Press release
AI in Automotive Industry to Surge, Forecasted to Reach $405.3 Billion by 2032
Automotive Artificial Intelligence Market
According to a new report published by Allied Market Research, titled, "Automotive Artificial Intelligence Market," The automotive artificial intelligence market size was valued at $13.8 billion in 2022, and is estimated to reach $405.3 billion by 2032, growing at a CAGR of 40.7% from 2023 to 2032.
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Automotive artificial intelligence is the use of AI technology in automobiles to enhance various aspects of the automotive system, such as fuel efficiency, enhanced safety, and convenience features. It enhances the overall driving experience. The automotive sector is one of the major industries that utilizes artificial intelligence to enhance and replicate human behavior.
In addition, the development of modern automobile features such as adaptive cruise control (ACC), blind spot alert, autonomous driving, predictive maintenance, and intelligent traffic management, as well as the surge in demand for other convenience features, draw automotive manufacturers' attention to artificial intelligence in automobiles.
Similarly, In recent years, autonomous vehicles have gained popularity due to various features such as automatic parking, self-driving, autopilot, and others features. Autonomous vehicles minimize human effort while driving.For instance, Tesla, Inc. autopilot system has features such as keeping the vehicle within a lane while driving, auto changing the lanes whenever required and self-parking, which is one of the most advanced systems available in the market.
Artificial intelligence has revolutionized the automotive industry. The human interaction in driving a vehicle has been minimized as compared to the earlier decade. In recent years, vehicle manufacturers have focused on reducing human assistance in driving and making the riding experience more comfortable and easier. For instance, car keys are estimated to become obsolete, and the majority of vehicles features are expected to be controlled by a mobile phone. In the current scenario, a cell phone is utilized to book taxis, track down vehicles, and open or start cars, which enhances the user experience due to the requirement of minimal effort and convenience.
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Key Developments
The leading companies have adopted strategies such as acquisition, agreement, expansion, partnership, contracts, and product launch to strengthen their market position.
▶️On January 8, 2024, Nvidia Corporation announced its NVDIA DRIVE Thor platform, a centralized car computer platform for the next generation of automobiles. The new platform is integrated with a wide range of intelligent functions in a single AI computer platform and offers AI cockpit functionality, driver & passenger monitoring, and autonomous driving and parking capabilities. The new platform is used by major EV manufacturers, including Great Wall Motor, Zeekr, Xiaomi EV, and others.
▶️On January 24, 2024, Alphabet Inc. announced an update for its Android Auto system. The new update is expected to include AI features with the aim of reducing screen time while driving and is projected to majorly focus on reducing driver distraction. The new update is anticipated to include a voice recognition system, and the majority of the system is controlled via voice recognition. The system also navigates to shared locations with a single tap, without having to manually enter that location into Google Maps.
▶️On January 9, 2024, Intel Corporation announced they are working on developing the latest AI-enabled chips, especially for the automobile industry. The company is also looking toward acquisition of Silicon Mobility SAS, specializing in software and system-on-a-chip technologies for Electric Vehicle motors and onboard charging systems.
▶️On February 16, 2022, Nvidia Corporation announced its strategic partnership with Jaguar Land Rover, to develop and deliver the next generation of automated driving systems as well as AI-enabled services and experiences. According to the agreement, all vehicles from 2025 are expected to be built on NVIDIA DRIVE software platform, a centralized platform for safety, security and networking systems. The new system is expected to deliver automated driving & parking systems, driving assistance, and driver & occupant monitoring, as well as advanced visualization of the vehicle's environment.
In addition, the market is highly competitive, with several key players dominating the industry. Prominent manufacturers focus on innovation, product differentiation, and strategic partnerships to maintain their market positions. Automotive AI market leaders include companies such as Nvidia Corporation, Alphabet Inc, Intel Corporation, IBM, Microsoft Corporation, BMW AG, Uber Technologies, Inc, Tesla Inc, Toyota Motor Corporation, and AB Volvo.
Segmental Analysis
The automotive artificial intelligence market is segmented on the basis of component, technology, application, and region.
By component, the global market is divided into hardware, software, and services.
On the basis of technology, the automotive artificial intelligence industry has been segregated into machine learning & deep learning, computer vision, natural language processing, and others.
On the basis of application, the market is classified into semi-autonomous and autonomous.
By region, the market is analyzed across North America, Europe, Asia-Pacific and Latin America and Middle East and Africa.
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Furthermore, increase in disposable income and growth in standard of living globally fuel the demand for high-end luxury vehicles. It is evident that in recent years, the premium car segment has exhibited growth in sales and as most of the premium vehicles nowadays are pre-installed with artificial intelligence technologies, there is a tremendous opportunity for its growth. Some of the leading high-end car manufacturers include Tesla, Inc., Honda Motor Co., Ltd., General Motors, BMW, and others. Thus, an increase in demand for the premium vehicle segment is anticipated to provide potential opportunities for the automotive artificial intelligence industry expansion.
Key Findings of the Study
By component, the software segment is anticipated to exhibit significant growth in the automotive artificial intelligence market share in the near future.
By technology, the natural language processing segment is anticipated to exhibit significant growth in the automotive artificial intelligence industry in the near future.
By application, the autonomous segment is anticipated to exhibit significant growth in the automotive AI market in the near future.
By Region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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