Press release
Automotive Artificial Intelligence Market on Track for Strong Growth, Estimated to Grow at 36.7% CAGR Through 2029
Automotive Artificial Intelligence
What Is the Expected CAGR for the Automotive Artificial Intelligence Market Through 2025?
The size of the automotive artificial intelligence market has seen a considerable expansion in the past few years, with a projection to escalate from $3.75 billion in 2024 to $5.2 billion in 2025, boasting a compound annual growth rate (CAGR) of 38.4%. The noted growth in the historical period can be credited to the surge of connected cars and IoT in the automotive sector, the application of AI for predictive maintenance in vehicles, the incorporation of AI in the development of autonomous vehicles, and a heightened focus on personalizing in-car experiences via AI.
What's the Projected Size of the Global Automotive Artificial Intelligence Market by 2029?
Anticipations are high that in the coming years, there will be a significant expansion in the automotive artificial intelligence market size. By 2029, it's predicted to increase to a value of $18.13 billion, with an impressive compound annual growth rate (CAGR) of 36.7%. Vital contributors to this predicted growth include the growing interest and awareness in this sector, a surge in demand for high-end vehicles, an increase in the demand for fully digitalized electric vehicles, and the incorporation of sensors and other elements in AI systems. Additionally, the forecast period will see a focus on AI chip development specifically for car-related use, a stress on understandable AI in automotive decision making, the integration of AI for recognizing gestures and emotions in vehicles, AI implementation in fleet management and logistics, and the utilization of AI to improve human-vehicle interaction.
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Top Growth Drivers in the Automotive Artificial Intelligence Industry: What's Accelerating the Market?
The increasing interest in autonomous vehicles is predicted to spur the expansion of the automotive artificial intelligence sector. There is a broad spectrum of uses for artificial intelligence in the automotive field. With the advancement of technology, the car industry has capitalized on new findings to introduce innovative methods of making driving increasingly autonomous, one of which is the development of self-driving cars through artificial intelligence. A self-driving vehicle, commonly referred to as an autonomous or driverless car, can reach various destinations without the need for human intervention, thanks to the use of sensors, radars, cameras, and artificial intelligence. For example, Deloitte forecasts that the global automotive AI market will peak at roughly $27 billion in 2025. Consequently, the escalating demand for automotive vehicles is fuelling the growth of the automotive artificial intelligence industry.
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What Trends Will Shape the Automotive Artificial Intelligence Market Through 2029 and Beyond?
Leading corporations in the domain of automotive artificial intelligence are channeling their efforts into technology innovation. This includes the development of an AI-powered diagnostics platform specifically for the aftermarket car sector in a bid to improve vehicle performance and maintenance efficiency. In simpler terms, this platform deploys AI to scrutinize vehicle data and diagnose faults in cars that have surpassed the manufacturer's warranty period. To provide an illustration, Mytvs-ki Mobility Solutions, an auto repair and maintenance firm based in India, rolled out an AI-based diagnostic platform named Drivenostics in August 2024, geared towards the aftermarket car sector. This cutting-edge service permits clients to keep a real-time check on the health of their vehicles via a network of 1,000 service outlets. With a significant outreach targeting around 10-12 million vehicles, primarily those exceeding 4 meters in length, Drivenostics is set to provide bespoke maintenance advice depending on AI-driven diagnoses.
What Are the Main Segments in the Automotive Artificial Intelligence Market?
The automotive artificial intelligencemarket covered in this report is segmented -
1) By Component: Hardware, Software, Service
2) By Type: Automatic Drive, ADAS
3) By Process: Signal Recognition, Image Recognition, Data Mining
4) By Technology: Deep Learning, Machine Learning, Context Awareness, Computer Vision, Natural Language Processing
Subsegments:
1) By Hardware: Processors And Microcontrollers, Sensors (LiDAR, Cameras, Radar), Edge Computing Devices, Connectivity Modules
2) By Software: Machine Learning Algorithms, Computer Vision Software, Natural Language Processing (NLP), Autonomous Driving Software, Predictive Analytics Tools
3) By Service: AI Integration Services, Data Management And Analytics Services, Maintenance And Support Services, Consulting Services
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Which Top Companies are Driving Growth in the Automotive Artificial Intelligence Market?
Major companies operating in the automotive artificial intelligence market include DiDi Chuxing Technology Co. Ltd., Otto Motors, Waymo LLC, Microsoft Corporation, Intel Coroporation, NVIDIA Corporation, BMW AG, International Business Machines Corporation, Harman International Industries Inc., Xilinx Inc., Qualcomm Inc., Tesla Inc., Volvo Car Corporation, Micron Technology Inc., Toyota Motor Corporation, Uber Technologies Inc., Arbe Robotics Ltd., Cerence Inc., Cognata Ltd., Optibus Ltd., Pony. ai Inc., Seeing Machines Ltd., Anduril Industries Inc., Nauto Inc., Veritone Inc., Matterport Inc., Iterative Health LLC, Piaggio Fast Forward Inc., Radar Inc.
Which Regions Will Dominate the Automotive Artificial Intelligence Market Through 2029?
North America was the largest region in the automotive artificial intelligence market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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