New York, USA, Oct. 31, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global automotive voice command system market is expected to generate a revenue of $8,681.8 million and grow at a healthy CAGR of 20.25% over the estimated timeframe from 2022 to 2031.
As per our analysts, with the surge in automobile sales together with the increasing adoption of digital technologies, the automotive voice command system market is expected to experience a remarkable growth during the forecast timeframe. Besides, the rise in consumer spending capacity on premium services and technological advancements for safety and comfort is further predicted to foster the growth of the market throughout the analysis period. Moreover, the rising popularity of a motorcycle intelligent biometric voice command system is expected to create massive growth opportunities over the estimated period. However, the high installation cost of automotive voice command systems may hinder the growth of the market during the analysis period.
Segments of the Automotive Voice Command System Market
The report has divided the market into segments based on technology, application, vehicle type, and region.
Technology: Others Sub-Segment to be Most Profitable
The others sub-segment is expected to rise at the fastest rate during the analysis timeframe. This is mainly due to the increasing growth in the number of connected devices all across the globe. Moreover, cloud technology utilizes historical data of a user to boost the user’s in-car experience is predicted to upsurge the growth of the market sub-segment over the forecast period.
Application: AI Sub-Segment to be Most Productive
The AI sub-segment is predicted to hold the highest share of the automotive voice command system market during the estimated timeframe. This is majorly due to the augmentation of virtual voice assistants such as Amazon Alexa, Google Assistant, and many others in the market. Furthermore, the increasing number of autonomous cars is predicted to bolster the growth of the market sub-segment throughout the analysis period.
Vehicle-Type: ICE Sub-Segment to be Most Lucrative
The ICE sub-segment is expected to have a dominant market share over the forecast timeframe. This is mainly because of the increase in sales, production, and adoption of ICE vehicles across various countries. In addition, the increasing adoption of voice command systems in ICE vehicles by leading manufacturers is predicted to fortify the growth of the market sub-segment during the estimated timeframe.
Region: North America Region to Hold the Maximum Share of the Market
The North America region of the automotive voice command system market is predicted to hold the largest share of the market throughout the analysis timeframe. This is mainly due to the presence of major players, increasing demand for luxury products, growing demand for personal vehicles, and rising disposable income among people of this region. Furthermore, the increasing popularity of electric vehicles in this region owing to the rising awareness of global warming among individuals of this region is expected to drive the regional growth of the market during the forecast period.
Covid-19 Impact on the Market
The rise of the Covid-19 pandemic has had a negative impact on the automotive voice command system market. This is mainly due to the shutting down of production at original equipment manufacturers. Moreover, the disruption in the supply chain of equipment across major industries all across the world has badly impacted the market. In addition, the strict restrictions imposed by the government of many countries have sharply decreased the sales of the market during the pandemic period.
Key Players of the Market
The major players in the automotive voice command system market include
- Apple Inc.
- Daimler AG
- BMW AG
- Amazon.com, Inc.
- Ford Motor Company
- Alphabet
- LumenVox
- Microsoft Corporation
- LumenVox
- Nuance Communications, Inc.
- Sensory Inc.
These players are widely working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in August 2022, Cerence Inc., a leading American multinational company, announced its collaboration with Microsoft Corporation, a renowned American multinational technology corporation producing computer software, consumer electronics, personal computers, and related services. With this collaboration, the companies aimed to support an AI-powered, voice-first experience in the cars to empower professionals with conversational AI-enabled hands-free access.
Further, the report also presents other crucial aspects of the automotive voice command system market including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Automotive Voice Command System Market:
- Recent Trends in Automotive Voice Command Systems
- Automotive Voice Command System, the new way to drive your cars is responsibly
- Global Automotive Voice Command System Market to Observe Enormous Growth Due to Growing Demand for Voice Command Systems in Vehicles
