China's automotive industry would need 2.6 trillion yuan worth of software and components annually by 2030 amid rising interest in driverless smart cars and digital cockpits, the South China Morning Post reported Dec. 20, citing a non-governmental organization.

China EV100's general secretary, Zhang Yongwei, told a forum in Wuhan that the market is expected to grow at a pace of 28.8% every year between 2026 and 2030, but car component vendors may face supply issues amid high demand.

The forecast for car parts and software in 2030 represents a rise of over 2 trillion yuan from 2024, Dongfeng Motor's (HKG:0489) vice-president, You Zheng, said during the forum.

You predicted that intelligent cars, which were sold faster than electric vehicles, would account for 60% of car sales this year. About 47.3% of car sales a year ago were categorized as intelligent.

Lang Xianpeng, Li Auto's (HKG:2015) vice-president of research and development, said the automobile firm is focusing on the development of autonomous vehicles, aiming to become a leading player within the industry by 2030.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)