China's vehicle software market exceeds 65 bln yuan: report

CHONGQING, Sept. 20 (Xinhua) -- China's vehicle software market is worth more than 65 billion yuan (about 9.2 billion U.S. dollars), accounting for 30 percent of the country's total software market, according to a report released on Friday.

The report on the development of new quality productive force in China's automobile industry was jointly published by China Automotive Engineering Research Institute Co., Ltd and China Economic Information Service. It was released during the Automobile New Quality Productive Force Development Forum held in Chongqing Municipality on Friday.

"The first half of the car industry development is electrification. It is now time for it to enter the second half, featuring intelligent technologies, with the software, operating systems and car chips as the core," said Xu Haidong, deputy chief engineer of the China Association of Automobile Manufacturers.

He added that vehicle software can precisely manage the entire car, including its facilities, driving and communication capabilities.

The report also pointed out that the localization rate of automobile chips is on the rise as enterprises such as Huawei are making headway in chip development. The localization rate of power semiconductors has risen to 15 percent to 20 percent.

The automobile industry is one of major pillars of China's economy, with the gross output of the whole industrial chain of automobiles contributing 10 percent to the country's gross domestic product, according to the report.