Automotive Artificial Intelligence (Ai) Market accounted 2082.30 Million in 2020 and is expected to reach 68064.3 million USD by 2031 with CAGR of 37.30% in upcoming years.The machine which has the ability to perform cognitive functions which include perceiving, learning, solving problem and reasoning is expected to have Artificial Intelligence. AI system is used in the automotive sector in order to achieve a self-driving vehicle. Currently, the application of AI is spreading rapidly within various sectors. The automotive sector is also adopting this technology. There are many assets of using AI in the automobile, some of the assets are elimination of the human operator which further eliminates the human error and cost of human operator, proper utilization of AI in automobile will improve road safety owing to better accuracy & precision, and AI can communicate with other devices such as LIDAR or Radar systems in order to achieve zero error during the operation. With all the above advantages today every automaker is focused on the use of AI in their vehicles. The AI-enabled vehicles will be having an ability to choose the best shortest path or best route, fuel status, Emergency control, and others. AI is also used in the Robo taxi concept which is implemented by Uber technologies ltd. currently, the Robo taxi project is in testing and development phase and expected to be available for commercial use soon.
Market Segmentation:
On the basis of components, the market is classified into hardware and software. On the basis of technology, the market is segmented into machine learning & deep learning, computer vision, and natural language processing. On the basis of application, the market is segmented into semi-autonomous and autonomous. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Market Dynamics and Factors:
An increase in demand for autonomous vehicles and their growing popularity combined with the growing electric car market are some major factors which are supporting the market growth. Benefits of AI in road safety by reduction of accidents and choosing the best route to reach the destination are expected to boost the market further. A rise in demand of the luxurious and premium vehicles with high-end performance is also the fueling factor for the market. All the Automotive giant such as Toyota, Tesla, and other companies are investing in AI technology which will boost the market in upcoming years. However, growing cybercrimes and elimination of human operators which hinders employment are the few restraining factors of the market. Advancement in AI technology will create enormous opportunities in the years to come.
Geographic Analysis:
North America is leading the market and it is expected to continue its supremacy during the forecast period. With the advancement in technology within the region. In addition to this, the presence of the major key players such as Tesla, Uber, and others further assist the growth of the market. Europe is also expected to witness rapid growth with the presence of automotive giants in the region such as Volkswagen, Audi, BMW, and others. Growing preference and popularity of the autonomous vehicles within the region will also propel the growth. The Asia Pacific will experience significant growth during the upcoming years due to the growing interest of the populace in electric vehicles equipped with advanced technology.
Competitive Scenario:
Some of the key players in the automotive AI sector are Waymo, Intel Corporation, NVIDIA Corporation, IBM Corporation, Micron Technology, Microsoft Corporation, BMW, Tesla Inc., Otto Motors and Toyota.
Automotive Artificial Intelligence (AI) Market Report Scope
| Report Attribute | Details |
| Analysis Period | 2020–2030 |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Market Size Estimation | Million (USD) |
| Growth Rate (CAGR%) | 37.3 % |
|
| By Components (Hardware and Software), By Technology (Machine Learning & Deep Learning, Computer Vision, and Natural Language Processing), By Application (Semi-Autonomous and Autonomous) |
| Geographical Segmentation | North America (U.S., Canada, Mexico) Europe (UK, Germany, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), South America (Brazil, Argentina, Rest of SA), MEA (UAE, Saudi Arabia, South Africa) |
| Key Companies Profiled | Waymo, Intel Corporation, NVIDIA Corporation, IBM Corporation, Micron Technology, Microsoft Corporation, BMW, Tesla Inc., Otto Motors and Toyota. |
