Automotive Artificial Intelligence Hardware Market Size to Grow at a CAGR of 25.2% | Valuates Reports

Automotive Artificial Intelligence Hardware Market Size

The global Automotive Artificial Intelligence Hardware market was valued at US$ 5535.9 million in 2022 and is anticipated to reach US$ 21270 million by 2029, witnessing a CAGR of 25.2% during the forecast period 2023-2029.

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Increased demand for ADAS, advancements in autonomous driving, intelligent in-vehicle systems, data-driven decision-making, connectivity, and collaborations between automotive and tech businesses are the main factors driving the growth of the automotive AI hardware market.

Automotive Artificial Intelligence Hardware Market Trends

The need for ADAS, which includes functions like automated emergency braking, adaptive cruise control, and lane departure warning, is increasing in the automobile industry. Sensors, cameras, and computers that support artificial intelligence are crucial parts of these systems. The need for AI hardware in ADAS is predicted to rise dramatically as the automotive industry concentrates on strengthening safety and improving driving experiences. Hardware powered by AI is crucial to the creation and marketing of autonomous cars. Real-time data processing, environment mapping, and complicated decision-making all depend on cutting-edge AI processors and sensor technology. The need for AI gear, such as potent processors and sensor arrays, is anticipated to soar as a result of rising investments and technical developments in autonomous driving. This factor is expected to drive the growth of Automotive Artificial Intelligence Hardware Market

Intelligent in-vehicle systems are made possible by AI hardware, which is essential. AI hardware enables a broad range of features, including voice recognition, natural language processing, gesture control, and facial recognition. The need for AI hardware is anticipated to increase as automakers work to offer improved infotainment systems, personalized experiences, and cutting-edge human-machine interfaces. The rise of the AI hardware industry has been spurred by partnerships between technology firms and automakers. To benefit from their experience and gain access to cutting-edge AI hardware solutions, automotive firms are forming partnerships with AI hardware suppliers and digital giants. These collaborations are designed to hasten the development of AI-driven automotive applications and produce ground-breaking products that improve user experience, safety, and efficiency. This factor is expected to drive the growth of Automotive Artificial Intelligence Hardware Market.

Automotive firms can gather and interpret enormous volumes of data from sensors, cameras, and other sources thanks to AI hardware. Predictive maintenance, data-driven decision-making, and increased operational effectiveness can all benefit from this information. The huge data volumes produced by automobiles require AI technology with great processing and storage capabilities. The need for AI hardware will increase as the sector depends more and more on data analytics and AI-driven insights. An IoT integration and transition towards connected cars are now taking place in the automobile sector. Real-time data processing and smooth networking in automobiles are made possible by AI hardware, which includes communication modules and edge computing capabilities. This factor is expected to drive the growth of Automotive Artificial Intelligence Hardware Market.

Automotive Artificial Intelligence Hardware Market Share

Automotive AI hardware has a sizable market in Europe as well. The automobile sector in nations like Germany, France, and the United Kingdom is well-known for its strength, as are its technological breakthroughs. The area has strict safety laws and is putting more of an emphasis on driverless vehicles. Ahead of the curve driver assistance systems and connected car technologies are being developed by European automakers and tech firms with the help of hardware powered by artificial intelligence (AI). The expansion of the business in Europe is further aided by government funding and programs for AI research and development.

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By Type

• Graphics processing unit (GPU)
• Microprocessors (Incl. ASIC)
• Field Programmable Gate Array (FPGA)
• Memory and Storage systems
• Image Sensors
• Biometric Scanners

By Application

• Human-Machine Interface
• Semi-autonomous Driving
• Autonomous Driving
• Identity Authentication
• Driver Monitoring
• Autonomous Driving Processor Chips

Key Players

Nvidia, Intel Corporation, Qualcomm, Micron Technology, Tesla, Horizon Robotics

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