The global Artificial Intelligence in Automotive Market is estimated to be valued at US$ 9.3 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Artificial intelligence has the potential to make driving safer and more efficient. AI technologies allow vehicles to sense their surroundings, process vast amounts of data, and make decisions. AI also enables self-driving technologies which could reduce accidents caused by human error.
Weakness: Developing safe and reliable AI systems for vehicles requires huge investments in research and testing. Autonomous vehicles may also face legal and regulatory challenges initially. Cybersecurity is another concern as connected vehicles could potentially be hacked.
Opportunity: As self-driving cars get closer to mass market deployment, AI will create new business opportunities for automakers, tech companies, insurers and others. It may allow new mobility services like driverless taxis and delivery robots. The elderly and disabled could get improved transportation access.
Threats: Technology companies and startups are aggressively working on autonomous driving and could disrupt the traditional automotive industry. Regulations differ across countries which may slow mass adoption initially. Customers may also have doubts about fully handing over driving tasks to AI systems.
Key Takeaways
The Global Artificial Intelligence in Automotive Market Size is expected to witness high growth. By 2030, autonomous vehicles are projected to account for 10% of new car sales. AI will play a critical role in enabling self-driving capabilities.
Regional analysis related content comprises North America currently dominates due to large technology companies and automakers conducting research. However, Asia Pacific is expected to be the fastest growing region due to government support for EVs and self-driving vehicles in countries like China and Japan.
Key players related content comprises Key players operating in the Artificial Intelligence in Automotive Market are BMW AG, AUDI AG, Intel Corporation, Tesla Inc, Uber Technologies, Volvo Car Corporation, Honda Motors, Ford Motor Company, NVIDIA Corporation, Tencent, Microsoft. Tesla and Waymo are leading the development of fully autonomous vehicles while traditional automakers are working to integrate more advanced driver-assistance systems using AI.
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