Press release
What are the upcoming trends in the AI in Automotive Market? lead by Alphabet Inc., Audi, BMW, Daimler, Ford Motor Company, General Motors Company, IBM Corporation, Intel, Microsoft, NVIDIA, Qualcomm, Tesla, Toyota Motor, Uber Technologies, Volvo Car
AI in Automotive Market
Global AI in automotive market is expected to surpass USD 12 billion by 2026. There are several industry players that have been involved in the development of these technologies such as Alphabet Inc., Audi AG, BMW AG, Daimler AG, Didi Chuxing, Ford Motor Company, General Motors Company, Harman International Industries, Inc., Honda Motor Co., Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, NVIDIA Corporation, Qualcomm Inc., Tesla, Inc., Toyota Motor Corporation, Uber Technologies, Inc., Volvo Car Corporation, and Xilinx Inc..
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These providers are primarily focused on long-term contracts and strategic collaborations with the other manufacturers to secure the AI in automotive market share. Technology providers like AMD, Intel and NVIDIA are constantly upgrading and introducing solutions as well as energy-efficient hardware enabling AI technologies that require low consumption of power.
Growth drivers
o Growing need for autonomous vehicles
o Increasing adoption of IoT in automotive industry
o Growing trend of Advance Driver Assist System (ADAS) technology
o Rising demand for enhanced driver convenience
Based on process, the image/signal recognition segment is expected to witness sizable growth over the forthcoming years. In 2019, the segment had garnered over 65% share in AI in automotive market. Surging concerns regarding on-road accidents and over-speeding have infused the need for traffic signs & speed limit indicators. These systems use image/signal recognition technologies to detect traffic signals and minimizes the vehicles' speed automatically. Favorable federal initiatives to promote traffic sign recognition for speed checks could propel the product demand in the long run. Recently, the European Commission enforced automakers to provide a built-in image/signal recognition feature in their vehicles by 2022. This would help minimize the cases of rash driving and endorse the idea of on-road safety.
Context awareness systems essentially offer situational intelligence with the help of multi-sensory input as well as enable all the onboard computers to detect and classify on-road issues such as traffic, road infrastructure and pedestrians. The system has been extremely beneficial to the customers as it deploys useful navigation, enabling a safe driving mode even when distracted.
Context awareness segment is predicted to experience more than 35% CAGR between 2019 and 2026 on account of the higher demand for semi-automated cruise control and driver assistance solutions.
In terms of applications, the semi-autonomous vehicles segment is projected to witness remarkable growth, with more than 38% CAGR by the year 2026. Technologies like Advanced Driver Assistance Systems (ADAS) are slated to ensure comfortable driving in heavy traffic conditions. Prominent automobile companies like Audi, Ford, and Chrysler have already begun integrating cruise control technologies and semi-auto pilots in their recent vehicle variants. Growing inclination towards incorporating semi-autonomous vehicles technologies could hugely benefit AI in automotive market growth by 2022.
Europe has several major AI in automotive market leaders like Audi, Daimler, Bentley, BMW and Mercedes who have played a major role in advancing the solutions within autonomous mobility. Automotive manufacturers have their main focus placed on AI technologies, particularly in the U.K. and Germany wherein they have considerably encouraged the adoption of AI.
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Favorable government initiatives to promote the deployment of AI for smart traffic control has further enhanced the development of AI solutions for automotive industry. The U.K. government invested over USD 75 million to improve mobility and develop AI solutions in 2017.
Europe AI in automotive market accounted for more than 35% in the year 2019 due to the increase in demand for autonomous technologies in the region.
Global Market Insights, Inc.
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