The automotive industry is driving the growth of this planet’s economy as it provides impetus to every industry. Primarily the growth of automotive industry translates into economic growth as the global economy continues to grow, more people have the means to buy vehicles, leading to surge in the demand. Along with this, the automotive industry is constantly evolving, with latest technologies being developed to enhance safety, efficiency, and comfort. These advancements have made vehicles more attractive to end users and have skyrocketed the demand. Urbanization is another factor that helps in the growth of this industry as there is a greater need for transportation. This has led to an increase in demand for vehicles, particularly smaller and more fuel-efficient cars. In wake of changing automotive industry, artificial intelligence arrives as a boon as it is changing its complete landscape.
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Automotive AI first and foremost brings more safety. Automotive AI is being used for the purpose of developing advanced driver assistance systems (ADAS) and autonomous driving technologies that are capable of improving road safety by bringing down the likelihood of accidents caused by driver error. Along with this, AI-powered systems can optimize the overall performance of vehicles, leading to enhanced fuel efficiency, reduced emissions, and reduced operating costs for the users. On the other hand, AI-powered infotainment systems are capable of personalizing the driving experience, providing drivers with customized recommendations for music, navigation, and other features. Thus, these factors are providing impetus for the growth of global automotive artificial intelligence market.
The global automotive artificial intelligence market is growing constantly with the help of various factors. Though one of the major factors that has been driving the growth of this market is surge in the demand for AI in vehicles for increasing safety of transportation. Apart from various driving factors, there are couple of restraining factors like growing concerns linked with the high cost of implementation. On the other hand, the global automotive artificial intelligence market is forecasted to see humungous growth in coming few years owing to surge in the demand for vehicles that work on AI in developing nations.
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Global Automotive Artificial Intelligence Market Report Highlights
- Rapid technological advancement in the automotive industries courtesy of countries like Tesla, Ford and General Motors will help the global automotive artificial intelligence market take huge steps on the path of progress. As of 2022, AI-powered vehicles are set to make up nearly 25% of global automotive sales – a significant increase from the 4.5% recorded in 2018. This growth can be attributed to advancements in AI-augmented safety features, including autonomous emergency braking, lane detection and adaptive cruise control.
- Sudden climatic changes, changing rules and regulations has been making job tougher for the drivers across the globe, and use of AI is expected to provide massive relief to drivers. Ultimately driving the growth of logistics industry and overall economic growth of this world.
- The region of Asia Pacific is forecasted to generate money at the fastest speed for the global automotive artificial intelligence market during the forecast period 2023-2031. In last couple of years, the Indian government has taken numerous initiatives to encourage the adoption of AI in multiple sectors, which include the automotive industry. One of the primary areas where artificial intelligence is being used in the Indian automotive industry is for the purpose of development of autonomous vehicles. Multiple Indian startups are working constantly on developing autonomous driving technology using AI and machine learning algorithms. These companies are joining hands with global automotive giants to develop and test autonomous vehicles on Indian roads. Automakers in this Asian giants are using artificial intelligence for the purpose of developing advanced driver assistance systems (ADAS) that can detect and alert drivers to potential hazards such as pedestrians, cyclists, and other vehicles.
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Global Automotive Artificial Intelligence Market Competitors:
- Advanced Micro Devices, Inc.
- AUDI AG
- Automotive Artificial Intelligence (AAI) GmbH
- General Motors
- Intel Corporation
- Micron Technology, Inc.
- Mitsubishi Electric Corporation
- Nauto, Inc.
- NVIDIA Corporation
- Qualcomm Technologies, Inc.
- The Ford Motor Company
- Uber Technologies Inc.
- Other Market Participants
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Global Automotive Artificial Intelligence Market Segmentation
Absolute Markets Insights has segmented the global automotive artificial intelligence market on the basis of offerings, technology, application, vehicle type, region further bifurcated into countries.
Global Automotive Artificial Intelligence Market Offerings Outlook (Revenue, USD Million, 2015 – 2031)
Global Automotive Artificial Intelligence Technology Outlook (Revenue, USD Million, 2015 – 2031)
- Computer vision
- Natural language processing
- Machine learning
Global Automotive Artificial Intelligence Market Applications Outlook (Revenue, USD Million, 2015 – 2031)
- Driver Assistance
- Driverless Automobiles
- Automotive Insurance
- Car Manufacturing
- Driver Monitoring Systems
- Emotion Detection & Risk Identification
- Automotive Testing
- Supply and Automation
- Passenger Experience
- Predictive Vehicle Maintenance
Global Automotive Artificial Intelligence Market Vehicle Type Outlook (Revenue, USD Million, 2015 – 2031)
- Commercial Vehicles
- Passenger Vehicles
Global Automotive Artificial Intelligence Market Regional Outlook (Revenue, USD Million, 2015 – 2031)
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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