Press release
Artificial Intelligence In Automotive Market Poised for 53.7 % Growth, Set to Hit $98 Billion by 2029
Artificial Intelligence In Automotive Market Size
The escalating demand for self-driving cars is anticipated to drive the expansion of artificial intelligence within the automotive industry. Self-driving cars, defined by their capability to function and carry out necessary operations without human input, are becoming increasingly reliant on artificial intelligence. This AI is utilized to create autonomous driving systems that can perceive and interpret their surroundings, make decisions, and manage the vehicle without needing a human driver. For example, the National Highway Traffic Safety Administration, a Government agency based in the United States, estimated in December 2022 that there will be 3.5 million autonomous vehicles on American roads by 2025, and 4.5 million by 2030. Consequently, the burgeoning demand for autonomous vehicles is stimulating the growth of artificial intelligence in the car industry.
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What Is the projected market size and growth rate for the artificial intelligence in automotive market?
The market size for artificial intelligence in the automotive sector has seen a significant increase lately. The anticipated growth is from a market value of $10.88 billion in 2024 to an impressive $17.56 billion in 2025, reflecting a compound annual growth rate (CAGR) of 61.5%. Factors contributing to this growth during the historical period include the escalating demand for an improved user experience and convenient features, heightened awareness of these vehicles, the rising incorporation of AI in the automotive supply chain, extended demand for autonomous vehicles, and the augmented utilization in car manufacturing.
The market size for artificial intelligence in the automotive sector is projected to experience substantial expansion in the coming years, surging to $98 billion by 2029 at a compound annual growth rate (CAGR) of 53.7%. This predicted growth during the forecasted period is linked to the development of autonomous driving, the upsurge in demand for connected vehicles, a heightened focus on vehicular safety, the need for personalized in-car features, an increased emphasis on energy efficiency, and the accelerated progress in computer vision. The prevailing trends for this forecasted period encompass advancements in autonomous driving, tailor-made user experiences, predictive maintenance, improved vehicle connectivity, and the inclusion of natural language processing (nlp).
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What are the most significant trends transforming the artificial intelligence in automotive market today?
Major players in the automobile AI industry are strategizing to develop cutting-edge solutions such as AI-influenced digital products for augmenting vehicle safety, refining the experience for drivers, and facilitating self-driving capabilities. These digital products infused with AI present intelligent features, automation, and personalized interactions within digital setups or appliances. For example, in February 2024, Volkswagen Group, an automobile manufacturer rooted in Germany, established an exclusive AI lab for the development and nurture of AI-enabled digital products, like in-car entertainment and navigation applications. The principal objective is to amplify Volkswagen's merchandise through the incorporation of AI technologies that contribute supplementary benefits, such as enhanced automotive infotainment, navigational systems, predictive upkeep, and voice recognition. The lab also has a vision to develop an extensive digital ecosystem for linking vehicles with external technological platforms.
What major market segments define the scope and growth of the artificial intelligence in automotive market?
The artificial intelligence in automotive market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Process: Data Mining, Image Or Signal Recognition
3) By Technology: Computer Vision, Context Awareness, Deep Learning, Machine Learning, Natural Language Processing (NLP)
4) By Application: Semi-Autonomous vehicles, Fully-Autonomous Vehicles
Subsegments:
1) By Hardware: AI Chips And Processors, Sensors (Lidar, Radar, Cameras), Embedded Systems
2) By Software: Advanced Driver-Assistance Systems (ADAS), Autonomous Driving Software, Vehicle-To-Everything (V2X) Communication Software
3) By Services: Consulting And Integration Services, Maintenance And Support Services, Data Management And Analytics Services
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Which region dominates the artificial intelligence in automotive market?
North America was the largest region in the artificial intelligence in automotive market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in automotive market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the artificial intelligence in automotive industry growth?
Major companies operating in the artificial intelligence in automotive market report are Alphabet Inc., Toyota Motor Corporation, Microsoft Corporation, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Tencent Holdings Ltd., Tesla Inc., Intel Corporation, The International Business Machines Corporation (IBM), Audi AG, Volvo Cars, AB Volvo, Qualcomm Technologies Inc., The Mercedes-Benz Group AG, Mitsubishi Electric, Uber Technologies Inc., Micron Technology Inc., NVIDIA Corporation, Harman International Industries Inc., Waymo LLC, Xilinx Inc., Argo AI, Cognata ltd
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What Is Covered In The Artificial Intelligence In Automotive Global Market Report?
• Market Size Forecast: Examine the artificial intelligence in automotive market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the artificial intelligence in automotive market for a structured understanding.
• Key Players Overview: Analyze major players in the artificial intelligence in automotive market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the artificial intelligence in automotive market.
• Segment Contributions: Evaluate how different segments drive overall growth in the artificial intelligence in automotive market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the artificial intelligence in automotive market.
• Industry Challenges: Identify potential risks and obstacles affecting the artificial intelligence in automotive market.
• Competitive Landscape: Review strategic developments in the artificial intelligence in automotive market, including expansions, agreements, and new product launches.
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