Overview and Scope
AI in automotive and transportation refers to incorporating artificial intelligence technologies into automobiles and transportation systems to improve safety, efficiency, and user experience. It makes vehicles smarter and safer by enabling features such as self-driving, predictive maintenance, and personalized user experiences.
Sizing and Forecast
The AI in automotive and transportation market size has grown rapidly in recent years. It will grow from $9.93 billion in 2023 to $11.88 billion in 2024 at a compound annual growth rate (CAGR) of 19.7%. The growth in the historic period can be attributed to advancements in sensor technology, the rise of connected vehicles, advancements in machine learning and deep learning, industry collaboration and partnerships, and a shift towards mobility services.
The AI in automotive and transportation market size is expected to see rapid growth in the next few years. It will grow to $24.57 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%. The growth in the forecast period can be attributed to autonomous driving research and development, the rise of electric and connected vehicles, urbanization and smart cities, global megatrends and economic factors, and consumer demand for safety and convenience. Major trends in the forecast period include integration of AI with v2x communication, edge computing for AI, data monetization opportunities, urban air mobility (UAM) integration, and human-machine interaction (HMI) innovation.
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Segmentation & Regional Insights
The AI in automotive and transportation market covered in this report is segmented –
1) By Offering: Hardware, Software
2) By Technology: Machine Learning, Natural Language Processing, Computer Vision, Context-aware Computing, Other Technologies
3) By Application: Human Machine Interface, Driver Monitoring, Driver Or Identity Authentication, Autonomous Driving Processing Chips, Intelligent Traffic Management System
North America was the largest region in the AI in automotive and transportation market in 2023. The regions covered in the ai in automotive and transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for autonomous vehicles is expected to propel the growth of the AI in automotive and transportation market going forward. Autonomous vehicles are vehicles equipped with sensors, cameras, and artificial intelligence technology that enable them to navigate and operate without human intervention. The demand for autonomous vehicles is rising due to their potential to enhance safety, increase convenience, and improve efficiency in transportation. AI in autonomous vehicles enables real-time perception of surroundings through sensor data analysis and decision-making, allowing vehicles to navigate safely and efficiently without human intervention. For instance, in December 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization, it is projected that American roads will host 3.5 million autonomous vehicles by 2025 and 4.5 million by 2030. Therefore, increasing demand for autonomous vehicles is driving the growth of the AI in automotive and transportation market.
Key Industry Players
Major companies operating in the AI in automotive and transportation market are Alphabet Inc., Toyota Motor Corporation, Microsoft Corporation, Bayerische Motoren Werke AG, Robert Bosch GmbH, Tesla Inc., Siemens AG, Intel Corporation, International Business Machines Corporation (IBM), AUDI AG, Denso Corporation, Qualcomm Technologies Inc., Continental AG, Uber Technologies Inc., Micron Technology Inc., Volvo Cars, NVIDIA Corporation, Valeo SA, Harman International, Otto GmbH, Scania AB, Argo AI LLC, CarVi Inc., Arbe Robotics Ltd., Visteon Corporation
The ai in automotive and transportation market report table of contents includes:
1. Executive Summary
- AI In Automotive And Transportation Market Characteristics
- AI In Automotive And Transportation Market Trends And Strategies
- AI In Automotive And Transportation Market – Macro Economic Scenario
- Global AI In Automotive And Transportation Market Size and Growth
.
- Global AI In Automotive And Transportation Market Competitive Benchmarking
- Global AI In Automotive And Transportation Market Competitive Dashboard
- Key Mergers And Acquisitions In The AI In Automotive And Transportation Market
- AI In Automotive And Transportation Market Future Outlook and Potential Analysis
- Appendix
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