Press release
AI in Automotive And Transportation Market Poised for 19.8 % Growth, Set to Hit $3.93 Billion by 2029
AI in Automotive And Transportation
The surge in the popularity of self-driving automobiles is anticipated to fuel the expansion of the AI sector within the automotive and transportation field. Autonomous vehicles, which are outfitted with sensors, cameras, and AI technology, have the potential to navigate and function independently without human intervention. Their growing demand can be attributed to their ability to improve safety, convenience, and effectiveness in transportation. Artificial intelligence in these self-driving vehicles facilitates real-time understanding and interpretation of the environment via sensor data assessment and decision-making, allowing them to operate safely and proficiently without human assistance. For instance, a report from the Insurance Institute for Highway Safety, a US-based non-profit organization, in December 2022 projected that the American roads would accommodate 3.5 million autonomous vehicles by 2025, increasing to 4.5 million by 2030. As a result, the escalating demand for autonomous vehicles is propelling the growth of AI in the automotive and transportation realm.
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What Is the projected market size and growth rate for the ai in automotive and transportation market?
The market size of AI in the automotive and transportation sector has seen a significant expansion in the past few years. It is projected to escalate from $11.88 billion in 2024 to $14.28 billion in 2025, with a compound annual growth rate (CAGR) of 20.2%. This substantial growth in the historical period is a direct result of progress in sensor technology, an increase in the number of connected vehicles, developments in machine learning and deep learning, collaborations and partnerships within the industry, and a transition towards mobility services.
The size of the AI in automotive and transportation market is anticipated to experience swift expansion over the coming years. It's projected to rise to a value of $29.43 billion by 2029, with a compound annual growth rate (CAGR) of 19.8%. The forthcoming growth can be credited to various factors such as advancements in autonomous driving research, the emergence of electric and connected vehicles, the expansion of urbanization and intelligent cities, global mega-trends and economic elements, and the consumer appeal for safety and convenience. The forecast period will observe numerous trends like the fusion of AI with vehicle to everything (v2x) communication, the implementation of edge computing in AI, prospects for data monetization, the integration of urban air mobility (UAM), and the advancement in human-machine interaction (HMI).
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What new trends are reshaping the ai in automotive and transportation market and its opportunities?
Leading firms in the AI for automotive and transportation sectors are focusing on the creation of cutting-edge products like vehicle search tools, to gain an upper hand in the market. These vehicle search tools are either software or electronic devices designed to interface with, diagnose, and reprogram vehicle control modules in the transportation and automotive industries. For example, Rodo, an American automotive technology firm, introduced an AI-based vehicle search tool in February 2024. This novel solution transforms vehicle searching by providing unmatched convenience and straightforwardness, giving customers clear insights into competitively priced vehicles on the internet. The tool provides immediate, tailored results and competitive pricing, mirroring the interaction between a customer and salesperson in a physical store. The platform, powered by AI, tackles specific customer inquiries, ensuring quick results and providing a faster, smarter vehicle discovery experience.
What major market segments define the scope and growth 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.
Which key market leaders are driving the ai in automotive and transportation industry growth?
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
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What Is Covered In The AI in Automotive And Transportation Global Market Report?
•Market Size Forecast: Examine the ai in automotive and transportation market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the ai in automotive and transportation market for a structured understanding.
•Key Players Overview: Analyze major players in the ai in automotive and transportation market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ai in automotive and transportation market.
•Segment Contributions: Evaluate how different segments drive overall growth in the ai in automotive and transportation market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ai in automotive and transportation market.
•Industry Challenges: Identify potential risks and obstacles affecting the ai in automotive and transportation market.
•Competitive Landscape: Review strategic developments in the ai in automotive and transportation market, including expansions, agreements, and new product launches.
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