Press release
Artificial Intelligence In Automotive Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Artificial Intelligence In Automotive
What Is the Projected Growth of the Artificial Intelligence In Automotive Market?
In recent years, the scale of the artificial intelligence in the automotive sector has seen an exponential increase. The market value, from $10.88 billion in 2024, is projected to rise to $17.56 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 61.5%. This growth throughout the historical period is credited to factors such as the escalation in demand for heightened user experience and added convenience, growing recognition around these types of vehicles, the increasing incorporation of AI in the automotive supply chain, the surge in autonomous vehicle requirements, and the rise in utilization of AI in car manufacturing processes.
The dimension of the artificial intelligence market in the automotive sector is predicted to witness significant growth in the approaching years. The market is anticipated to escalate to a value of $98 billion by 2029, with a CAGR of 53.7%. This surge is ascribed to factors such as the evolution of autonomous driving, an increase in the demand for linked automobiles, a heightened concern for vehicle safety, a rising demand for in-car customization, an increased focus on energy optimization and swift progress in computer vision technology. Notable market trends during this forecast period consist of improvement in autonomous driving, personalized customer experiences, predictive maintenance, amplified vehicle connectivity, and incorporation of natural language processing (nlp).
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What Are the Different Artificial Intelligence In Automotive Market Segments?
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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What Are the Primary Drivers Shaping the Artificial Intelligence In Automotive Market?
The increasing demand for self-driving vehicles is projected to boost the expansion of artificial intelligence in the automotive sector in the future. An autonomous vehicle has the capability to function and perform necessary tasks without any human input, thanks to its ability to sense its surroundings. AI in the automotive industry is employed to create autonomous driving systems that can perceive and comprehend the environment, make choices, and control the vehicle without any human input. As an example, the National Highway Traffic Safety Administration, a governmental agency in the United States, predicts that by December 2022, there will be 3.5 million autonomous vehicles on US roads by 2025 and 4.5 million by 2030. Consequently, the rising demand for autonomous vehicles is spurring the expansion of artificial intelligence in the automotive sector.
Which Companies Are Leading in the Artificial Intelligence In Automotive Market?
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
What Are the Major Trends Shaping the Artificial Intelligence In Automotive Market?
Renowned organizations in the automobile AI sector are placing emphasis on inventing superior solutions such as AI-based digital products to advance vehicle safety, enrich the driving experience, and permit self-driving features. AI-based digital products denote software solutions utilizing artificial intelligence for facilitating intelligent characteristics, automation, and personalization within digital platforms or gadgets. For example, in February 2024, Volkswagen Group, an automotive firm based in Germany, inaugurated an internal AI lab for designing and cultivating AI-driven digital products, which includes apps for vehicle infotainment and navigation. Their primary objective is to boost Volkswagen's product selection by adding AI technologies that give bonus value, like advanced vehicle infotainment, navigation mechanisms, predictive upkeep, and voice acknowledgment. The lab is also intended to create a wider digital network that links vehicles with external technological platforms.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Artificial Intelligence In Automotive Market?
2. What is the CAGR expected in the Artificial Intelligence In Automotive Market?
3. What Are the Key Innovations Transforming the Artificial Intelligence In Automotive Industry?
4. Which Region Is Leading the Artificial Intelligence In Automotive Market?
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