Selbyville, Delaware,, Jan. 17, 2023 (GLOBE NEWSWIRE) --
The automotive artificial intelligence Market valuation is poised to surpass USD 600 billion by 2032, as reported in a research study by Global Market Insights Inc.
The growing adoption of AI in the automotive sector to mitigate risks and improve auto supply chain resiliency will boost the market growth. Due to supply-chain vulnerabilities, production shutdowns, and semiconductor shortages, businesses are adopting ML and AI-based systems to improve transparency and accurate prediction and to solve problems faster. In addition, the rising use of AI in car manufacturing is propelling the market revenue. Designers and development teams of automobile companies are using AI to offer extraordinary products and services and address the end user's expectations and convenience through AI and ML-driven customizations.
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The hardware segment of the automotive AI market is set to witness over 55% CAGR between 2023 to 2032, due to the growing adoption of autonomous vehicles is enabling companies to develop innovative AI hardware such as the CPU, Application-Specific Integrated Circuit (ASIC), LiDAR sensors, Field Programmable Gate Array (FPGAs), GPU chips, and memory units. The leading global chip companies, including NVIDIA, Intel, and AMD, are creating new product lines to support the growing use of AI in the automotive sector.
Based on technology, the automotive artificial intelligence market from the context awareness segment is anticipated to attain nearly 50% gains between 2023 and 2032. With the help of context awareness technology, autonomous cars may use sensors to record the surroundings around them and respond in real-time to changing environment. The technology facilitates function customization while also requiring fewer user interactions. The rapid development of smart cities and the emerging need to create better transportation systems are poised to drive the market growth.
The image/signal recognition segment will hold approximately 60% of the automotive artificial intelligence market share by 2032. The image recognition process helps improve road safety for pedestrians and in-vehicle passengers. The rising deployment of image/signal recognition, such as computer vision systems in semi-autonomous vehicles to enhance the night vision mode to avoid any accidents at night, is set to influence the business growth.
The semi-autonomous application segment is predicted to expand at a CAGR of 90% till 2032. Semi-autonomous cars can operate autonomously utilizing a camera, sensors, and AI, although they still require human intervention in case of unforeseen circumstances. Leading manufacturers, including Tesla, Audi, and Cadillac, have already created semi-autonomous cars, and are taking initiatives to speed up the development of these vehicles from level 1 to level 3, resulting in a market demand for AI solutions for automotive applications.
The LAMEA automotive artificial intelligence market will cross USD 60 billion by 2032. The UAE's rapidly expanding autonomous automobile market will generate notable growth possibilities for AI technology providers owing to the abundance of smart cities, including Dubai and Abu Dhabi. Additionally, it is predicted that the growing investment in AI startups specializing in automotive applications will augment the market revenue.
Some of the leading companies operating in the automotive artificial intelligence market are BMW AG, IBM Corporation, Honda Motors, Volvo Car Corporation, AUDI AG, Ford Motor Company, Intel Corporation, NVIDIA Corporation, Tencent, Microsoft, Intel Corporation, Tesla Inc, and Uber Technologies, Inc. Several new developments and product range expansions by companies are anticipated to bring about lucrative growth to the market.
To cite an instance, in August 2022, a multinational technology company, NVIDIA, unveiled DRIVE THOR, a revolutionary autonomous driving technology that will incorporate assisted and automated driving, in addition to other digital features like in-car infotainment.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Automotive artificial intelligence market 360º synopsis, 2018 – 2032
2.2 Business Trends
2.2.1 Total addressable market (TAM)
2.3 Regional trends
2.4 Component trends
2.5 Technology trends
2.6 Process trends
2.7 Application trends
Chapter 3 Automotive AI Market Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.2.1 North America
3.2.2 Europe
3.2.3 Asia Pacific
3.2.4 South America
3.2.5 MEA
3.3 Russia- Ukraine war impact on AI in Automotive market
3.4 Evolution of AI in Automotive
3.5 Industry ecosystem analysis
3.5.1 Hardware suppliers
3.5.2 Software providers
3.5.3 Third-party party service providers
3.5.4 Automotive manufacturers
3.5.5 Marketing & Distribution
3.5.6 Peripheral stakeholders
3.5.7 Profit margin
3.5.8 Vendor matrix
3.5.8.1 Hardware suppliers
3.5.8.2 Software providers
3.5.8.3 Third-party party service providers
3.5.8.4 Automotive manufacturers
3.5.8.5 Marketing & Distribution
3.5.8.6 Peripheral stakeholders
3.6 Technology & innovation landscape
3.6.1 Machine learning and neural networks
3.6.2 Multiple sensor fusion technologies
3.7 Patent analysis
3.8 Investment portfolio
3.9 Key initiatives and news
3.10 Regulatory landscape
3.10.1 North America
3.10.2 Europe
3.10.3 Asia Pacific
3.10.4 Latin America
3.10.5 MEA
3.11 Industry impact forces
3.11.1 Growth drivers
3.11.1.1 Growing adoption of AI in automotive value chain
3.11.1.2 Growing trend of Advance Driver Assist System (ADAS) level 2 technology
3.11.1.3 Growing AI implementation through ROI
3.11.1.4 Rising importance of ‘Car as a Platform’ business model
3.11.1.5 Rising demand for enhanced driver convenience
3.11.2 Industry pitfalls & challenges
3.11.2.1 Limitation of sensors and equipment
3.11.2.2 Issues related to hardware and software reliability
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
