Automotive AI Market Projected to Hit USD 1498.3 Million by 2030 at a CAGR of 30.1% - Report by Market Research Future (MRFR)
Automotive Artificial Intelligence Market is Rising Due to growing demands for better user encounters and additional features
/EIN News/ -- New York, US, Aug. 17, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Automotive AI Market Analysis by Technology, by Process, by Application and by Regions - Global Forecast To 2030” valuation is poised to reach USD 1498.3 Million by 2030, registering 30.1% CAGR throughout the forecast period (2022–2030).
Automotive AI Market Overview
A developing business standard is growing in the modern-day digital world since artificial intelligence (AI) has become more ubiquitous. Artificial intelligence for the automotive industry is flourishing in the modern age, allowing companies to observe their operations better, offer a better results in the virtual environment, develop autonomous and semi-autonomous cars, enhance in-car customer experience, and increase business plans.
Automotive AI Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 1498.3 Million |
| CAGR 2022 to 2030 | 30.1% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
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Artificial intelligence in the automotive industry has recorded massive growth in the last few years. The market's growth is primarily credited mainly to the growing automobile industry. Furthermore, the factors such as growing investments, the growing trend of autonomous vehicles, and industry-wide standards like navigation systems are also projected to catalyze the market demand over the coming years.
Automotive AI Market USP Covered
Automotive Artificial Intelligence Market Drivers
The global market for automotive artificial intelligence has registered massive growth in recent times. The market's growth is credited to the factors such as rising demands for better user encounters, increasing preference for a top-quality vehicle, rising concern over confidentiality and protection, and an increasing trend toward automated driving.
Automotive AI Market Restraints
On the other hand, the growing concerns regarding data security are likely to impede the market's growth.
Automotive Artificial Intelligence Market Segments
Among all the technologies, the deep learning segment is anticipated to account for the largest market share across the global market for automotive artificial intelligence over the assessment timeframe. The significant investments made by OEMs are the primary aspect causing an upsurge in the segment's growth. The growing research & development activities of self-driving cars using deep learning for sound recognition, data analysis, and image processing is another prime aspect boosting the segment's growth.
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Among all the processes, the data mining segment is anticipated to dominate the global market for automotive artificial intelligence over the coming years. Various types of sensors in automobiles are used to accumulate information which is further used to train the automobile to detect and identify obstacles and various barriers. The massive amount of data generated is the primary aspect causing an upsurge in the segment's growth.
Among all the end-users, the semi-autonomous segment is anticipated to dominate the global market for automotive artificial intelligence over the review timeframe. The growing implementation of gesture and voice recognization systems is the main reason causing an upsurge in the segment's growth.
Automotive AI Market Regional Analysis
The global market for automotive artificial intelligence is analyzed across five major regions: Latin America, the Middle East & Africa, Asia-Pacific, Europe, and North America.
According to the analysis reports by MRFR, the North American region is anticipated to dominate the global market for automotive artificial intelligence over the coming years. The primary reason causing an upsurge in the regional market's growth is the presence of significant manufacturers in this area. Moreover, in comparison with other areas, the region has substantially more access to advanced technology to build artificial intelligence systems, which is anticipated to boost the growth of the regional market over the assessment timeframe. Furthermore, the growing expectation of autonomous cars across the United States has significantly contributed to the nation's growth. In addition, favorable government regulations, coupled with the fact that the automotive sector's prominent leaders such as Fiat Chrysler Automotive, Ford Motor Company, and General Motors, are taking part in the development of artificial intelligence in automobiles by constantly improving their products, will have a better potential in the global market.
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COVID-19 Impact
The global COVID-19 pandemic has had an enormous impact on the majority of the market sectors across the globe. The rapid of the disease across the majority of the countries worldwide has led to the implementation of partial or complete lockdowns. The travel restrictions and social distancing norms imposed across the majority of the world caused significant disruptions in the supply chain networks for most industry areas. Some major sectors affected by the pandemic include hospitality, automobile, construction, etc. Like any other sector across the global market, the global market for automotive artificial intelligence has also faced a significant impact since the arrival of the pandemic. The global health crisis impacted public health and severely impacted the financial activities across several industry sectors. Recently, the adoption of artificial intelligence across various end-use applications belonging to various sectors has become the latest trend worldwide. During pandemic times, AI-based tools are being utilized widely worldwide. With the sudden fall in the global demand for automobiles, the global market for automotive artificial intelligence suffered significant losses in terms of labor and revenues.
On the other hand, with the pandemic fading across the globe, the global economy and industrial activities have been picking up pace in the last few months. The growing investments in research & development activities to launch innovative solutions will likely help the market get back on track over the assessment timeframe. In addition, with the rapid vaccination rates across the majority of the world, the global market is likely to experience favorable growth over the coming years.
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Automotive Artificial Intelligence Market Competitive Analysis
Dominant Key Players on Automotive AI Market Covered are:
- Uber Technologies Inc. (US)
- Qualcomm Inc. (US)
- Hyundai Motor Corporation (South Korea)
- Tesla Inc. (US)
- Toyota Motor Corporation (Japan)
- Volvo Car Corporation (Sweden)
- Ford Motor Company (US)
- BMW AG (Germany)
- General Motors Company (US)
- Audi AG (Germany)
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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