New York, USA, Dec. 08, 2020 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global automotive voice command system market is expected to garner a revenue of $4,985.8 million at a CAGR of 19.4% by 2026, increasing from $1,208.6 million in 2018. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for new participants to understand the market.
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Market dynamics
The popularity of the automotive voice recognition techniques across the world has been increased in recent years which is one of the significant factors boosting the growth of the automotive voice command system market. Technological evolutions and the rising influence of e-commerce in the global automotive industry is also another driving factor behind the growth of the market. Another attributor behind this growth is the customers showing preference to the “hands-free” voice controls.
Dual voice and the low-quality software of this system are expected to restrain the demand for automotive voice command product in the projected period.
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The leading market players are advocating the increasing promise of the automotive voice command system. Going forward, the popularity of state-of-the-art vehicles will create many opportunities in the global market.
Segments of the market
The report has divided the market into different segments based on technology, application, vehicle type, and regional analysis.
Embedded technology will be the most profitable
The global embedded technology sub-segment will generate the highest market revenue of $2,557.7 million by 2026. Embedded technology of voice recognition system has significantly improved the experience of car cockpits. Furthermore, the voice command technology helps the driver to ascertain his control on the car and move to the car into the parking lot.
AI sub-segment will become the most lucrative
AI sub-segment of the automotive voice command system market will experience the fastest growth and is further predicted to surpass $2,413.1 million by 2026. AI in self-driving vehicles provides more convenience and safety, for both the passengers and the driver. AI has the technological potential that provides smooth, glitch-free experience, which will further enhance the growth of the market.
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Passenger vehicles segment will experience the highest growth rate
Passenger vehicles for automotive voice command system market shall have rapid growth and it is anticipated to generate a revenue of $2,587.6 million by 2026, during the forecast period. Increasing adoption of technology integration and growing global demand for comfort safety and convenience features are the major factors influencing the growth of the global automotive voice command system.
Asia-Pacific will have dominating share
Asia-Pacific regional market is expected to generate a revenue of $1,171.7 million at a CAGR of 19.9% by 2026. The increasing sales of passenger cars, rising disposable incomes, and huge rate of adoption of advanced technologies in Asian countries such as China, Japan, India, and South Korea are the main driving factors behind the growth of the automotive voice command system market.
Key market players
• Nuance Communications, Inc.
• Microsoft
• Alphabet,
• Amazon.com, Inc.
• Apple Inc.
• BMW AG
• Daimler AG.
• Ford Motor Company
• LumenVox.
• Sensory Inc.
As per a recent report, Mahindra & Mahindra Limited and Ford Motor Company came into a definitive agreement and created a joint venture. This venture is aimed at developing, marketing, and distributing Ford brand vehicles in India and Ford brand and Mahindra brand vehicles in high-growth emerging markets around the world.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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