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Future of AI In Automotive And Transportation Market: Size, Share & Forecasts to 2029
AI In Automotive And Transportation
What Is the Projected Market Size Valuation of the AI In Automotive And Transportation Market by 2025?
The AI in automotive and transport sector's market worth has experienced a substantial surge over the past few years. The industry is predicted to expand from $11.88 billion in 2024 to a whopping $14.17 billion in 2025, reflecting a compound annual growth rate (CAGR) of 19.3%. The unprecedented growth during the historic period is due to advancements in sensor technology, the emergence of connected vehicles, progress in machine learning and deep learning, collaborations and partnerships within the industry, and the industry's transition towards mobility services.
What Is the Estimated Market Growth Value for the AI In Automotive And Transportation Industry in 2029?
In the coming years, the market size of AI in automotive and transportation is anticipated to experience swift enlargement, with its value estimated to reach $27.57 billion by the year 2029, boasting a compound annual growth rate (CAGR) of 18.1%. The predicted growth in the forecast period is associated with the advancement in autonomous driving technology, emergence of electric and connected vehicles, urbanization and the development of smart cities, global megatrends and economic aspects, and consumer's demand for safety and practicality. Leading trends in the forecast period include incorporation of AI with v2x communication, edge computing pertaining to AI, opportunities for data monetization, urban air mobility (UAM) integration, and the innovation of human-machine interaction (HMI).
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What Are the Growth Drivers and Opportunities in the AI In Automotive And Transportation Market?
The growth of the AI in automotive and transportation market is likely to be fuelled by a surge in demand for autonomous vehicles. These vehicles are equipped with various technologies such as artificial intelligence, cameras, and sensors, enabling them to operate and navigate without requiring human intervention. The growing interest in autonomous vehicles is attributable to their capabilities to bolster safety measures, augment convenience, and boost efficiency in transportation operations. With the help of AI, these vehicles can perceive their surroundings in real-time by analysing sensor data, hence permitting safe and efficient navigation without any human input. For example, a report from the Insurance Institute for Highway Safety, a US-based non-profit body, projected in December 2022 that around 3.5 million autonomous vehicles will be plying American roads by 2025 and North of 4.5 million by 2030. Thus, this escalating demand for autonomous vehicles is a key factor contributing to the growth of the AI in automotive and transportation market.
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What Are the Primary Segments Covered in the Global AI In Automotive And Transportation Market Report?
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
What Are the Top Growth Trends in the AI In Automotive And Transportation Market?
Prominent businesses in the AI for automotive and transportation market are creating technologically superior products, including vehicle search tools, to maintain their competitive advantage. Such tools feature electronic equipment or software that aid in diagnosing, reprogramming, and interfacing with vehicle control modules in the automotive and transportation sectors. For example, Rodo, an automotive tech firm based in the US, unveiled an AI-driven vehicle search tool in February 2024. This innovative solution transforms the vehicle search process by providing unique convenience and simplicity while offering customers accurate insights into competitively priced vehicles on the web. It generates instant, personalized outcomes and competitive prices, mirroring a brick-and-mortar store experience between a salesperson and a customer. The platform leverages its AI technology to handle specific customer inquiries, guaranteeing swift responses and providing a more intelligent, quicker vehicle finding experience.
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Which Companies Are Shaping the Future of 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
Which Region Holds the Largest Market Share in the AI In Automotive And Transportation Industry?
North America was the largest region in the AI in automotive and transportation market in 2024. 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.
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Americas: +1 310-496-7795,
Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
Email: saumyas@tbrc.info
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