Artificial Intelligence in Automotive Market

Artificial Intelligence in Automotive Market Is Estimated To Witness High Growth Owing To Increasing Autonomous Vehicles

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The Artificial Intelligence in Automotive Market is estimated to be valued at US$ 2.3 Billion in 2022 and is expected to exhibit a CAGR of 24.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Artificial intelligence is revolutionizing the automotive industry by enabling autonomous driving through machine learning and deep learning technologies. Some key applications of AI in automotives include autonomous emergency braking, driver assistant system, parking assistance, and advanced driver-assistance systems. Rising adoption of AI for autonomous driving and safety features is driving the growth of the market.

Market Dynamics:
Increasing demand for autonomous vehicles is a major factor fueling the growth of artificial intelligence in automotive market. AI allows vehicles to recognize visual data from cameras and sensors to safely navigate the road without any human intervention. For instance, Tesla vehicles use AI technologies such as machine learning, computer vision, and deep learning algorithms to enable autonomous driving features such as auto steer, auto park, summon, etc. Growing adoption of AI technologies in automotives to develop advanced driver-assistance systems is also boosting the market growth. AI is enabling ADAS features like adaptive cruise control, lane keep assist, traffic jam assist, blind spot monitoring which improve vehicle safety and driving experience.

SWOT Analysis

Strength: Artificial Intelligence in Automotive market has growing funding for autonomous vehicle technologies from both private companies and governments. AI helps improve safety by implementing features like collision avoidance and accident prevention. AI enables personalized in-vehicle experience and next-gen infotainment systems.

Weakness: High R&D costs involved in developing AI systems for automotive. Lack of standardized regulations for testing and deployment of autonomous vehicles raises safety concerns. Limited processing power of vehicular computers poses challenges for running complex AI models.

Opportunity: Rise in use of advanced driver-assistance systems and active safety systems driven by regulations creates opportunities. Connected vehicles trends will bolster the need for AI in areas like predictive maintenance. Emergence of mobility as a service model will drive AI integration for autonomous ride-hailing fleets.

Threats: Cybersecurity threats to AI-enabled connected vehicles can negatively impact adoption. Slow pace of developing universally accepted legal framework for liability issues poses challenges. Competition from developing alternative automotive propulsion technologies.

Key Takeaways

Global Artificial Intelligence In Automotive Market Size is expected to witness high growth, exhibiting CAGR of 24.1% over the forecast period, due to increasing development of autonomous vehicles. Growing private investments are driving advancements in AI, connectivity and automation.

Regional analysis – North America dominates the global market currently due to heavy investments by major players. Asia Pacific is expected to grow at the fastest rate due to rapidly growing automotive manufacturing industry and increasing per capita income.

Key players analysis – Key players operating in the Artificial Intelligence in Automotive market are Qualcomm Inc. (U.S.), Tesla Inc., Volvo Car Corporation, BMW AG, Audi AG (Germany), General Motors Company (U.S.), Ford Motor Company (U.S.), Toyota Motor Corporation (Japan), Hyundai Motor Corporation (South Korea), Uber Technologies Inc. (U.S.), and Apple Inc. These companies are investing heavily in developing AI-enabled vehicle technologies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.