Automotive Artificial Intelligence (AI) Market Size to Reach

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Tokyo, Sept. 22, 2022 (GLOBE NEWSWIRE) — The world Automotive Artificial Intelligence (AI) Market Size was valued at USD 2.9 billion in 2021. The development of automotive sector is believed to drive the automotive artificial intelligence market. The automotive industry has met the guarantee of artificial consciousness and is among the significant companies using AI to augment and copy people’s activity. In addition, the development of standards such as the High Level Pilot helps frame (ads), Versatile Travel Control (ACC), Vulnerable Side Caution, and Research Development for Comfort Highlights are attracting auto dealers to AI.

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Computerized reasoning (AI) frameworks are used to modify, cycle and capacitate information and calculations to emulate the learned elements of the human brain and gain the ability to retain and determine problems naturally. Self-driving vehicles are bound to adopt such frameworks to work on their productivity and operation.

Key Knowledge:

  • The hardware segment accounted for a market share of over 58% in 2021.
  • Asia-Pacific reached a market share of over 80% in 2021.
  • By application, the semi-autonomous segment generated 53% market share in 2021
  • By technology, the computer vision segment contributed a market share of over 34% in 2021.

Regional overview

The automotive artificial intelligence market in APAC is expected to grow at a high rate sometime between 2021 and 2030. APAC’s huge population, rapidly developing economies, and rising expectations for daily comfort are strategically situated to ride the wave of AI. This district is home to automobile manufacturers such as Toyota (Japan), Hyundai Motor Company (South Korea) and Honda Motor Company (Japan). Different APAC nations, like South Korea and Japan, have serious strengths to have capabilities. The neighborhood thus caters to a reasonable mix of interest and innovation, making it an optimal venture for any OEM.

Report Highlights

  • Based on component type, the software segment is expected to retain a larger share with respect to parts. The continued reduction in the cost of associating cloud-based programming arrangements alongside a growing need to link various premium information for the constant mix of cycles will enable the programming segment to emerge as the critical funder financier regarding parts. The party must remain mindful of its slice of the pie during guess time with cutting-edge developments emerging by monitoring and must update structures to streamline cycles and drills within the automotive business.
  • Based on technology, PC vision is designed to impact the global vehicle artificial knowledge market with a high rate of improvement. PC Vision is poised to show the fastest advancement in the whole market of vehicle artificial intellectual prowess. A few associations around the world have started adopting image affirmation as one of the man-made knowledge-based plans in free or semi-free applications that the majority would consider typical to reshape their business.

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Report scope

Report attributes Details
Market size in 2021 $2.9 billion
Revenue forecasts by 2030 $19.1 billion
Market share in Europe 28% in 2021
CAGR 23.3% from 2022 to 2030
base year 2021
forecast year 2022 to 2030
Key players Intel Corporation, Waymo, LLC., IBM Corporation, Microsoft Corporation, Nvidia Corporation, Xilinx, Inc., Micron Technology, Inc., Tesla, Inc., General Motors Company, Ford Motor Company and others.

Market dynamics

Drivers

The increase in market revenue due to technological advancements

  • Buyers’ increasing positive awareness of free progressions will increase market compensation. As buyers are rapidly embracing advances in driver assistance with driving weight reduction and road thriving assurance, interest in autonomous vehicles will advantageously flood throughout the gauging period. Automakers take notice of these examples and come up with innovative driver assistance responses with the acquisition of common ground. Another variable that adds to the automotive artificial intelligence market share is revenue growth for driver convenience and additional creation of adaptability permission.

Constraints

Lack of awareness and high cost of automobiles based on artificial intelligence

  • Independent vehicles have made customers’ existence secure and beneficial. Nevertheless, there are certain dangers that are considered by the manufacturers related to security and protection issues such as personal information wellbeing, digital assaults, and driving interruptions. For example, approximately 1.4 million Fiat Chryslers have been examined in the United States due to an error in their PC dashboard that allowed programmers to weaken the vehicle. Essentially, white-cap programmers have been good at embedding malware into the layout of a Tesla vehicle. These examples of interference with customer safety are among the significant restrictions in the development of the market.

Opportunities

Growing advancements in automotive technology are estimated to generate higher revenues

  • The vehicle area is near the edge of a huge disturbance. Forward-thinking automakers have started executing creative leaps in their products and cycles to stay one step ahead of their industry peers. The combination of artificial intelligence and information science has helped automakers, in addition to parts suppliers, program providers, vehicle rental companies, and other auto-related businesses. In the broadest sense, AI in the automotive space can be partitioned into three classes, particularly regarding vehicles. There is the plan and the creation of the vehicle. There is the buying business.

Challenges

Lack of consumer confidence is one of the main challenges facing the market

  • Another worry that automakers are currently facing is gaining customer trust. Although prepared enough for a vehicle to help you, the equivalent is not valid for autonomous vehicles. People’s willingness to believe in AI in vehicles is growing at an exceptionally slow pace: the numbers have remained unchanged through 2020 and 2021, with only an 8% increase from 2019. as things stand now: current customers argue that a vehicle should be utilitarian, enjoyable, safe, give added utility to infotainment, while remaining subordinate (not overwhelmed) when on the go.

Related Reports

RECENT DEVELOPMENTS

  • In March 2021, BMW introduced iDrive 8, the company’s next infotainment system, which aims to be a digitally connected, intelligent and proactive driving companion. Future BMW iX and i4 models will be powered by computer vision, computational linguistics, cloud AI and 5G.
  • In May 2021, Didi Chuxing announced a strategic partnership with Volvo Cars on autonomous vehicles for DiDi’s autonomous test fleet. Volvo’s self-driving-ready XC90 cars will be the first to feature DiDi Gemini, a new self-driving hardware platform, which is powered by NVIDIA DRIVE AGX Pegasus. These vehicles, equipped with DiDi’s Gemini autonomous hardware platform, will eventually be deployed in robotaxi services.
  • In June 2020, Waymo and Volvo Cars Group agreed to partner on improving an autonomous electric vehicle for ride-sharing in another global venture. Waymo will focus on computerized reasoning and explicit innovation, similar to cameras, lidar and radar, for the independent “driver”. Volvo will plan and build the vehicles.
  • In July 2019, Volvo Group and NVIDIA agreed to partner on the Dynamic Framework for Independent Enterprise Vehicles and Machines. The following framework is intended to safely supervise independent driving on streets and open pavements using NVIDIA’s start-to-finish artificial awareness stage for preparation, re-enactment, and in-vehicle registration.

Market segmentation

By offering

By technology

  • computer vision
  • Context awareness
  • deep learning
  • machine learning
  • natural language processing

By request

  • Autonomous driving
  • Human Machine Interface
  • Semi-autonomous driving

By process

  • Recognition of signals
  • Image recognition
  • Speech Recognition
  • Data mining

By component

  • Graphics processing unit (GPU)
  • Field Programmable Gate Array (FPGA)
  • Microprocessors (including ASIC)
  • Image sensors
  • Memory and storage systems
  • Biometric scanners
  • Others

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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