July 19, 2024
Artificial Intelligence in Automotive Market

Artificial Intelligence In Automotive Market Contributing Largely To Automotive Growth

The global Artificial Intelligence in Automotive Market is estimated to be valued at US$ 2.3 Bn in 2022 and is expected to exhibit a CAGR of 24.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Artificial intelligence is becoming increasingly important in the automotive industry. AI helps enhance driving experience through advanced automation, collision avoidance, navigation and safety features. AI technologies like deep learning and machine learning are being used to develop self-driving vehicles with enhanced perception abilities.

Market key trends:
One of the key trends in the artificial intelligence in automotive market is the growing focus on autonomous driving technologies. Major automakers are investing heavily in developing self-driving systems using AI and machine learning algorithms. Autonomous vehicles use sensors, GPS, actuators and algorithms to navigate roads and transport passengers without human input. AI assists autonomous cars in perceiving their surroundings, predicting object trajectories and making decisions for navigation. This is expected to make driving safer and useful for elderly and disabled population in future.

Segment Analysis

The global artificial intelligence in automotive market is segmented into hardware, software and service. The hardware segment dominates the market and held around 60% of the total market share in 2022. This is because hardware components like processors, sensors and cameras are core components of AI systems in autonomous vehicles. The increasing focus on developing self-driving cars has propelled the demand for advanced hardware components with high computing power and capabilities.

Key Takeaways

Global Artificial Intelligence In Automotive Market Size is expected to witness high growth, exhibiting CAGR of 24.1% over the forecast period, due to increasing demand for autonomous driving technologies. North America dominated the artificial intelligence in automotive market in 2022 and is estimated to continue its dominance during the forecast period. This is owing to the presence of major automotive companies and technology players conducting research andexperiments on AI and self-driving vehicles in the region.

The global artificial intelligence in automotive market size was valued at US$ 2.3 Billion in 2022 and is expected to reach US$ 12.5 Billion by 2027. The increasing consumer interest in autonomous driving features and advanced driver assistance systems (ADAS) is a major factor driving the demand for AI in the automotive industry.

Regional analysis-
Asia Pacific is projected to witness the highest growth during the forecast period owing to rising automobile production and sales in major economies like China and India. The governments in several APAC countries are supporting automotive AI development through initiatives and funding to enhance road safety.

Key players-
Key players operating in the artificial intelligence in automotive market are Qualcomm Inc. (U.S.), Tesla Inc., Volvo Car Corporation, BMW AG, Audi AG (Germany), General Motors Company (U.S.), Ford Motor Company (U.S.), Toyota Motor Corporation (Japan), Hyundai Motor Corporation (South Korea), Uber Technologies Inc. (U.S.), and Apple Inc. The major players are focusing on partnerships, R&D investments and new product launches to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it