Press release
AI in Automotive And Transportation Market Size Projected To Reach $29.43 Billion By 2034 With A Cagr Of 19.8%
AI in Automotive And Transportation Market
What Is the Projected Growth of the AI in Automotive And Transportation Market?
The AI in automotive and transportation market has grown rapidly, expected to increase from $11.88 billion in 2024 to $14.28 billion in 2025 at a CAGR of 20.2%, attributed to sensor tech progress, connected vehicles, machine learning advancements, industry alliances, and shifts toward mobility-as-a-service.
The AI in automotive and transportation market will grow swiftly to $29.43 billion in 2029, with a 19.8% CAGR, fueled by R&D in autonomous driving, electric vehicles, urbanization, and convenience expectations. Emerging trends include V2X AI integration, edge computing, data monetization, UAM technology, and HMI enhancements.
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What Are the Different AI in Automotive And Transportation Market Segments?
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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What Are the Primary Drivers Shaping the AI in Automotive And Transportation Market?
Rising demand for autonomous vehicles is fueling the AI in automotive and transportation market, as these vehicles rely on AI technologies like sensors and cameras for safe, self-driven navigation. For example, in December 2022, the Insurance Institute for Highway Safety forecasted that by 2025, there would be 3.5 million autonomous vehicles on U.S. roads, increasing to 4.5 million by 2030.
Which Companies Are Leading in the AI in Automotive And Transportation Market?
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
What Are the Major Trends Shaping the AI in Automotive And Transportation Market?
Companies in the AI in automotive and transportation markets are working on advanced tools like vehicle search platforms to strengthen their market presence. In February 2024, Rodo, a US-based automotive tech company, introduced an AI-based vehicle search tool that simplifies and personalizes the car shopping experience. This tool replicates the feel of an in-store consultation, delivering quick, AI-powered results with competitive pricing based on user queries.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the AI in Automotive And Transportation Market?
2. What is the CAGR expected in the AI in Automotive And Transportation Market?
3. What Are the Key Innovations Transforming the AI in Automotive And Transportation Industry?
4. Which Region Is Leading the AI in Automotive And Transportation Market?
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