Artificial Intelligence in Transportation Market 2024 | Market Trends, Key Drivers, Competitive Landscape, Share And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Artificial Intelligence in Transportation Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $7.54 billion In 2028 At A CAGR Of 19.4% :

The artificial intelligence in transportation market size has grown rapidly in recent years. It will grow from $3.11 billion in 2023 to $3.71 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth in the historic period can be attributed to use of cameras and sensors for collision avoidance, use of ai to analyze information in real time, use of high-performance computing and deep learning systems, growth in the availability of big data for training ai models, increasing emphasis on automation for improved safety and efficiency.

The artificial intelligence in transportation market size is expected to see rapid growth in the next few years. It will grow to $7.54 billion in 2028 at a compound annual growth rate (CAGR) of 19.4%. The growth in the forecast period can be attributed to expansion of ai applications in supply chain and logistics for efficient operations, surge in adoption of ai for autonomous vehicle development, integration of ai in multimodal transportation planning and coordination, growth in the use of ai for real-time route optimization and traffic prediction, increasing demand for ai-driven solutions in public transportation systems. Major trends in the forecast period include development of ai-powered mobility-as-a-service (maas) platforms, emphasis on explainable ai for transparency in decision-making processes, use of ai for personalized and adaptive in-vehicle experiences, customization of ai solutions for specific transportation modes and industries, collaboration between ai developers and transportation stakeholders.

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Artificial Intelligence in Transportation Market Major Segments
The artificial intelligence in transportation market covered in this report is segmented -

1) By Offering: Hardware, Software
2) By Machine Learning Technology: Deep Learning, Conputer Vision, Context Awareness, Natural Language Processing
3) By Process: Signal Recognition, Object Recognition, Data Mining
4) By Application: Semi Autonomous Truck, Truck Platooning, Predictive Maintenance, Precision And Mapping, Autonomous Truck, Other Applications

Key Driver - Surging Demand For Autonomous Vehicles Fueling Growth In The Artificial Intelligence Transportation Market

Growing demand for autonomous vehicles is expected to propel the growth of artificial intelligence in the transportation market going forward. An autonomous vehicle is a medium of transport that can drive itself in ""autopilot"" mode from a starting point to a given destination using various in-vehicle technologies and sensors such as adaptive cruise control, active steering, anti-lock braking systems, GPS navigation technology, lasers, and radar. Autonomous vehicles employ artificial intelligence to operate the vehicle and to sense any accidents or obstacles. For instance, according to a survey conducted by AlixPartners, a financial advisory and global consulting firm, more than 60% of consumers are aware of level 2 autonomy in China, France, Italy, and Germany. Level 2 autonomy means some driving responsibilities are carried out by the vehicle; however, it is anticipated that the driver will respond to interactions in a timely manner. Also, more than 50% of the consumers are ready to give up vehicle ownership for robotaxi services. Therefore, an increase in the growing demand for autonomous vehicles will drive artificial intelligence in the transportation market.

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Prominent Trend - Adas Advancements Reshaping The Transportation Market

Technological advancements have emerged as a key trend gaining popularity in artificial intelligence in the transportation market. Major companies operating in the market are focusing on innovations of new products to strengthen their market position. For instance, in January 2022, Qualcomm, a US-based semi-conductor manufacturing company, launched Snapdragon Ride. Snapdragon Ride aims to reduce the complexity of autonomous driving and Advanced driver assistance systems by combining high-performance, power-efficient hardware, artificial intelligence (AI) technologies, and an autonomous driving stack to deliver a low-cost, high-energy system. It provides comprehensive tools for compiling deep neural networks (deep learning).

Artificial Intelligence in Transportation Market Players
Major companies operating in the artificial intelligence in transportation market report are The Volvo Group, Mercedes-Benz Group AG, Scania AB, Peloton Interactive Inc., Valeo SA, Xevo Inc., Nvidia Corporation, Intel Corporation, Robert Bosch GmbH, Continental AG, Microsoft Corporation, International Business Machines Corp, Magna International Inc., ZF Friedrichshafen AG, Alphabet Inc., Daimler AG, General Motors Company, Aptiv plc, Denso Corporation, Xilinx Inc., TomTom NV, Harman International Industries Inc., Nauto Inc., FiveAI Inc., Waymo LLC, Uber Technologies Inc., Tesla Inc., Mobileye NV, Baidu Inc., AutoX Inc., Ponyai Inc., TuSimple Inc., Aurora Innovation Inc., Embark Trucks Inc., Plusai Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the artificial intelligence in transportation market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the artificial intelligence in transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Artificial Intelligence in Transportation Market Report Structure
3. Artificial Intelligence in Transportation Market Trends And Strategies
4. Artificial Intelligence in Transportation Market - Macro Economic Scenario
5. Artificial Intelligence in Transportation Market Size And Growth
…..
27. Artificial Intelligence in Transportation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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