According to The Business Research Company’s Automotive Artificial Intelligence , The automotive artificial intelligence market size has grown exponentially in recent years. It will grow from <b>$2.72 billion in 2023 to $3.82 billion in 2024 at a compound annual growth rate (CAGR) of 40.3%. </b> The growth in the historic period can be attributed to rise of connected cars and iot in automotive industry, adoption of ai for predictive maintenance in vehicles, implementation of ai in autonomous vehicle development, increasing emphasis on in-car personalization through ai.
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The automotive artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to <b>$13.52 billion in 2028 at a compound annual growth rate (CAGR) of 37.2%. </b> The growth in the forecast period can be attributed to increasing popularity, awareness, rising demand for premium vehicles, rising demand for fully digitalized electric vehicles, integration of sensors and other components in ai systems, introduction of software support to vehicles that make them fully autonomous. Major trends in the forecast period include development of ai chips specifically for automotive applications, emphasis on explainable ai in automotive decision-making, integration of ai for gesture and emotion recognition in vehicles, adoption of ai in fleet management and logistics, use of ai for enhanced human-machine interaction in vehicles.
The growing demand for autonomous vehicles is expected to propel the growth of the automotive artificial intelligence market. Artificial intelligence has a wide range of applications in the automotive industry. As technology evolves, the automobile industry has taken advantage of discoveries to provide new ways to make driving more autonomous. Using artificial intelligence to develop self-driving automobiles is one of them. A self-driving car (also known as an autonomous car or driverless car) is a vehicle that travels to locations without the need for a human driver by utilizing a variety of sensors, radars, cameras, and artificial intelligence. For instance, according to Deloitte, the global automotive AI market will culminate in a total volume of around $27 billion in 2025. Therefore, a rise in demand for automotive cars drives the growth of automotive artificial intelligence.
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The automotive artificial intelligence market covered in this report is segmented –
1) By Component: Hardware, Software, Service
2) By Type: Automatic Drive, ADAS
3) By Process: Signal Recognition, Image Recognition, Data Mining
4) By Technology: Deep Learning, Machine Learning, Context Awareness, Computer Vision, Natural Language Processing
5) By Application: Semi-Automatic, Human Machine Interface, Autonomous Driving
Strategic collaborations between companies are a key trend gaining popularity in the automotive artificial intelligence market. Companies providing artificial automotive intelligence are undergoing partnerships and collaborations to develop new technologies and products. For instance, in May 2021, a mobile transportation company based in China and Volvo, an automobile manufacturing company based in Sweden, are involved in a partnership with automatic driving vehicles. Through this partnership, Volvo will provide Didi with XC90 SUVs fitted with steering and brake backup systems. The vehicles will be the first to use Didi Gemini, the ride-hailing company’s new self-driving hardware platform, and will be tested with human safety drivers. In the other partnership, in February 2021, Volkswagen, a German-based automobile manufacturer, and Microsoft, an American multinational technology corporation that produces computer software, consumer electronics, personal computers, and related services, partnered to develop self-driving car software. With this partnership, Volkswagen and Microsoft will together develop the “Volkswagen Automotive Cloud”. The service will support all of the German automaker’s digital and mobility products, including car-sharing and other shared mobility services. As part of the agreement, the businesses will open a new automotive cloud development center near Microsoft’s headquarters in Redmond, Washington.
The automotive artificial intelligence market report table of contents includes:
- Executive Summary
- Automotive Artificial Intelligence Market Characteristics
- Automotive Artificial Intelligence Market Trends And Strategies
- Automotive Artificial Intelligence Market – Macro Economic Scenario
- Global Automotive Artificial Intelligence Market Size and Growth
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- Global Automotive Artificial Intelligence Market Competitive Benchmarking
- Global Automotive Artificial Intelligence Market Competitive Dashboard
- Key Mergers And Acquisitions In The Automotive Artificial Intelligence Market
- Automotive Artificial Intelligence Market Future Outlook and Potential Analysis
- Appendix
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