Artificial Intelligence (AI) Market Size in Automotive Anticipated to Exceed USD 13.0 Billion by 2034, with a CAGR of 15.6%: Transparency Market Research Inc.
Advancements in machine learning and computer vision enhance vehicle safety and performance through AI technology integration.
Wilmington, Delaware, United States, Transparency Market Research, Inc. , Oct. 08, 2024 (GLOBE NEWSWIRE) — The global artificial intelligence (AI) market in automotive is estimated to thrive at a CAGR of 15.6% from 2024 to 2034. Transparency Market Research projects that the overall sales revenue for artificial intelligence (AI) market in automotive (자동차 인공지능(AI) 시장) is estimated
Artificial Intelligence (AI) Market in Automotive Growth Drivers & Trends
- Increasing demand for autonomous vehicles and connected car technologies drives growth in the AI market for automotive applications.
- Technological advancements in machine learning and computer vision enable enhanced vehicle safety and performance.
- Collaborations between automakers and tech companies accelerate AI integration in vehicles.
- Growing emphasis on predictive maintenance and vehicle analytics fosters AI adoption in automotive manufacturing and operations.
- Regulatory initiatives and government support for AI research and development propel innovation and market expansion in the automotive sector.
Global Artificial Intelligence (AI) Market in Automotive: Regional Profile
- North America leads the charge, boasting a robust ecosystem of AI startups, tech giants, and automotive manufacturers. Silicon Valley serves as the epicenter of AI innovation, with companies like NVIDIA, Tesla, and Alphabet’s Waymo driving advancements in autonomous driving technology.
- Partnerships between automakers and tech firms accelerate AI integration in vehicles, positioning North America as a frontrunner in shaping the future of automotive AI.
- Europe showcases a rich heritage of automotive engineering excellence, with companies like BMW, Daimler, and Volkswagen embracing AI to enhance vehicle performance and safety.
- Collaborations between European automakers and AI startups foster innovation in areas such as predictive maintenance and intelligent manufacturing, bolstering Europe’s position as a key player in automotive AI development.
- In Asia Pacific, rapid urbanization and technological innovation fuel the adoption of AI in automotive applications. Companies like Toyota, Hyundai, and Baidu lead the region’s AI initiatives, leveraging AI-driven solutions for autonomous vehicles, smart mobility, and connected car technologies.
- Government support for AI research and development further accelerates market growth, making Asia Pacific a dynamic hub for automotive AI innovation.
Artificial Intelligence (AI) Market in Automotive: Key Segments
By Vehicle Type
- Passenger Cars
- Hatchback
- Sedan
- SUVs
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses and Coaches
- Off-road Vehicles
- Agriculture Equipment
- Industrial Equipment
- Construction and Mining Equipment
By Technology Type
- Machine Learning
- Deep Learning
- Reinforcement Learning
- Natural Language Processing (NLP)
- Computer Vision
- Speech Recognition
- Others
By Component Type
- Hardware
- Sensors
- Processors
- Graphic Processing Units
- Others
- Software
- Services
By Level of Autonomy
- Level 1: Driver Assistance
- Level 2: Partial Automation
- Level 3: Conditional Automation
- Level 4: High Automation
- Level 5: Full Automation
By Application
- Autonomous Driving
- Predictive Maintenance
- Driver Assistance Systems
- In-car Personal Assistants
- Natural Language Processing (NLP) for Voice Recognition
- Computer Vision for Object Detection and Recognition
- Virtual Assistants for Infotainment Systems
- AI-based Navigation Systems
- Vehicle-to-Everything (V2X) Communication
- Others
By End User
- OEM
- Fleet Operators
- Mobility Service Providers
- Others
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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