The Automotive Voice Recognition System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Voice Recognition System Global Market Report 2024, The automotive voice recognition system market size has grown rapidly in recent years. It will grow from $2.51 billion in 2023 to $2.88 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to growing focus on driver safety, integration with smart devices, voice commerce integration, rising adoption of autonomous driving, growing popularity of luxury vehicles.
The automotive voice recognition system market size is expected to see rapid growth in the next few years. It will grow to $4.8 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to advancements in natural language processing (nlp), rapid growth in connected vehicles, personalization and customization, multimodal interaction, biometric authentication, cloud-based services and connectivity, increasing demand for multilingual support. Major trends in the forecast period include integration of artificial intelligence (ai), integration with augmented reality (ar), integration with advanced technologies, integration with machine learning.
The increasing adoption of vehicles is expected to boost the growth of the automotive voice recognition system market going forward. A vehicle is a machine with an engine that transports people or stuff from one location to another. Car owners use automotive voice recognition systems for hands-free comfort, safety, and around-the-clock connectivity. For instance, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), the leading lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021. Further, Chinese automakers had 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the increasing adoption of vehicles is driving the growth of the automotive voice recognition system market.
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The automotive voice recognition system market covered in this report is segmented –
1) By Level Of Autonomous: Autonomous, Conventional, Semi-Autonomous
2) By Technology: Embedded, Cloud-Based, Hybrid
3) By Fuel Type: Internal Combustion Engine (ICE), Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plug-In Electric Vehicles (PEV)
4) By Application: Artificial Intelligence, Non-Artificial Intelligence
5) By End User: Economy Vehicles, Mid-Priced Vehicles, Luxury Vehicles
Technological advancement is the key trend gaining popularity in the automotive voice recognition system market. Major companies operating in the automotive voice recognition system market are focusing on developing new technologies to sustain their position in the market. For instance, in April 2023, SoundHound AI Inc., a US-based developer of speech recognition, voice AI, natural language understanding, sound recognition, and search technologies, launched SoundHound Chat AI for automotive. It is the first product it enables the creation of an in-car voice assistant that combines generative AI capabilities, like ChatGPT, with a best-in-class voice assistant. Any third-party generative AI model can be integrated with SoundHound Chat AI to provide a fluid conversational experience. The platform can maintain dialogue by responding to queries quickly and accurately without producing unsatisfactory and repeated outcomes.
The automotive voice recognition system market report table of contents includes:
1. Executive Summary
2.Automotive Voice Recognition System Market Characteristics
3. Automotive Voice Recognition System Market Trends And Strategies
4.Automotive Voice Recognition System market analysis
5.Automotive Voice Recognition System Market Size And Growth
6. Automotive Voice Recognition System Segmentation
7.Automotive Voice Recognition System Regional And Country Analysis
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27. Automotive Voice Recognition System Competitive Landscape And Company Profiles
28.Automotive Voice Recognition System Key Mergers And Acquisitions
29.Automotive Voice Recognition System Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Volkswagen AG
- Toyota Motor Corporation
- Bayerische Motoren Werke AG
- Honda Motor Co. Ltd.
- Ford Motor Company
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