How Big Is the Automotive Artificial Intelligence Market?
The global automotive artificial intelligence market size reached US$ 3.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.6 Billion by 2028, exhibiting a growth rate (CAGR) of 31.91% during 2023-2028.
Industry Overview of Automotive Artificial Intelligence Market
Automotive Artificial Intelligence (AI) refers to the incorporation of advanced computational techniques and machine learning algorithms within vehicles to enable them to perform tasks that typically require human intelligence. This cutting-edge technology is revolutionizing the automotive industry by enhancing vehicle capabilities, safety, and overall driving experience. Automotive AI encompasses a range of applications, including but not limited to autonomous driving, driver assistance systems, predictive maintenance, natural language processing for human-vehicle interaction, and intelligent traffic management. At the core of automotive AI are sophisticated algorithms that process vast amounts of data from sensors, cameras, radar systems, LiDAR, and other sources installed in vehicles. These algorithms enable vehicles to perceive their surroundings, make real-time decisions, and execute actions accordingly. In the context of autonomous driving, AI plays a pivotal role in enabling vehicles to navigate complex environments, detect obstacles, interpret traffic signs, and interact with pedestrians and other vehicles in a safe and efficient manner. Driver assistance systems, another crucial application of automotive AI, provide features like adaptive cruise control, lane departure warning, automatic emergency braking, and parking assistance. These systems leverage AI to analyze sensor data and assist drivers in making informed decisions, thereby enhancing road safety and reducing accidents.
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Global Industry Trends and Drivers:
Currently, the escalating global demand for connected and autonomous vehicles stands out as a significant driver for the market’s expansion. In addition to this, the surging popularity of ridesharing and Mobility-as-a-Service (MaaS) platforms on a global scale is serving as a strong catalyst for market growth. Furthermore, the increasing necessity for AI-powered autonomous vehicles, which offer streamlined and cost-effective transportation solutions, is further amplifying market growth. Moreover, the upward trajectory of the market is buoyed by the mounting requirement for automotive AI prompted by a heightened emphasis on data analytics and real-time insights. Additionally, the growing consumer inclination towards improved fuel efficiency and safety is adding robust momentum to the market’s progress.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Component:
Breakup by Technology:
Breakup by Process:
Breakup by Application:
Breakup by Region:
The report provides a comprehensive analysis of the industry key players listed below:
Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company, Hyundai Motor Company, Intel Corporation, International Business Machines Corporation, Micron Technology Inc., Microsoft Corporation, NVIDIA Corporation, Qualcomm Incorporated, Tesla Inc., Toyota Motor Corporation and Uber Technologies Inc.
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