The global automotive artificial intelligence market size is projected to grow from USD 2.3 Billion in 2022 to USD 7.0 Billion by 2027, it is expected to grow at a CAGR of 24.1% from 2022 to 2027. The key factors contributing to the growth of the automotive artificial intelligence market include the growing adoption of ADAS technology by OEMs and the increasing use of AI to make buying decisions. Safety is becoming a prime concern in terms of vehicle features. A majority of accidents occur because the driver is either distracted or has lost focus due to drowsiness. The World Health Organization (WHO) estimates that approximately 1.3 million road traffic deaths occur globally each year. Several driver assistance systems have been developed to assist the driver and significantly reduce the number of accidents. Such systems will warn inattentive drivers of approaching danger and help increase safety. Driver assistance systems have gained significant importance over the past few years. Hence, the demand for adaptive cruise control (ACC) and ADAS is increasing. The trend is estimated to continue for the next five years. The improving infrastructure, the increasing struggle of automobile manufacturers to offer improved features, and the changing lifestyles worldwide have boosted the overall sale of premium passenger cars. However, beyond a certain degree, these factors will not influence the demand for driver assistance systems with automotive AI in the overall market.
Increasing use of AI to make buying decisions
AI is not only used in the production of cars and the delivery of improved user experiences but also makes the process of buying and selling cars incredibly easy. Future customer interface systems with AI capabilities may potentially provide recommendations for the best cars based on the driver’s insurance, health, and penalties received. Next-generation automobiles can also receive real-time information on traffic jams or any other emergency, and they can use AI to build detailed 3D images of actual roadways.
APAC is the fastest-growing region in the automotive artificial intelligence market
The automotive artificial intelligence market in the Asia Pacific is expected to grow at the highest CAGR from 2022 to 2027 owing to technological advancements and financial support from the government is expected to propel the growth of this market. Increasing population, improving lifestyles, and growing economies have accelerated the pace of passenger car demand in the Asia Pacific. China, Japan, India, and South Korea are the key countries in the Asia Pacific region for the automotive artificial intelligence market. Toyota (Japan), Hyundai Motor Company (South Korea), and Honda Motor Company (Japan)are among the top companies in the region operating in the automotive artificial intelligence market.
The breakup of primaries conducted during the study is depicted below:
- By Company Type: Tier 1 – 55 %, Tier 2 – 25%, and Tier 3 –20%
- By Designation: C-Level Executives – 60%, Directors – 20%, and Others – 20%
- By Region: North America– 40%, Europe – 30%, APAC– 20%, Rest of world–10%
The report segments the automotive artificial intelligence market and forecasts its size, by volume and value, based on region (North America, Europe, Asia Pacific, and RoW), Offering (Hardware, Software), Technology (Deep Learning, Machine Learning, Computer Vision, Context-aware Computing and Natural Language Processing), Offering (Hardware, Software), Process (Signal Recognition, Image Recognition, and Data Mining), Application (Human-Machine Interface, Semi-autonomous Driving, Autonomous Vehicle, Identity Authentication, Driver Monitoring, and Autonomous Driving Processor Chips), and Components (GPU, Microprocessors (Incl. ASIC), FPGA, Memory and Storage Systems, Image Sensors, Biometric Scanners, and Others). The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the automotive artificial intelligence market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying This Report
- This report includes market statistics pertaining to the offerings, technology, process, application, components, and region.
- An in-depth value chain analysis has been done to provide deep insight into the automotive artificial intelligence market.
- Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
- Illustrative segmentation, analyses, and forecasts for the market based on offerings, technology, process, application, components, and region have been conducted to provide an overall view of the automotive artificial intelligence market.
- The report includes an in-depth analysis and ranking of key players.