SAN FRANCISCO, Nov. 15, 2022 /PRNewswire/ -- The global automotive artificial intelligence market size is expected to reach USD 14.23 billion by 2030, advancing at 21.6% CAGR, according to a new report by Grand View Research, Inc. Artificial Intelligence (AI) in the automotive industry is driven by factors such as government initiatives to incorporate autonomous driving and the growing demand for autonomous vehicles. Furthermore, the automotive industry's expansion is likely to drive the artificial intelligence market's growth. The automotive sector has benefitted from artificial intelligence and is one of the primary industries that use AI to augment and replicate human action.
Key Industry Insights & Findings from the report:
- The features of autonomous vehicles powered by AI, such as self-driving, autopilot, and automatic parking are widely adopted due to their low human intervention requirements.
- Market growth is positively impacted by the introduction of vehicle tracking software allowing for real-time tracking of vehicles at different locations.
- Automotive manufacturers' investments in AI and LiDAR have responded to the growing demand for intelligent vehicles, which has driven growth across the entire industry.
- Asia Pacific is anticipated to witness the highest CAGR during the forecast period. Growing economies along with massive population will drive the growth.
Read full market research report for more Insights, "Automotive Artificial Intelligence Market Size, Share & Trends Analysis Report By Component, By Level Of Autonomy (Level 1, Level 2, Level 3, Level 4), By Technology, By Vehicle Type, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Automotive Artificial Intelligence Market Growth & Trends
The advent of standards such as Advanced Driver Assistance Systems (ADAS), blind-spot alert, Adaptive Cruise Control (ACC), and increased demand for convenience features continue to attract automotive providers to AI. AI mission-critical occurrences necessitate analysis, warnings, and directives. Automotive ADAS comprises various advanced sensors, such as LiDAR, Inertial Measurement Units (IMUs), radar, cameras, and pressure and temperature sensors for constant monitoring of surrounding conditions. The signal chain necessitates proper conditioning of sensor outputs, detection, and reliable low-latency communications within the vehicle and the surrounding infrastructure.
AI has enormous potential in the automobile industry when embedded within the industry's products, production, manufacturing processes, and value-added chains. AI deployment is expected to contribute significantly to a safer, cleaner, more efficient, and more reliable mobility ecosystem. For instance, AI applications in connected and automated vehicles improve driver safety, monitoring, situational awareness, comfort, and trajectory prediction. It can lead to significant gains in performance and efficiency, such as enhanced logistical flows, traffic fluidity, and reduced fuel or power consumption.
In recent years, businesses manufacturing Automated Driving Systems (ADS) technology have thoroughly live-tested autonomous vehicles operating in virtual environments to assure their dependability and safety. However, the COVID-19 pandemic, which began in March 2020, prevented, disrupted, and delayed the launch of these new product development test objectives due to its sudden beginning and continued resurgent impacts.
A study published by Adrian Chen Yang Tan on March 10, 2022, used data from the California Automated Vehicle Test Program to ascertain how the pandemic impacted testing trends, resumptions, and test conditions. The study emphasized how crucial it is for government measures to encourage and facilitate the development of autonomous vehicles in pandemic situations.
Automotive Artificial Intelligence Market Segmentation
Grand View Research has segmented the global automotive artificial intelligence (AI) market based on component, level of autonomy, technology, vehicle type, and region:
Automotive Artificial Intelligence Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
- Hardware
- Software
Automotive Artificial Intelligence Market - Level of Autonomy Outlook (Revenue, USD Million, 2017 - 2030)
- Level 1
- Level 2
- Level 3
- Level 4
Automotive Artificial Intelligence Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Machine Learning
- Natural Language Processing
- Computer Vision
- Context-aware Computing
- Others
Automotive Artificial Intelligence Market - Vehicle Type Outlook (Revenue, USD Million, 2017 - 2030)
- Passenger Vehicles
- Commercial Vehicles
Automotive Artificial Intelligence Market - Region Outlook (Revenue, USD Million,2017- 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- Central and South America
- Brazil
- Middle East & Africa
List of Key Players in the Automotive Artificial Intelligence Market
- Alphabet Inc.
- Intel Corporation
- Microsoft Corporation
- NVIDIA Corporation
- International Business Machines Corporation
- Qualcomm Inc.
- Tesla, Inc.
- Volvo Car Corporation
- Bayerische Motoren Werke AG
- Audi AG
Check out more related studies published by Grand View Research:
- Automotive Robotics Market - The global automotive robotics market size is expected to reach USD 13.6 billion by 2025, at a CAGR of 13.8% according to a new report by Grand View Research, Inc. The increasing adaptation of automation and robotics within the automotive industry is a major factor expected to drive market growth.
- Automotive Electric Fuel Pumps Market - The global automotive electric fuel pumps market size is estimated to reach a value of USD 18.44 billion by 2025, progressing at a CAGR of 5.0% from 2019 to 2025, according to a new study by Grand View Research, Inc. An automotive electric fuel pump is used to pump fuel from tanks to injectors, which further sprays fuel into engine with high pressure. Surging demand for high fuel-efficient pumps to reduce the overall fuel consumption in vehicles along with rise in global vehicle production and sales is anticipated to propel the market over the forecast period.
- Automotive Vehicle-to-Everything Market - The global automotive vehicle-to-everything (V2X) market is expected to reach USD 26.72 billion by 2025 according to a new report by Grand View Research, Inc. The automotive industry is undergoing a series of transitions, the industry moving towards digitalization and connected mobility. There has been a significant rise in the use of electronics in vehicles. The vehicles today have shifted from being a conventional vehicle to intelligent vehicles and are equipped with communication systems that alert or assist the driver from a potential accident. Moreover, the rising consumer demand for convenience features has enforced various OEMs to incorporate V2X communication systems. The implementation of the V2X communication will not only increase the safety aspect but will also provide enhanced driving experience.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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