New York, US, Feb. 22, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Artificial Intelligence Market Information By Technology, By Process, By Application, By Vehicle Type, and Region - Forecast till 2030”, The Automotive Artificial Intelligence Market is expected to increase from USD 2.6 billion in 2022 to USD 9.6 billion by 2030, at a CAGR of 27.2% between 2022 and 2030.
Automotive Artificial Intelligence Market Overview
AI effectively implements the automotive value chain, which encompasses manufacturing, design, supply chain, production, post-production, "driving assistance," and "driver risk assessment" systems. Automotive manufacturing services, like as part manufacturing and design, and collaboration with humans to assist in the production of AI autos. AI uses human data and algorithms to mimic human decision-making or thinking abilities. Automobile manufacturers can simplify their decision-making process to offer a high-quality client experience. AI tools and equipment, like as anti-lock braking systems (ABS) and adaptive cruise control, are already available in current vehicles. The next milestone in the automotive industry's development is self-driving technology, which is primarily based on AI.
Market Competitive Landscape:
The important firms in the automotive artificial intelligence industry are
- Qualcomm Inc. (US)
- Tesla Inc. (US)
- Volvo Car Corporation (Sweden)
- BMW AG (Germany)
- Audi AG (Germany)
- General Motors Company (US)
- Ford Motor Company (US)
- Toyota Motor Corporation (Japan)
- Hyundai Motor Corporation (South Korea)
- Uber Technologies Inc. (US)
- Among others.
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The market's high competitiveness may be owing, in large part, to the automotive businesses and plants increasingly embracing cutting-edge technologies for greater operational effectiveness. Furthermore, most organizations are engaged in mergers and acquisitions while launching new products and technologies in an effort to enhance their market share and product selection.
February 2023
Baidu will unveil its first electric vehicle model with its new conversational artificial intelligence (AI) technology, with the goal of creating a ChatGPT-like experience that allows owners and their vehicles to converse naturally.
This is the Chinese technology giant's latest endeavor to boost its main search engine business and encourage widespread adoption of AI for a variety of applications.
Automotive Artificial Intelligence Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | USD 9.6 Billion |
| CAGR during 2022-2030 | 27.2% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, By Process, By Application, By Vehicle Type, and by Region |
| Key Market Opportunities | Cloud-hosted intelligence Driver assist features Internet of thing |
| Key Market Dynamics | Advanced driver assistance systems Blind spot alert |
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Automotive Artificial Intelligence Market USP Covered:
Market Drivers:
Increased R&D development in the automobile industry over the forecast period is one of the primary reasons driving the growth of the worldwide automotive artificial intelligence market. Data science and machine learning technology help keep vehicle companies competitive by enhancing everything from research to design to manufacturing to marketing processes, and automobile data analytics is not restricted to self-driving automobiles. For example, it is equipped with cameras, various sensors, radars, and lidar, which aid in course planning and a better awareness of the surroundings, which are factors that favorably affect the market.
Furthermore, increased public awareness of the autonomous industry is propelling the market. Customer demand for driverless vehicles has expanded dramatically, and autonomous features are highly wanted. Customers also expect semi-autonomous features for safety, despite some unfavorable media reporting. According to Cox Automotive Mobility Solutions Group, 54% of people seek semi-autonomous features for better and safer driving, which drives the automotive artificial intelligence market significantly.
The surge in government initiatives for car and road safety, automotive technology, telematics, and artificial intelligence can help to reduce traffic accidents and improve road safety. For example, data collecting on vehicles on the road and road conditions. Furthermore, real-time weather information and notifications may be mobile network and rapid data transfer choices. Ideally, an effort to reduce accidents Government-sponsored initiatives of this nature help to boost the automotive artificial intelligence business.
Market Restraints:
High-tech advancements raise car costs, restricting market expansion to some extent. Furthermore, one of the attractive prospects for market expansion throughout the projection period is the increasing government initiatives to support AI technology.
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COVID 19 Analysis
COVID-19 has accelerated the use of artificial intelligence in crucial industries, particularly the automotive industry. Throughout the automotive value chain, including post-production, manufacturing, supply chain, design, production, driver assistance, and risk assessment systems, AI is used efficiently. Despite the fact that market participants had relatively modest sales volume during the first year of the pandemic, the market is progressively gaining pace. The epidemic of COVID-19 has forced manufacturers to reevaluate their short-term strategy for redefining automation.
Automotive Artificial Intelligence Market Segmentation
By Technology
Deep Learning, Machine Learning, Context Awareness, Computer Vision, and Natural Language Processing are the technology-based market segments of the Automotive Artificial Intelligence market. Deep learning is projected to be the most important and fastest-growing technology. Many firms are investing on self-driving cars that use deep learning technology for image processing, speech recognition, and data analysis. For example, Google's spin-off Waymo is heavily investing in autonomous vehicles and has an active system built into its self-driving vehicle with deep learning technology to recognize pedestrians in various conditions.
By Process
The Automotive Artificial Intelligence market is divided into three segments based on process: signal recognition, image recognition, and data mining. Data is collected from numerous sensors in a semi-autonomous or autonomous car, which can then be used to train the vehicle to identify or recognize images, obstructions, and other circumstances behind the wheel. Data mining is predicted to be the fastest-growing technique in the Automotive Artificial Intelligence Market due to the massive volumes of data created and processed in a vehicle.
By Application
Human-Machine Interface, Semi-autonomous Driving, and Autonomous Driving are the application segments of the Automotive Artificial Intelligence market. Human-Machine Interface (HMI) and Autonomous Driving (AD). In the last few years, automotive HMI has advanced dramatically, incorporating disruptive technology such as voice recognition systems and gesture recognition systems. This is a burgeoning sector where breakthrough AI technology is being incorporated into upcoming premium models.
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Automotive Artificial Intelligence Market Regional Insights
North America will be the most dominant market for automotive artificial intelligence by 2030, owing to the presence of major manufacturers in this field. Furthermore, in comparison to other regions, this region has far higher access to advanced technologies for developing artificial intelligence systems. The growing expectation of self-driving cars in the United States has contributed significantly to the growth of the sector in this country. Favorable government regulations, combined with the fact that the automotive industry's leading companies, such as General Motors, Ford Motor Company, and Fiat Chrysler Automotive, are taking a stand in the advancement of artificial intelligence in automobiles by constantly improving their products, will give them a better market prospect.
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