Dublin, Sept. 15, 2022 (GLOBE NEWSWIRE) -- The "Automotive Artificial Intelligence Market by Offering, Technology (Deep Learning, Machine Learning, Computer Vision, Context-aware Computing and Natural Language Processing), Process, Application, Component and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global automotive artificial intelligence market size is projected to grow from USD 2.3 Billion in 2022 to USD 7.0 Billion by 2027, it is expected to grow at a CAGR of 24.1% from 2022 to 2027. The key factors contributing to the growth of the automotive artificial intelligence market include the growing adoption of ADAS technology by OEMs and the increasing use of AI to make buying decisions.
Safety is becoming a prime concern in terms of vehicle features. A majority of accidents occur because the driver is either distracted or has lost focus due to drowsiness. The World Health Organization (WHO) estimates that approximately 1.3 million road traffic deaths occur globally each year.
Several driver assistance systems have been developed to assist the driver and significantly reduce the number of accidents. Such systems will warn inattentive drivers of approaching danger and help increase safety. Driver assistance systems have gained significant importance over the past few years. Hence, the demand for adaptive cruise control (ACC) and ADAS is increasing. The trend is estimated to continue for the next five years. The improving infrastructure, the increasing struggle of automobile manufacturers to offer improved features, and the changing lifestyles worldwide have boosted the overall sale of premium passenger cars. However, beyond a certain degree, these factors will not influence the demand for driver assistance systems with automotive AI in the overall market.
Increasing use of AI to make buying decisions.
AI is not only used in the production of cars and the delivery of improved user experiences but also makes the process of buying and selling cars incredibly easy. Future customer interface systems with AI capabilities may potentially provide recommendations for the best cars based on the driver's insurance, health, and penalties received. Next-generation automobiles can also receive real-time information on traffic jams or any other emergency, and they can use AI to build detailed 3D images of actual roadways.
APAC is the fastest-growing region in the automotive artificial intelligence market.
The automotive artificial intelligence market in the Asia Pacific is expected to grow at the highest CAGR from 2022 to 2027 owing to technological advancements and financial support from the government is expected to propel the growth of this market. Increasing population, improving lifestyles, and growing economies have accelerated the pace of passenger car demand in the Asia Pacific. China, Japan, India, and South Korea are the key countries in the Asia Pacific region for the automotive artificial intelligence market. Toyota (Japan), Hyundai Motor Company (South Korea), and Honda Motor Company (Japan)are among the top companies in the region operating in the automotive artificial intelligence market.
Market Dynamics
Drivers
- Growing Adoption of ADAS Technology by OEMs
- Rising Demand for Enhanced User Experience and Convenience Features
- Emerging Trend of Autonomous Vehicles
- Increasing Use of AI to Make Buying Decisions
Restraints
- Increase in Overall Cost of Vehicles
- Threat to Vehicle-Related Cybersecurity
- Inability to Identify Human Signals
Opportunities
- Increasing Demand for Premium Vehicles
- Growing Need for Sensor Fusion
- High Potential of In-Car Payments
Challenges
- Difficulty in Maintaining Cost-Quality Balance
- Effect of Unfavorable Weather on Sensors
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Automotive Artificial Intelligence Market, by Offering
7 Automotive Artificial Intelligence Market, by Technology
8 Automotive Artificial Intelligence Market, by Process
9 Automotive Artificial Intelligence Market, by Application
10 Automotive Artificial Intelligence Market, by Component
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- Alphabet Inc.
- Argo AI
- Ather
- Audi Ag
- Automotive Artificial Intelligence (AAI) GmbH
- Bayerische Motoren Werke Ag
- Carvi
- Daimler Ag
- Didi Chuxing
- Ford Motor Company
- General Motors Company
- German Autolabs
- Harman International Industries, Inc.
- Honda Motor Co. Ltd.
- Hyundai Motor Co., Ltd
- Igloble
- Intel Corporation
- International Business Machines Corporation
- Micron Technology
- Microsoft Corporation
- Mitsubishi Electric
- Motional
- Nauto
- Nvidia Corporation
- Qualcomm Inc.
- Refraction AI
- Rivigo
- Sapientx
- Soniclue
- Tesla, Inc.
- Toyota Motor Corporation
- Tractable
- Uber Technologies, Inc
- Volvo Cars
- Xilinx, Inc.
- Zoox
For more information about this report visit https://www.researchandmarkets.com/r/xfs2i5
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