On March 29, 2024, the "China Automotive New Supply Chain Configuration Data Product Launch Conference" hosted by GAC Automotive Research Institute was held in Shanghai. The information released at the meeting indicates that autonomous driving technology is developing at an astonishing pace, with functions continuously upgrading and improving from basic driving assistance to advanced autonomous driving. The penetration rate of L2 level assisted driving is rapidly increasing, and the popularity of urban navigation assisted driving (NOA) and the introduction of advanced autonomous driving policies will drive local intelligent driving solutions and suppliers in China to enter a new round of high-speed development.

The number of new energy vehicles equipped with L2 stanard technologies reached 3.7 million vehicles in 2023, ,with a penetration rate of over 51%. It is expected that the number of NOA functional supporting vehicles in China will exceed 1.8 million by 2024 and 8.5 million by 2030.

In the field of advanced intelligent driving, there are many outstanding domestic manufacturers in China, from software algorithms, chips to overall solutions. The mass production of urban NOA has driven an explosion in demand for chips, LiDAR and other industrial chains. In the future, cockpit integration will gradually be mass-produced, and high computing power chips are crucial for achieving cockpit integration.

With the rapid iteration of technology and the promotion of policies, the domestic autonomous driving industry is expected to show explosive growth in 2024. The popularity of in-vehicle intelligent driving products will continue to increase, and the local supply chain strength will gradually be strengthened.