MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global AI in Transportation Market.
The global AI in transportation market is projected to grow at a CAGR of 15.3% during the forecast period, 2023-2030.
The global AI in transportation market has been segmented based on offering, machine learning (ML) technology, and application.
Based on offering, the global market has been segmented into hardware and software. The hardware segment is further subdivided into Central Processing Unit (CPU), Graphics Processing Unit (GPU), sensors, and others.
Based on ML technology, the AI in transportation market has been segmented into deep learning, computer vision, NLP, and context awareness.
Based on application, the AI in transportation market has been segmented into autonomous truck, semi-autonomous truck, truck platooning, human-machine interface (HMI), predictive maintenance, precision mapping, and others.
Based on IoT communication, the AI in transportation market has been segmented into LTE, LPWAN, and 5G.
The geographic analysis of the AI in transportation market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America accounted for the largest contributor to the AI in transportation market. The regional market comprises the US, Canada, and Mexico. According to MRFR analysis, some of the factors responsible for the market's growth include the rising need for enhanced operational efficiency and increasing adoption to enhance driver and vehicle. Moreover, the presence of established players such as Intel Corporation, Microsoft Corporation, IBM Corporation, and Magna International Inc. is one of the factors driving the growth of the regional market.
Europe is the second-largest contributor to the AI in transportation market. The regional market comprises the EU-27 countries and UK. According to MRFR analysis, the EU-27 countries, together, are expected to account for the highest market share, followed by the UK. The market has been driven by factors such as the government’s proposals to boost public and private investment in AI with a greater focus on its application in transport. The European Union (EU) has taken major steps to adapt to the developments taking the place of AI in the transportation sector. These measures include general strategies on AI and rules that support the innovations of technologies that enable the application of AI in transport while at the same time ensuring respect for its fundamental values and rights. Additionally, the growth in the market has also been due to the EU government providing financial support, particularly for research in the field of AI in transportation. In the shipping industry, the EU has adopted rules to harmonize AI digital reporting for ships to simplify information exchange procedures between the ships and the ports and digitalize cross-border transport operations. The first key step towards introducing AI in rail transport has been deploying the European Rail Traffic Management System (ERTMS), which provides trains with a driver assistance system. In the aviation industry, several research projects have been supported the development of AI and Air Traffic Management (ATM), covering issues such as predictability of traffic at different phases of flight, improvement of passenger flows at airports, and greater automation of the system.
Asia-Pacific has been segmented into China, Japan, India, and the Rest of Asia-Pacific. According to MRFR analysis, the region is expected to be the fastest-growing market for AI in transportation in terms of value. The regional market growth can be attributed to strong economic growth, booming logistics and supply chain sector, the shift of unorganized third-party logistics sectors to organized sectors, and the steadily growing population. The increasing focus on enhancing driver and vehicle safety and achieving enhanced operational efficiency are the main factors boosting the growth of the Asia-Pacific market; the increasing purchasing power of the middle-class population is also anticipated to play a major role in driving the regional market growth. Moreover, the major AI transportation companies based in the US and the UK are expanding their business in Asia-Pacific.
The market for AI in transportation in the Middle East & Africa is expected to witness significant growth. It is estimated to reach USD 1,447.5 million by 2026, registering a compound annual growth rate (CAGR) of 17.8% during the forecast period, 2020-2026. The growth AI transportation market in South America is low as compared to other regions. However, the regional market is expected to show significant growth during the forecast period due to the increasing demand for advanced AI autonomous vehicle solutions and road safety systems.
The key players of the global AI in transportation market include Siemens Mobility Solutions (Germany), Huawei Technologies Co. Ltd (China), Intel Corporation (US), NEC Corporation (Japan), Microsoft Corporation (US), IBM Corporation (US), Robert Bosch GmbH (Germany), Valeo (France), Daimler AG (Germany), Scania AB (Sweden), Continental AG (Germany), Magna International (Canada), Volvo (Sweden), ZF Friedrichshafen AG (Germany), and Nvidia (US).