Ohio, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Artificial Intelligence Market reached USD 2.2 billion in 2023 and is expected to reach USD 14.3 billion by 2030 and is expected to grow with a CAGR of 26.4% during the forecast period 2023-2030.
The increasing desire for improved user experiences and added convenience features has led to a surge in demand for premium vehicles. This trend is evident in the Global market for luxury cars, which reached a substantial value of USD 553.85 billion in 2018. Furthermore, the rapid advancements in autonomous vehicle technology have been a driving force behind the growth of the global automotive AI market.
Globally, the major players in the Automotive Artificial Intelligence Market include Carvi, German AutoLabs, Raven, Argo AI Tractable, Deepscale, Cisco, Waymo, Microsoft Azure and Nvidia.
DataM Intelligence’s Global Automotive Artificial Intelligence Market report provides insights on the current and forecast market analysis, individual leading Automotive Artificial Intelligence companies’ market shares, challenges, Automotive Artificial Intelligence market drivers, barriers, trends, opportunities and key market Automotive Artificial Intelligence companies in the market.
Get a sneak peek at the Automotive Artificial Intelligence Market dynamics for a better understanding.
| Metrics | Details |
| CAGR | 26.4% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2023-2030 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Application, End-User and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
Global Automotive Artificial Intelligence Market Trends
As per DataM estimates, North America is anticipated to hold the largest share of the global Automotive Artificial Intelligence market during the forecast period.
- The AI application in the automotive industry has significantly expanded in recent years, covering areas like manufacturing, driver assistance and autonomous vehicle development.
- The global automotive AI market is experiencing growth due to the increasing demand for autonomous vehicles, despite the challenge of rising cybercrimes hindering its progress. Tech giants' substantial investments in R&D have also contributed to the industry's reliance on AI.
- The AI Driving Features segment holds the largest revenue share in the market, with Google and Tesla being the leading companies in this segment.
- Asia, particularly South Korea, Japan, China, and India, is expected to exhibit the fastest compound annual growth rate (CAGR) during the forecast period, owing to its strong technological capabilities.
- Currently, North America dominates the automotive AI market with the largest market share.
To read more about the latest highlights related to the Automotive Artificial Intelligence market and get a snapshot of the key insights and highlights entailed in the Global Automotive Artificial Intelligence Market Report, Download the Sample here.
North America Dominates the Automotive Artificial Intelligence Market
North America holds the largest market share in the automotive AI industry, primarily attributed due to the rapid advancements in autonomous vehicle technology and stringent government regulations focused on road safety. Notably, in 2016, the United States government invested over USD 4 billion to promote the adoption of autonomous vehicles nationwide.
Conversely, Asia is expected to showcase the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is a result of the strong technological capabilities possessed by countries such as South Korea, Japan, China and India. Major technology leaders in the market are investing in these countries due to their potential for growth and innovation.
To know more about why North America is leading the market growth in the Automotive Artificial Intelligence market, get a snapshot of the market here.
Automotive Artificial Intelligence Market Challenges
The market growth is expected to face restraint due to the increasing threat of hackers and the rise in cybercrimes. An illustrative incident occurred in 2015 when Fiat Chrysler had to recall 1.4 million affected vehicles in the US after security researchers demonstrated that one of its cars could be hacked, raising safety concerns.
Furthermore, there have been instances of casualties caused by self-driving cars, such as a pedestrian being killed by an Uber self-driving car prototype in Arizona in March 2018. Uber's self-driving software failed to take action despite detecting the pedestrian, highlighting the risks associated with autonomous systems.
However, the automotive industry's exponential growth in research and development has led to improvements, making such loopholes and system failures rare occurrences.
A paper published by MIT on January 25, 2019, identified instances where autonomous systems learned from training examples that did not align with real-world scenarios, indicating efforts to address these challenges and improve system safety.
Know the competitive analysis among the key players of the Automotive Artificial Intelligence Market as they are set to emerge as trendsetters in the industry.
Table of Contents
| 1 | Report Methodology and Scope |
| 2 | Report Definition and Overview |
| 3 | Executive Summary |
| 4 | Market Dynamics |
| 5 | Industry Factors |
| 6 | COVID-19 Analysis |
| 7 | Automotive Artificial Intelligence Market Segments and Region |
| 8 | Global Company Share Analysis – 10 Key Companies |
| 9 | Automotive Artificial Intelligence Market Company and Product Profiles |
| 10 | About DataM |
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