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Impact Of Autonomous Vehicles On The AI in Automotive And Transportation Market Driver: Leading Transformation in the AI In Automotive And Transportation Market in 2025
AI In Automotive And Transportation Market Size
The market size of AI in the automotive and transportation sector has been experiencing rapid expansion in recent times. Its size is predicted to inflate from $11.88 billion in 2024 to $14.28 billion in 2025, escalating at a compound annual growth rate (CAGR) of 20.2%. The remarkable growth during the historic period is linked to the progress in sensor technology, the emergence of connected vehicles, the evolution in machine learning and deep learning, cooperation and partnerships in the industry, and a transition towards mobility services.
In the forthcoming years, the market size of AI in automotive and transportation is projected to witness swift expansion. It is estimated to escalate to $29.43 billion by 2029, with a compound annual growth rate (CAGR) of 19.8%. Factors that are contributing to this growth during the forecast period include advancements in autonomous driving research, the emergence of electric and connected vehicles, megatrends in urbanization and smart city development, global economic factors, and the increased consumer interest in safety and convenience. Some key trends projected for the forecast period encompass the incorporation of AI in v2x communication, utilization of edge computing in AI, opportunities in data monetization, integration of urban air mobility (UAM), and advancements in human-machine interaction (HMI).
What Are the Key Drivers Behind the Growth of the AI In Automotive And Transportation Market?
The surge in the demand for self-driving cars is set to aid the expansion of the AI in the automotive and transportation market. Self-driving cars are operational vehicles embedded with sensors, cameras, and AI technology, enabling them to guide and function autonomously. The escalation in demand for such vehicles is owed to their capabilities to boost safety, convenience, and efficiency in transit. AI implemented in these vehicles helps in real-time perception of the ambiance via sensor data evaluation and decision-making, facilitating vehicles to steer safely and effectively without human intervention. For instance, a report issued by the Insurance Institute for Highway Safety, a non-profit organization based in the US, in December 2022 forecasted that the American roads would accommodate 3.5 million self-driving cars by 2025 and 4.5 million by 2030. Hence, the escalating demand for autonomous vehicles propels the growth of the AI in the automotive and transportation sector.
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Which Leading Companies Are Shaping the Growth of the AI In Automotive And Transportation Market?
Major companies operating in the AI in automotive and transportation market are Alphabet Inc., Toyota Motor Corporation, Microsoft Corporation, Bayerische Motoren Werke AG, Robert Bosch GmbH, Tesla Inc., Siemens AG, Intel Corporation, International Business Machines Corporation (IBM), AUDI AG, Denso Corporation, Qualcomm Technologies Inc., Continental AG, Uber Technologies Inc., Micron Technology Inc., Volvo Cars, NVIDIA Corporation, Valeo SA, Harman International, Otto GmbH, Scania AB, Argo AI LLC, CarVi Inc., Arbe Robotics Ltd., Visteon Corporation
What Are the Major Trends Shaping the AI In Automotive And Transportation Market?
In the AI for automotive and transportation markets, leading companies are innovating with high-tech products such as vehicle search tools to strengthen their competitive position. These tools could be electronic equipment or software intended to diagnose, modify, and interface with vehicle control units within the automotive and transport sectors. Rodo, an American automobile technology firm, unveiled an AI-based vehicle search tool in February 2024. This distinctive product delivers a novel approach to vehicle search, providing unequaled ease and simplicity, enabling customers to access detailed insights on competitively priced vehicles online. It provides immediate personalized results and competitive prices, mirroring the physical retail interface between a customer and a salesman. Thanks to its AI technology, the platform caters to specific customer inquiries, ensuring swift responses while providing a smarter, quicker vehicle discovery experience.
What Are the Key Segments of the AI In Automotive And Transportation Market?
The AI in automotive and transportation market covered in this report is segmented -
1) By Offering: Hardware, Software
2) By Technology: Machine Learning, Natural Language Processing, Computer Vision, Context-Aware Computing, Other Technologies
3) By Application: Human Machine Interface, Driver Monitoring, Driver Or Identity Authentication, Autonomous Driving Processing Chips, Intelligent Traffic Management System
Subsegments:
1) By Hardware: Sensors (LiDAR, Cameras, Radar), Processing Units (AI Chips, Embedded Systems), Actuators, Connectivity Modules (V2X Communication Devices), Power Management Devices
2) By Software: AI-Based Algorithms (Machine Learning Models For Perception, Decision-making), Autonomous Driving Software, Simulation Software, Data Analytics Software, Fleet Management And Optimization Software, Cloud-Based AI Platforms
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Which Region Dominates the AI In Automotive And Transportation Market?
North America was the largest region in the AI in automotive and transportation market in 2023. The regions covered in the AI in automotive and transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The AI In Automotive And Transportation Global Market Report?
- Market Size Analysis: Analyze the AI In Automotive And Transportation Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the AI In Automotive And Transportation Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall AI In Automotive And Transportation Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the AI In Automotive And Transportation Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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