According to the latest research report, Automotive Artificial Intelligence Market size is predicted to increase at a healthy pace USD 1,498.30 million at a CAGR 30.01% in the 2022 - 2030. An evolving business standard is emerging in today's digital world, as artificial intelligence (AI) becomes more prevalent. Inside the automotive industry, artificial intelligence is ushering in a new age, enabling firms to monitor their operations better, supplement business plans, improve in-car customer experience, build autonomous and semi-autonomous cars, and deliver a better result in the virtual environment.
Ai in the automotive sector is being driven by the burgeoning automobile industry. Autonomous driving assistance systems, the internet of things, and cloud-hosted intelligence are all predicted to have a big impact on the artificial intelligence business. Considering the largest auto companies investing extensively in artificial intelligence for autos, industry-wide standards like navigation systems, sophisticated automated driving, and blind-spot alerts are expected to further fuel market expansion. Original equipment manufacturers (OEMs) in the automobile artificial intelligence industry have a chance to capitalize on shifting customer preferences toward convenience and comfort.
This report contains all the information on the global Automotive Artificial Intelligence Market analysis and its strengths. In addition, the report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the global Automotive Artificial Intelligence Market forecast for 2030 is also included in the report.
The COVID-19 outbreak has prompted new industry uses and technical advances. It has expedited AI adoption in fields like healthcare. In crisis situations, AI-based tools are being used widely. Numerous companies saw increased consumer demand during the epidemic while their workforce pool shrank. Various contact centers were overwhelmed by demand or shuttered due to security limitations, causing significant delays in consumer support. Thus, conversational AI has become a top technological enabler. AI has revolutionized other sectors besides healthcare to maintain company resilience. The educational industry began embracing AI, and online learning start-ups began offering customized services tailored to learners' needs. The COVID-19 problem has emphasized the necessity to modernize education. Aside from transforming the way students learn, AI-powered computers helped instructors assess student progress, discover instructional flaws, and automate administrative work.
The growing demands for better user encounters and additional features, the growing trend toward automated driving, the growing concern over confidentiality and protection, and the growing preference for top-quality vehicle segments are the major factors influencing the expansion of the automotive artificial intelligence market growth.
The industry is expected to benefit from an increase in the need for the luxury car sector, which will give attractive growth prospects.
Customers' lives have been safer and more comfortable as a result of autonomous automobiles. Although there are several issues that manufacturers must contend with in order to protect the data, some of the most serious include the safety of private information, computer hackers, and driver diversions, among others.
One of its most cutting-edge technologies in machine learning is artificial intelligence (AI). There are many similarities between it and human intelligence, such as comprehending language, reasoning, acquiring new knowledge, and solving problems. However, businesses face huge conceptual challenges in the invention and updating of technology.
According to market research, computer Vision is expected to develop at the quickest rate in the worldwide automotive artificial intelligence market value. In recent years, many organizations across the world have begun to use picture identification as among the artificial intelligence-based technologies in autonomous applications, with the expectation that this would transform their company. This is mostly due to rising labor costs, the expansion of the application scope of machine learning in autonomous cars for signal detection and driver supervision, and the growth in automation for conducting core activities.
Value Chain Analysis
The automotive artificial intelligence market has been divided in this study on the basis of product, technology, process, application, and regional presence. There are two main divisions in the automotive AI market: hardware and software. Computer vision, deep learning, context awareness, machine learning, and natural language processing are some of the technologies that make up the industry. Deep learning is predicted to be the most popular and fastest-growing industry. In addition, self-driving vehicles that utilize machine learning for image analysis, voice recognition, and research methodology are becoming more common.
The automotive artificial intelligence market is divided into image recognition, signal recognition, and data mining based on the procedure. For example, an automated vehicle may be trained to identify sights, obstacles, and other driving situations by analyzing the information gathered from sensors in the automobile. Data mining is predicted to be the quickest activity in the automotive AI industry because of the massive amounts of data created and handled in a car.
Semi-autonomous driving, autonomous driving, and human-machine interaction are all subcategories of automotive artificial intelligence. In addition, technological innovations like as voice identification and gesture recognizer have been deployed in numerous automotive HMI devices during the last several years. The breakthrough AI innovation has led to forthcoming models in the high-end areas of this expanding industry.
The market is segmented based on product, technology, process, application, and regional presence. The global automotive artificial intelligence market trends are expected to witness decent growth during the forecast period.
The application is segmented into image recognition, signal recognition, and data mining.
The market is segmented into semi-autonomous, autonomous, and human-machine interaction categories based on the propulsion types.
According to the reports, the global automotive artificial intelligence market, on the basis of region, is divided into North America, Europe, Asia Pacific, the middle east & Africa, and Latin America. North America is predicted to be the dominating sector in the Automotive Artificial Intelligence industry by 2030, largely as a result of the existence of significant manufacturers in this area. Furthermore, as compared to other regions, this area has considerably greater accessibility of advanced technology to develop artificial intelligence systems. The increasing expectation of autonomous cars in the United States has made a substantial contribution to the expansion of the industry in this country. Favorable government regulations, combined with the fact that the automotive industry's leading companies, such as General Motors, Ford Motor Company, and Fiat Chrysler Automotive, are taking a stand in the advancement of artificial intelligence in automobiles by continuously enhancing their products, will have a better prospect in the global market.
As a result, AI manufacturers have incorporated a variety of natural and inorganic corporate strategies to enhance their positions in the market. These strategies include new product development, merchandise advancements, collaboration, and agreement formation, capital investment, and merger & acquisition activity.
The following report comprises of –
|Market Size||2030 : USD 1,498.3 Million|
|CAGR||30.01% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By Process, By Application, By Vehicle type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Qualcomm Inc. (US), Tesla Inc. (US), Volvo Car Corporation (Sweden), BMW AG (Germany), Audi AG (Germany), General Motors Company (US), Ford Motor Company (US), Toyota Motor Corporation (Japan), Hyundai Motor Corporation (South Korea), Uber Technologies Inc. (US)|
|Key Market Opportunities||
|Key Market Drivers||
The need for features such as ADAS and adaptive cruise control is estimated to influence the market’s growth.
The market is predicted to grow at a 30.01 percent compound annual growth rate of a CAGR in the years ahead.
An encouraging income level is projected to be seen in the market.
Audi AG (Germany), BMW AG (Germany), Ford Motor Company (US), and General Motors Company (US) are existing in the market.
The North American area is expected to emerge as the worldwide leader in the industry, according to projections.
The demand for advanced driver assistance systems and reactive cruise control is expected to have an impact on the market's development