Automotive Artificial Intelligence market size to grow at a CAGR of 3.6%
19-Dec-2023 5:20 pm
19-Dec-2023 5:20 pm
The global Automotive Artificial Intelligence market was valued at USD 2916 Million in 2022 and is anticipated to reach USD 3607.5 Million by 2029, witnessing a CAGR of 3.6% during the forecast period 2023-2029.
Major Factors Driving the Growth of Automotive Artificial Intelligence Market:
The use of AI in the automotive sector heralds a new age by enabling businesses to monitor operations, boost digital results, and produce autonomous and semi-autonomous cars. The growing need for autonomous vehicles, the use of AI in traffic management, cutting-edge automotive technologies, and government efforts are the main drivers of the worldwide automotive AI market.
TRENDS INFLUENCING THE GROWTH OF AUTOMOTIVE ARTIFICIAL INTELLIGENCE MARKET:
The frequency of traffic accidents may be decreased and road safety can be increased with the support of growing government programs for car and road safety, automotive technology, telematics, and artificial intelligence. For instance, gathering information on the number of cars on the road and the state of the roads. A mobile network and quick data transmission methods may also be available for real-time weather information and notifications. The Automotive Artificial Intelligence market is eventually accelerated by government efforts to reduce accidents and other similar endeavors.
The temperature, mirrors, and pulse rate may all be changed automatically when one of the car’s frequent users sits in the driver’s seat thanks to AI software in cars. While eye openness and head position enable the program to detect sleepiness and awaken the driver, even during an accident, AI software can assess the upper body position and deploy the airbags accordingly. Gesture recognition has evolved into a valuable tool for controlling infotainment while driving. This factor is expected to drive the growth of the Automotive Artificial Intelligence market.
AI can help drivers make better-navigating judgments by analyzing various road conditions. Modern AI-powered navigation systems, for instance, can suggest better routes based on data about nearby road closures, collisions, traffic jams, construction sites, and road conditions.
Modern AI automakers often utilize digital twins in their production plants to speed up the design process by testing the implications of various design decisions on the performance of the car. Engineers and designers may discover how their thoughts translate into vehicle performance by providing machine learning algorithms with historical and sensor data. Additionally, this technology aids in lowering the cost of prototyping-related testing. This factor is expected to drive the growth of the Automotive Artificial Intelligence market.
Following collisions, drivers can use the cameras on their smartphones to take pictures of their damaged cars, which AI and computer vision-based systems can use to analyze the damage. This expedites the review process and increases its objectivity. While some industry participants rely on third-party personal assistants like Alexa and Siri, some auto manufacturers have chosen to create their own cutting-edge voice-recognition software. These assistants have the ability to make calls, switch radio stations, inform the driver how much petrol is left in the tank, and adjust the temperature. These tools are also highly personalized, which is important since they might remember drivers’ preferences and make modifications based on the circumstance and prior user behavior. This factor is expected to drive the growth of the Automotive Artificial Intelligence market.
AUTOMOTIVE ARTIFICIAL INTELLIGENCE MARKET SHARE
NVIDIA, Uber Technologies, Alphabet (Google), and other major international producers of automotive artificial intelligence (AI) are examples. The Top 3 businesses own a share of more than 40%.
The largest market is North America, with a market share of around 36%, followed by Europe and China, with respective market shares of about 35% and 26%.
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