The global Artificial Intelligence in Automotive Market is estimated to be valued at US$ 2.3 Bn in 2022 and is expected to exhibit a CAGR of 24.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Artificial intelligence is transforming the automotive industry by enabling the development of advanced driver assistance systems and autonomous vehicles. AI algorithms are being integrated into systems for applications like automated braking, lane keeping and adaptive cruise control to improve road safety.
Market key trends:
One of the major trend in the AI in automotive market is the increasing investment by OEMs and technology companies in developing self-driving vehicles. Major players have increased funding for R&D to integrate advanced AI and machine learning capabilities for applications like computer vision, sound detection and navigation. Furthermore, the demand for connected vehicles with embedded AI features is also growing owing to the focus on offering enhanced infotainment and telematics services to customers. Regulatory push for advanced safety features coupled with declining costs of AI hardware is expected to drive further innovation and adoption of AI technologies in automobile over the coming years.
Market Key Trends:
There is a growing demand for autonomous vehicles and advanced driver-assistance systems (ADAS) owing to the increasing road accidents caused due to human errors. Artificial Intelligence is being increasingly used in autonomous vehicles as it helps in processing huge amount of data from different sensors in real-time and make decisions. Some of the key AI applications in autonomous vehicles include computer vision, predictive maintenance, navigation and route optimization.
SWOT Analysis:
Strength: AI in automotive offers improved safety by enabling features like advanced driver assistance, self-driving capabilities, predictive maintenance etc.
Weakness: High R&D costs involved in developing AI solutions for automotive. Also, managing huge volume of vehicle data securely and privacy concerns are challenges.
Opportunity: Growing demand for autonomous vehicles and advanced ADAS systems present a major market opportunity. Also automated public transportation systems will boost demand.
Threats: Stringent regulations around deployment of autonomous vehicles and data privacy can hamper growth. Established automotive players pose competitive threat to new entrants.
Key Takeaways:
Market size: Global Artificial Intelligence In Automotive Market Size is expected to witness high growth, exhibiting CAGR of 24.1% over the forecast period of 2023-2030, due to increasing demand for advanced driver-assistance systems and autonomous vehicles primarily driven by focus on enhanced safety and mobility.
Regional analysis: North America dominated the market in 2021 owing to presence of major automotive OEMs and technology companies like Tesla, GM, Ford etc. in the US. Asia Pacific is expected to witness fastest growth due to government initiatives to develop smart transportation infrastructure and growing demand in countries like China and India.
Key players: Key players operating in the Artificial Intelligence in Automotive are Qualcomm Inc. (U.S.), Tesla Inc., Volvo Car Corporation, BMW AG, Audi AG (Germany), General Motors Company (U.S.), Ford Motor Company (U.S.), Toyota Motor Corporation (Japan), Hyundai Motor Corporation (South Korea), Uber Technologies Inc. (U.S.), and Apple Inc. Major players are investing significantly in developing self-driving technologies, computer vision systems and AI-based navigation.
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