Automotive Artificial Intelligence Market

Automotive Artificial Intelligence Market Size (2023-2028):

The Global Automotive Artificial Intelligence Market was worth US$ 2.63 billion in 2022 and is anticipated to reach a valuation of US$ 7.74 billion by 2028 and is predicted to register a CAGR of 24.10% during 2023-2028.

This industry is one of the most innovative sectors in the world. These days, the improvement and expansion of driverless or assisted vehicles is probably the most significant advancement in the automotive industry. Artificial Intelligence (AI) enables cars the ability to see, think, learn, and explore an interminable scope of driving situations. The automotive industry utilizes the intensity of AI and deep learning to covey a breakthrough end-to-end solution for autonomous driving from information assortment, model training, and testing in recreation to the organization of smart, safe, and self-driving vehicles.

Market Drivers:

The developing interest in autonomous vehicles significantly determines the global automotive AI market. These vehicles are gaining prevalence internationally due to numerous highlights like automatic parking, self-driving, autopilot, and others, which decrease human exertion during driving. In addition, such autonomous vehicles are upheld by the absolute greatest technologically reliable companies, for example, Nvidia, Tesla, and Intel, among others. Autonomous cars are anticipated to substantially cut down the prerequisite of human intercession and be of crucial significance in industries that are experiencing low labor for transportation purposes. This, thus, is relied upon to drive the development of the global automotive AI market.

Market Restraints:

There are different difficulties that manufacturers are confronting with respect to security and privacy concerns such as the safety of personal information, cyber-attacks, and driver interruptions. For example, about 1.4 million Fiat Chryslers were reviewed in the US due to a technical glitch in their dashboard PCs that allowed hackers to debilitate the vehicle. Correspondingly, white hat hackers were effective in embedding malware into the system of a Tesla car. These occurrences of meddling with client security are some of the significant limitations in market development.

Market Recent Developments:

• An artificial neural network can disclose patterns in vast amounts of organic phenomenon data, and find out groups of disease-related genes. Scientists wish that the new method can be applied to precision medicine and personalized treatment.
• Scientists have built a human-made intelligence (AI) tool which will accurately predict which patients newly infected with the virus that causes Covid-19 would continue to develop a severe respiratory illness.

AUTOMOTIVE ARTIFICIAL INTELLIGENCE MARKET REPORT COVERAGE:

Market Segmentation:

Automotive Artificial Intelligence Market - By Application:

• Semi-Autonomous
• Fully Autonomous

Automotive HMI has developed radically in the last few years and implemented troublesome advances in different items such as voice recognition framework and gesture recognition framework. This is a developing business sector where innovative AI technology is being utilized in forthcoming models in premium segments.

Automotive Artificial Intelligence Market - By Component:

• Hardware 
  • Processor 
    • Microprocessor (MPU)
    • Graphics Processing Unit (GPU)
  • Memory
  • Network
• Software
• Service

Software is a crucial component that stores information and executes directions. Hardware is used as an interface between the AI framework and humans. All software requires overhauling for its viable functioning. The framework manufacturer or the OEM can give service.

Automotive Artificial Intelligence Market - By Technology:

• Machine Learning & Deep Learning
• Computer Vision
• Natural Language Processing

In view of technology, the deep learning segment represented the most significant share of the worldwide automotive AI market in 2018. The large share of this segment is primarily ascribed to the expanding venture by numerous organizations in the improvement of self-driving cars in which deep learning innovation is utilized for image processing, information analysis, motion recognition, and voice search.

Automotive Artificial Intelligence Market - By Process:

• Signal recognition
• Image recognition
• Data mining

Information is gathered from various sensors utilized in a semi-autonomous or autonomous vehicle, which can be used to prepare the car to identify or perceive images, obstructions, and different situations one may experience in the driver’s seat. Because of the enormous volumes of information created and processed in a vehicle, data mining is supposed to be the quickest developing process in the global automotive AI market.

Market Reginal Analysis:

The Global Automotive Artificial Intelligence Market Report includes the segmentation of regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America is leading with the largest shares of the market owing to the rapid adoption of advanced technologies by automotive industries. The growing prevalence of road safety measures by the government is greatly influencing the market shares in North America. US automotive artificial intelligence market is likely to hit the highest CAGR during the forecast period. Quick upgrades of product portfolio by major players in the US are ascribed to bolster the market demand. Also, all the vehicles in the US are upgrading to the latest technology with various features like blind spot recognition, lane departure, and others.

Europe is next in leading the significant shares of the market due to the growing prevalence of reducing accidents using the latest features in the automotive using AI. In addition, the presence of top leading companies such as Tesla, Intel, and Nvidia, among others, is anticipated to promote the market growth rate eventually in Europe. UK and Germany are leading with the dominant shares of the automotive artificial intelligence market.

Asia Pacific's automotive artificial intelligence market is set to have the highest growth rate during the forecast period.

Market Key Players:

1. NVIDIA Corporation (US)
2. Alphabet Inc. (US)
3. IBM Corporation (US)
4. Microsoft Corporation (US)
5. Harman International Industries Inc. (US)
6. Xilinx Inc. (US)
7. Qualcomm Inc. (US)
8. Tesla Inc. (US)
9. Volvo Car Corporation (Sweden)
10. BMW AG (Germany)
11. Audi AG (Germany)
12. General Motors Company (US)
13. Ford Motor Company (US)
14. Toyota Motor Corporation (Japan)
15. Hyundai Motor Corporation (South Korea)
16. Uber Technologies Inc. (US)
17. Honda Motor Co. Ltd. (Japan)
18. Daimler AG (Germany)
19. Didi Chuxing (China)
20. AImotive (Hungary)
21. Nauto Inc. (US)
22. nuTonomy (US)
23. Argo AI (US)
24. Drive.ai (US)