charging data.
The Automotive and Transportation Practice Group of Frost & Sullivan has long conducted in-depth research on various market segments, providing professional consulting and insights for the entire automotive industry chain, new automotive technologies and trends, as well as transformation and upgrading. The listed company clients served include all segments of the automotive and transportation industry chain, including vehicle manufacturers, auto parts suppliers, logistics and mobility services, rail transit, etc.
2023 Frost & Sullivan New Investment Conference
