ID: MRFR/ICT/5210-CR | August 2021 | Region: Global | 205 pages
The AI in Transportation Market Size will grow by 18.03 % during the forecast period 2023. The deep-learning concept is the key reason for deploying AI into transports. Today artificial intelligence is a crucial aspect of the autonomous vehicle field. The way transports work, drive, think and learn is highly dependent on AI. The autonomous trucks and vehicles rapidly adopt artificial intelligence. There are plenty of benefits of self-driving trucks. The AI in Transportation Market Segments are vast. All these segments are useful for specific vehicles.
Also, the adoption of artificial intelligence vehicles can achieve many things. Some of the features of the AI vehicles are speech recognition, data analysis and image processing. Also, AI in the transportation market can provide efficient driving in traffic. Some of the technologies then come in handy in AL vehicles are sensors, fusion and collision warning. With all these splendid features the AL in the transportation market has much demand. As per the AI in Transportation Market Analysis, most of the vehicles will adopt AI during the forecast period. Due to this, Global AI in Transportation Market value will reach 1.87 billion in 2023.
Covid 19 has an immense impact on the global markets. The AI in Transportation Business has major challenges during this pandemic. Also, the economic recession is causing disturbance in the market operations. It is causing a slowdown in the overall demand for the market. Further, due to the recession, production is declining during this period.
The AI transportation market has various verticals such as trucks, cars and other automobiles. However, the truck segment of the market is facing severe losses. The AI in transportation requires considerable time for deployment. However, deploying AI into transports has become challenging during this time. Also, the rise in the price of its material makes the process expensive. These are factors that affect the Artificial Intelligence (AI) in Transportation Market Sales during covid 19. However, post covid the market is expected to recover quickly.
There are few drivers for the AI in transportation market that constantly raise demand. The road accidents rate is increasing in many regions. More vehicles on-road is causing these accidents. The increase in road accidents is growing the demand for AI in transportation. AI technology in vehicles can protect the driver from accidents. It can provide quick updates about roads and important signs. It warns the user on accident-prone areas. The safety features of AI transportation are higher. The more adoption of AI in cars can increase safety on roads.
Further, the demand for the autonomous vehicle market is immense. Autonomous cars are high end. Also, many users prefer these kinds of vehicles today. AI is inbuilt in autonomous cars. From driving to vehicle maintenance, AI technology is crucial in autonomous vehicles. The rising demand for autonomous vehicles is a crucial driver for this market. Most autonomous vehicles use deep learning. Deep learning is AI and machine learning combined. Autonomous vehicles can think, drive and learn through AI. the high demand for autonomous trucks is another driver for this market. All these factors will lead to AI in Transportation Market Profit.
Truck platooning will provide exceptional scope for this market. It is assumed to be the successful segment of the market in upcoming years. The advancement in AI in the transportation market will increase truck platooning. Also, AI transportation will have plenty of features in the upcoming years. It will attract new end users to the market. The integration of sensors, voice recognition, signal recognition and fusion will provide growth opportunities. The AI in Transportation Market Growth will be massive during the forecast period. Further, many governments are imposing stringent laws to control carbon emissions.
The AI in transportation technology is the best solution. It is a technology that provides fuel efficiency and reduces carbon emissions. This governmental regulation will be favourable for the market growth. Moreover, the concerns for traffic segmentation are continuously rising. The use of AI in transportation provides efficient routes. The AI technology can lead the driver to routes that have less traffic. This exceptional range of AI transportation will provide exceptional growth prospects.
Al in transportation has plenty of benefits. However, the lack of supportive infrastructure is a major restraint in the AI in transportation market. The deployment of the AI in transportation is difficult due to lack of the infrastructure. Today, in many regions there are not enough transports that support the AI technology. The production of the AI supported vehicle is less today. Most of the vehicle manufacturers are increasing their autonomous vehicle production this will eliminate this issue. Also, the key players of the market are increasing their research to integrate Al in regular vehicles.
The cost of an artificial intelligence system is a major challenge in this market. The Al systems collision warning, cruise control, lane assists system and blind-spot detection is the crucial features of the Al system. The high cost of intelligence makes it difficult for many vehicle manufacturers to adopt. The high technology cost can affect the AI in transportation market demand and adoption rate.
The Al market growth remains stable over the forecast period. The AI in transportation market has few exceptional drivers that will raise demand. The rising concerns about road accidents are the crucial driver for this market. Due to more vehicles on-road in the upcoming years, most of the vehicle manufacturers will adopt Al technology. The truck platooning developments in the market will create plenty of growth opportunities. However, the high initial cost and deployment cost is restraint in this market. All these factors lead to positive AI in Transportation Market Trends.
The Asia Pacific region will experience steady growth in the forecast period. Also, as per the AI in Transportation Market Forecast, it is a region holding the highest shares. The countries such as Japan and India are raising their AI transportation production. Japan is expected to be the fastest-growing AI in the transportation market. This region will witness high revenue rates in the forecast period. The Japanese truck market is rapidly adapting to AI technology. Further, other countries in the Asia Pacific are launching more AI enabled vehicles.
By learning technology
The three main regions of AI in the transportation market are Asia Pacific, Europe and North America. The market value for AI transportation is higher in the North American region. The regulatory developments in this area for safety and compliance are higher. There is expected to be a substantial growth rate in North America for AI in transportation market. The Financial position of the region is strong. The region expects heavy investment for AI transportation in 2023.
Mexico is assumed to have more than 20 billion investment for AI in transportation. The Asia Pacific is the fastest growing AI in transportation market. The economic growth and growing logistics sectors are responsible for massive demand. Europe is well known for its exceptional demand for commercial vehicles. There are top leading commercial vehicle producers in Europe. All this will contribute to higher AI in transportation adoption rate in Europe. All these regional players will witness higher profitability furring the forecast period. Also, other regions will emerge during the forecast period.
The AI in transportation market competition is increasing with the entry of new players. Smart transportation will be the future of the vehicle market. Most of the automobile manufacturers are launching AI enabled vehicles. The key players are increasing the R&D during the forecast period. Also, the deployment of AI is happening for normal vehicles and cars. It will lead to market expansion during the forecast period.
The key players of the AL in the transportation market are
|Market Size||2020- USD:18,520.0 Million 2026-USD: 44,885.8 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||• North America (US, Canada, and Mexico) • Europe (UK andEU-27) • Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific) • Middle East & Africa • South America|
|Segments Covered||• By Offering (Hardware and Software) • By ML Technology (Deep Learning, Computer Vision, Natural Language Processing, and Context Awareness) • By Application (Semi-Autonomous Truck, Truck Platooning, Predictive Maintenance, Precision & Mapping, Autonomous Truck, Human-Machine Interface (HMI), and Others) • By IoT Communication Technology (5G, LTE, and LPWAN)|
|Key Vendors||• Siemens Mobility Solutions • Huawei Technologies Co. Ltd. • Intel Corporation • NEC Corporation • Microsoft Corporation • IBM Corporation • Robert Bosch GmbH • VALEO • Daimler AG • Scania AB • Continental AG • Magna International Inc. • Volvo • ZF Friedrichshafen AG • Nvidia|
|Key Market Opportunities|
|Key Market Drivers||• Drivers • Increasing Focus on Enhancing Driver and Vehicle Safety • Rising Need for Enhanced Operational Efficiency • Restraint • High Cost of Implementation • Lack of Skilled Workforce • Opportunity • Increasing Demand for AI Solutions in Railway Cargo Transportation • Impact of COVID-19 • Impact on Transportation Industry • Impact of It Expenditure • Impact on Automation|
Frequently Asked Questions (FAQ) :
The growth rate attained by the market in the coming years can be 18.03%.
The market size by 2023 end is estimated to be USD 1.87 Bn.
The significant players in the worldwide market are Alphabet Inc., Intel Corporation, IBM Corporation, Volvo Group, NVIDIA Corporation, MAN SEPACCAR Inc., Valeo SA, Microsoft Corporation, Daimler AG, Scania Group, ZF Friedrichshafen AG, Robert Bosch GmbH, Continental AG, Magna International Inc, among others.
The types of offering analyzed in the report are hardware and software.
The prominent IoT Communication Technologies are LTE, 5G and LPWAN among others.