Chicago, Oct. 31, 2023 (GLOBE NEWSWIRE) -- MarketsandMarkets, a renowned leader in market research, has unveiled a comprehensive analysis of the global Automotive Artificial Intelligence (AI) market, predicting extraordinary growth from 2022 to 2027. The report highlights an impressive leap in market size, projecting a valuation of USD 7.0 billion by 2027, a remarkable surge from USD 2.3 billion in 2022, with a stunning Compound Annual Growth Rate (CAGR) of 24.1% over this period.
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Automotive Artificial Intelligence Market Report Scope
| Report Metric | Details |
| Market Size Value in 2022 | USD 2.3 Billion |
| Market Size Value in 2027 | USD 7.0 Billion |
| Growth Rate | 24.1% |
| Market Size Available for Years | 2018–2027 |
| Base Year Considered | 2021 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Million/Billion) and Volume (Thousand Units) |
| Segments Covered |
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| Geographies Covered |
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| Key Market Driver | Rising demand for enhanced user experience and convenience features |
| Key Market Opportunity | High potential of in-car payments |
| Largest Growing Region | North America |
| Largest Market Share Segment | Machine Learning |
| Largest Application Market Share | Human-machine interface (HMI) application |
Key Segments of the Automotive Artificial Intelligence Market
The Automotive AI market is classified into several key segments, each playing a vital role in its rapid growth:
Component Type: This segment includes hardware and software components that are crucial in implementing AI solutions in the automotive sector.
Technology: Technologies such as machine learning, deep learning, computer vision, and natural language processing are driving AI innovations in the automotive industry.
Application: Automotive AI finds applications in areas like autonomous vehicles, advanced driver assistance systems (ADAS), and predictive maintenance, enhancing safety and efficiency.
Region: The market spans across various regions, including North America, Europe, Asia-Pacific, and the rest of the world.
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Growth Drivers
A multitude of factors are fueling the remarkable expansion of the Automotive Artificial Intelligence market:
Safety Advancements: AI is a critical enabler of safety innovations in autonomous vehicles and ADAS, reducing accidents and enhancing road safety.
Enhanced User Experience: AI-driven features like voice recognition, intelligent infotainment systems, and self-parking cars improve the overall driving experience.
Sustainability: AI facilitates more efficient fuel consumption and helps in reducing emissions, aligning with global efforts to combat climate change.
Government Regulations: Governments are increasingly promoting AI integration in vehicles through regulations and incentives.
Challenges
While the market experiences rapid growth, it also encounters some challenges:
Data Privacy: The handling of sensitive data in AI systems poses challenges in terms of data privacy and security.
High Initial Investment: Developing AI-driven automotive solutions requires substantial initial investments, which can be a barrier for some companies.
Opportunities
The Automotive AI market offers promising opportunities:
Advancements in Autonomous Vehicles: The continued development of self-driving technology opens new frontiers for AI in the automotive sector.
Emerging Markets: Emerging economies represent untapped potential for AI-driven automotive solutions.
Collaboration: Collaboration between automakers and tech companies can lead to breakthrough innovations.
Key Players
Leading companies that are contributing to the growth and competitiveness of the Automotive Artificial Intelligence market include:
- NVIDIA Corporation
- Intel Corporation
- Qualcomm Technologies, Inc.
- BMW AG
- Tesla, Inc.
- Aptiv PLC
- General Motors Company
- Toyota Motor Corporation
- Volvo Group
- Daimler AG
MarketsandMarkets' report serves as an invaluable resource for businesses and stakeholders in the AI and automotive industries, offering insights into market dynamics, trends, and opportunities for future growth. With a remarkable CAGR of 24.1%, the Automotive Artificial Intelligence market is on a trajectory of unprecedented expansion in the coming years.
