Automotive Artificial Intelligence Market to Receive Overwhelming Hike in Revenues by 2026

Artificial intelligence (AI) systems are used to alter, process, and function data and algorithms to imitate the intellectual functions of the human mind, and gain the capacity to absorb and resolve problems automatically. Vehicles with self-driving features are more likely to adopt such systems to improve their efficiency and functioning.

Expansion of the automotive industry is expected to drive the demand for automotive artificial intelligence. The automotive artificial intelligence market is likely to expand at a significant pace during forecast period owing to the advent of various advanced features and expansion of the service sector for automotive application. Moreover, key players operating in the automotive industry are investing heavily in order to develop advanced technology for vehicles. Varying customer preference for convenience, security, and safety offers an opportunity for vehicle manufacturers to implement AI systems in vehicles.

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The addition of AI systems in vehicles is likely to fuel the cost of the vehicle, which is anticipated to reduce its affordability among consumers. This is a key factor restraining the market.

The global automotive artificial intelligence market can be segmented based on component, technology, process, application, vehicle type, sales channel, and region.

Based on component, the automotive artificial intelligence market can be bifurcated into hardware, software, and services. Software is a key component that stores data and executes commands. Hardware is utilized as an interface between the AI system and humans. All software require servicing for their effective functioning. Service can be provided by the system manufacturer or the OEM.

In terms of technology, the market can be segregated into deep learning, machine learning, computer vision, and context awareness. Machine learning is a technology that helps systems automatically learn and develop from previous knowledge/ experience without the need for programing.

Based on process, the automotive artificial intelligence market can be divided into data mining, image processing, and signal recognition.

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In terms of application, the automotive artificial intelligence market can be split into autonomous vehicles, semi-autonomous vehicles, and electric vehicles. An autonomous vehicle is a self-driving vehicle that utilizes various in-built technologies and sensors to perform those functions that are meant to be carried out by the driver. The rate of implementation of artificial intelligence systems in autonomous vehicles is considerably high, as autonomous vehicles require more technologically advanced features. The electric vehicles segment can be further sub-segmented into battery electric vehicles, & other 2 segments. Battery electric vehicles run on a pack of battery. Power to the electronic systems can be provided by those batteries, hence battery electric vehicles are likely to be adopted at a higher rate than the other two electric vehicle segments.

Based on vehicle type, the automotive artificial intelligence market can be divided into passenger vehicle and commercial vehicle. The passenger vehicle segment is projected to lead the market, as they are equipped with more advanced features. The passenger vehicle segment can be further split into hatchback, sedan, and SUV/MPV.

In terms of sales channel, the automotive artificial intelligence market can be bifurcated into OEM, OES, and aftermarket. Most OEMs provide AI systems by themselves; hence, it is likely to be a leading segment of the automotive artificial intelligence market.

In terms of region, the automotive artificial intelligence market can be segmented into Europe, North America, Asia Pacific, Middle East & Africa, and Latin America. Europe led the market in 2017, as the rate of adoption of advanced features in vehicles was considerably high in the region.

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