Beijing forecasts RMB 100 billion market value on ICV industry

Beijing will be dedicated to building the manufacturing and service system for the intelligent-connected vehicle (ICV) industry and relevant industries, whose make value will hit RMB100 billion by 2022, according to a white paper issued by the Beijing Municipal Commission of Economy and Information Technology.

The white paper says that Beijing will speed up the technology innovation and product development on ICVs and basically complete an ICV technology system available for Level 4 autonomous vehicles to ensure they can be utilized for the 2022 Winter Olympics. Besides, a 50,000-hectare demonstration zone will also be established in Beijing for the next-generation intelligent transportation applications then.

Meanwhile, the Beijing authority proposed 5 special projects in the white paper, including promoting the industrialization of ICV technologies, accelerating construction of intelligent road network facilities, building the transportation cloud platform that meets travelling needs for people in Beijing, taking the lead in building 5G IoV (Internet of Vehicles) system as well as developing HD (high-definition) map industry.

Under the ICV Guidelines, ICV is defined as a future generation of vehicles, equipped with advanced in-car sensors, controllers, actuators and other devices and integrated with modern communication and network technologies, which are able to achieve the exchange and sharing of intelligent information between vehicles and X other factors such as individuals, vehicles, roads and cloud, have functions allowing awareness of complex surroundings, intelligent decision making and collaborative control, are able to realize “safe, efficient, comfortable, energy saving” driving, and ultimately would realize driving operations in replacement of human beings. With this broad definition, both connected vehicles and autonomous / driverless vehicles would fall within the scope of ICV.

The ICV has become a high ground for a new-round industrial competition that companies are striving for. Beijing enjoys much greater merits in developing the burgeoning industry over other cities in China by boasting advantages in such areas as electronic, communications, AI algorithm, big data and intelligent infrastructures.