Global Automotive Artificial Intelligence Market to Reach US$ 33.9 Billion by 2032, Stimulated by Rising Popularity of Self-Driving Cars

September 26, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “ Automotive Artificial Intelligence Market Report by Component (Hardware, Software, Services), Technology (Machine Learning and Deep Learning, Computer Vision, Natural Language Processing), Process (Data Mining, Image Recognition, Signal Recognition), Application (Semi-Autonomous, Autonomous), and Region 2024-2032,” the global automotive artificial intelligence market size reached US$ 3.9 Billion in 2023. Automotive artificial intelligence (AI) refers to the application of advanced machine learning (ML) and computational techniques within the automotive industry to enhance vehicle performance, safety, and overall driving experience. It encompasses numerous technologies that enable vehicles to perceive, reason, and act autonomously or semi-autonomously, revolutionizing the way we travel. It relies on connectivity to access real-time information, such as traffic updates and software updates. It helps to optimize routes, reduce fuel consumption, and enhance traffic flow, reducing travel times and environmental impact. It also improves the in-car experience, making vehicles more attractive to consumers.

Global Automotive Artificial Intelligence Market Trends:

At present, the increasing demand for automotive AI, as it can optimize driving patterns, potentially reduce fuel consumption and emissions, and contribute to environmental sustainability, represents one of the crucial factors impelling the growth of the market. Besides this, the rising popularity of self-driving cars, which can provide mobility solutions for individuals with disabilities or those unable to drive, enhancing accessibility for all, is contributing to the growth of the market. In addition, the growing purchase of electric vehicles (EVs) integrated with advanced energy management, predictive maintenance, and efficient charging infrastructure is offering a favorable market outlook. Apart from this, the increasing development of natural language processing (NLP) and voice recognition devices to make it easier for drivers to interact with their vehicles through voice commands is supporting the growth of the market. Additionally, the rising deployment of AI algorithms to analyze real-time traffic data and provide drivers with optimal routes, reducing travel time and congestion, is bolstering the growth of the market. Looking forward, the market value is projected to reach US$ 33.9 Billion by 2032, expanding at a CAGR of 26.6% during 2024-2032.

Market Summary:

Based on the component, the market has been segmented into hardware, software, and services. Currently, hardware dominates the market, holding the largest share.
On the basis of the technology, the market has been segregated into machine learning and deep learning, computer vision, and natural language processing.
Based on the process, the market has been divided into data mining, image recognition, and signal recognition. At present, data mining holds the maximum share in the market.
On the basis of the application, semi-autonomous represent the largest segment, followed by autonomous.
Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America is the leading market, accounting for the majority of the global share.
The competitive landscape of the market has also been examined, with some of the key players being Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company, Hyundai Motor Company, Intel Corporation, International Business Machines Corporation, Micron Technology Inc., Microsoft Corporation, NVIDIA Corporation, Qualcomm Incorporated, Tesla Inc., Toyota Motor Corporation, and Uber Technologies Inc.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Component Technology Process Application Region
Components Covered	Hardware, Software, Services
Technologies Covered	Machine Learning and Deep Learning, Computer Vision, Natural Language Processing
Processes Covered	Data Mining, Image Recognition, Signal Recognition
Applications Covered	Semi-Autonomous, Autonomous
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company, Hyundai Motor Company, Intel Corporation, International Business Machines Corporation, Micron Technology Inc., Microsoft Corporation, NVIDIA Corporation, Qualcomm Incorporated, Tesla Inc., Toyota Motor Corporation, Uber Technologies Inc., etc.
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Global Automotive Artificial Intelligence Market to Reach US$ 33.9 Billion by 2032, Stimulated by Rising Popularity of Self-Driving Cars

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