AI in Autonomous Vehicles Market Size to Expand Lucratively by 2031

AI in Autonomous Vehicles Market worth $17.9 Bn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI in Autonomous Vehicles Market - (By Type (Software, Hardware, Services), By Application (Semi-autonomous Vehicles, Fully Autonomous Vehicles, By Component (Artificial Intelligence (AI) Processors Sensors, Software, Cameras, LiDAR, Radar, GPS Navigation System), By Technology (Deep Learning, Computer Vision, Natural Language Processing (NLP), Context Awareness, Machine Learning, Predictive Analytics)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global AI in Autonomous Vehicles Market is valued at US$ 4.4 Bn in 2023, and it is expected to reach US$ 17.9 Bn by 2031, with a CAGR of 19.2% during the forecast period of 2024-2031.

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AI in Autonomous Vehicles has paved the way for groundbreaking advancements in autonomous vehicles. Al-powered self-driving cars are revolutionizing transportation by enhancing safety, efficiency, and user experience. The last decade witnessed exponential growth in the adoption of AI technologies in the global automotive sector. The global market for Al in autonomous vehicles has witnessed remarkable progress and is expected to continue this upward trend over the forecast period. Factors such as the growing demand for safe and efficient transportation, rising investments in Al research and development, and supportive government initiatives are driving the market growth. Moreover, the growing consumer acceptance of self-driving cars is also playing a improtant role in boosting the demand for Al-powered autonomous vehicles.

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List of Prominent Players in the AI in Autonomous Vehicles Market:
• Nvidia Corporation
• Alphabet Inc.
• Intel Corporation
• Microsoft Corporation
• IBM Corporation
• Qualcomm Inc.
• Tesla Inc.
• BMW AG
• Micron Technology
• Xilinx Inc.
• Harman International Industries Inc.
• Volvo Car Corporation
• Audi AG
• General Motors Company
• Ford Motor Company
• Motor Corporation
• Honda Motor Co. Ltd.
• Hyundai Motor Corporation
• Daimler AG
• Uber Technologies Inc.
• Didi Chuxing
• Mitsubishi Electric
• Automotive Artificial Intelligence (AAI) GmbH

Market Dynamics:
Drivers-
Advancements in sensor technologies, like LiDAR and radar, enhance vehicle perception and navigation capabilities, enabling safer and more efficient autonomous driving. Increasing investments from automotive manufacturers and tech companies fuel R&D and innovation in AI-driven solutions. Government initiatives and regulatory support for autonomous vehicle testing and deployment encourage market growth. Rising demand for improved road safety, reduced traffic congestion, and enhanced passenger convenience further propels the adoption of AI in autonomous vehicles. Additionally, the rising popularity of shared mobility services and the integration of AI with other technologies like IoT and 5G networks contribute to the expansion and evolution of this market.

Challenges:
Safety and reliability are paramount, as AI systems must navigate complex, unpredictable environments with minimal errors to ensure passenger and pedestrian safety. Regulatory and legal issues also pose hurdles, as differing standards and laws across regions complicate deployment and testing. High development costs and the need for advanced infrastructure, such as 5G networks and smart roads, add to the complexity. Data privacy concerns are another major challenge, as autonomous vehicles collect vast amounts of data that need secure handling. Finally, gaining public trust and acceptance is crucial, as widespread adoption depends on public confidence in the technology's safety and reliability.

Regional Trends:
The North American AI in Autonomous Vehicles market is expected to note or report a major market revenue share and is estimated to grow at a high CAGR in the near future. This growth is driven by advancements, increasing investments in autonomous vehicle technology, and favourable government regulations supporting AI integration in automotive systems. North America's robust automotive industry, coupled with the presence of major AI and tech companies, further fuels market expansion. Besides, Europe had a remarkable share of the market due to its robust automotive industry, supportive regulatory framework, and significant investments in research & development. The presence of key automotive manufacturers and technology firms further strengthens the region's market position.

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Recent Developments:
• In March 2024, NVIDIA announced that leading companies across the transportation sector have adopted the NVIDIA DRIVE ThorTM centralized car computer to power their next-generation consumer and commercial fleets - from new energy vehicles and trucks to robotaxis, robobuses and last-mile autonomous delivery vehicles.
• In January 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 shaving to manually enter that location into Google Maps.

Segmentation of AI in Autonomous Vehicles Market-

By Type-
• Software
• Hardware
• Services

By Application-
• Semi-autonomous Vehicles
• Fully Autonomous Vehicles

By Component-
• Artificial Intelligence (AI) Processors Sensors
• Software
• Cameras
• LiDAR
• Radar
• GPS Navigation System
• Others

By Technology-
• Deep Learning
• Computer Vision
• Natural Language Processing (NLP)
• Context Awareness
• Machine Learning
• Predictive Analytics
• Others

By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.