The automotive industry has seen tremendous technological advancements in recent years with the integration of artificial intelligence solutions. AI in automotive helps enhance vehicle safety, improve driver convenience, enable infotainment services, and develop autonomous driving capabilitiess. An AI-powered vehicle can process data from sensors and cameras in real-time to detect objects, interpret visuals, and understand complex traffic situations. This allows the car to respond automatically in hazardous scenarios, apply automatic braking, and assist drivers in numerous ways. AI also facilitates more personalized in-vehicle experiences for drivers and passengers through advanced navigation, virtual assistance, predictive maintenance, and over-the-air updates. With AI, self-driving vehicles can now navigate roads safely with minimal human intervention. The growing demand for connected and autonomous vehicles is a major driver for increased adoption of AI across automakers.
The global Artificial Intelligence in Automotive Market is estimated to be valued at US$ 7.5 billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the primary trends in the artificial intelligence in automotive market is the increasing focus on advanced driver assistance systems (ADAS). ADAS uses AI algorithms to monitor the vehicle's surroundings and alerts drivers to potential hazards. Some of the ADAS capabilities that are being developed using AI include adaptive cruise control, lane keeping assist, blind spot monitoring, automatic emergency braking, traffic jam assist, and park assist. Another major trend is the development of self-driving vehicles through AI and machine learning. Major automakers are heavily investing in autonomous driving technologies and testing fully autonomous vehicles. AI plays a critical role in processing vast amounts of real-time sensor data to enable an unmanned vehicle to drive itself. With advancements in AI, deep learning, computer vision, and 5G connectivity, fully autonomous vehicles are expected to become a commercial reality by the end of this decade.
Porter's Analysis
Threat of new entrants: The artificial intelligence in automotive market has high initial capital requirements and significant technological expertise which restricts new players from entering the market easily. However, the availability of tech giants provide support for new startups.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of substitutes and undifferentiated products. Buyers can switch between different automotive AI solutions based on pricing and quality.
Bargaining power of suppliers: Major tech players like Intel, Nvidia, Qualcomm, Microsoft who provide AI & deep learning platforms hold significant bargaining power over automakers as there are few alternative suppliers.
Threat of new substitutes: Substitute threats are moderate as automakers are developing customize AI solutions for their vehicles. However, shared mobility and self-driving technologies pose a potential threat.
Competitive rivalry: The market is competitive with major automakers focusing on R&D and partnerships to gain a competitive edge in developing self-driving cars.
Key Takeaways
The Global Artificial Intelligence In Automotive Market Size is expected to witness high growth.
North America is currently dominating the market due to presence of major automotive AI companies and technology adoption. In Europe, countries like Germany, France and UK are investing heavily in developing self-driving technologies. Major automakers in Asia Pacific like Toyota, Honda are focusing on applications of AI in advanced driver-assistance systems, infotainment and predictive maintenance to gain market share.
Key players operating in the artificial intelligence in automotive market are Intel, Nvidia, Microsoft, IBM, Qualcomm, Tesla, Toyota, Uber, General Motors, and BMW. Intel has developed computer vision algorithms for accident avoidance while Nvidia provides AI platforms to automakers. Tesla's autopilot technology uses neural networks for advanced driver-assistance capabilities.
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The Global Artificial Intelligence (AI) in Automotive Industry Research Report is a detailed and professional study on the present landscape of the Artificial Intelligence (AI) in Automotive industry.
In the first section, the report provides a basic overview of the definitions, applications, classifications, and the industry chain structure.
The market analysis has been provided on a global scale, including the traditional & present growth analysis, competitive analysis, and the growth prospects of the major regions.
This report also states supply and consumption figures, import/export rate, as well as revenue, cost, price, and gross margin by the major regions, including both global and local.Global Artificial Intelligence (AI) in Automotive Market was valued at US$ 9392.6 Mn in 2019 and is expected to reach US$ 36,667.9 Mn by 2027, expanding at a CAGR of 20.9%.The report then focuses on the leading competitors considering their company profiles, product portfolio and offerings, key developments, capacity, revenue, production, value, volume, cost, price, and contact information.
In the last section of the report, the feasibility of new investment projects is assessed and overall research conclusions are offered.Get a sample copy of this Report @ https://www.alltheresearch.com/sample-request/334The key players operating in the Global Artificial Intelligence (AI) in Automotive Market are:Tesla Motors 120, Google LLC, Microsoft Corporation, Huawei Technologies, Volkswagen AG, Intel Corporation, Denso Corporation, Aptiv Plc, NVIDIA Corporation, Toyota Motors, Robert Bosch GmbH, IBM Corporation, Honda Motors, BMW AG, Samsung Electronics, TomTom NV, Uber Technologies, AB Volvo, Siemens AG, OthersCompetitive Landscape AnalysisOne of the major factors driving the growth of the Global Artificial Intelligence (AI) in Automotive Market is the growing automotive industry.
Stringent government regulations with regards to the vehicle safety and fuel economy, so as to increase the feasibility of the vehicle and reduce its curb weight is also expected to drive the market growth.
The Global Automotive Artificial Intelligence Market was valued at USD 2.49 billion in 2019 and is predicted to reach USD 74.50 billion by 2030 with a CAGR of 36.2% during the forecast period.Artificial Intelligence is one of the most advanced technologies that is associated with human intelligence through numerous similar characteristics.
The introduction of artificial intelligence into automobiles has led to enhancement of features like Advance Driver Assistance System (ADAS), Automatic Cruise Control (ACC) and Electronic Braking Distribution (EBD), which have made driving effortless and safer.
Processor is further bifurcated into microprocessor and graphics processing unit.
In terms of geographical analysis, the market is categorized into North America, Europe, Asia Pacific and RoW.Request sample copy of this report at:-https://www.nextmsc.com/automotive-artificial-intelligence-market/request-sampleNorth America is the leading region in the global automotive Artificial Intelligence market in terms of market share.
However, Asia Pacific region is expected to grow rapidly in terms of market size during the forecast period.
The competitive nature of the global automotive artificial intelligence market allows big players such as NVIDIA Corporation, IBM Corporation, Micron Technology, Intel Corporation, Microsoft Corporation and others to make strategic investments and extract maximum growth.
