Higher Sales of Autonomous Vehicles, along with Rising Popularity of ADAS Systems.Future vehicles are expected to implement high-end AI technology, as they are supposed to work on autopilot systems. As a result, AI integration becomes crucial for the production of automobiles in the future.
NEWARK, Del: Artificial Intelligence (AI) in automotive market is anticipated to record a robust CAGR of 55% between 2023 and 2033. The market is anticipated to cross a market share of US$ 9.3 billion in 2023, while it is expected to be valued at US$ 744.39 billion by 2033.
- Advanced vehicles with self-driving and fully autonomous transmissions are in high demand. Hence, the AI-integration vendors are working on personalized solutions, fueling the demand for Artificial Intelligence (AI) in automotive.
- The rising demand for EVs and hybrid vehicles is followed by the integration of AI units, as they enhance the operational capability, deliver ease, and protect the vehicle through systems like parks-guided systems.
- The Advanced Driver Assistance Systems (ADAS), level 2, is getting popular among automotive enthusiasts, which further extends the research and development of ADAS integration.
- The new car builders are delivering OEM-based AI chips that work on different functions of a vehicle. From AC, lights, and cruise control to guided parking and autonomous driving systems, AI supports each component.
- The restoration of the automotive industry, coupled with the high-end AI and machine learning set-up, is fueling the demand for Artificial Intelligence (AI) in automotive. Advanced automatic emergency braking is regulated through AI chips.
- The passive and active safety systems are specially designed to prevent human error while operating vehicles.
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Key Points
- The United States market is another significant market. The market growth is attributed to the presence of EV giants like Tesla, which delivers advanced AI and ML integration. The increased acceptance of autonomous and self-driving vehicles is fueling the sales of AI in the automotive market.
- Artificial intelligence (AI) in the automotive market in China is another significant market. The growth is attributed to the expanded manufacturing units, high-end research, and advanced experimentation.
- Europe with its environmental compliance adopts EVs and Hybrid Vehicles, which further fuels the demand for AI-integration prospects.
- The software segment is likely to thrive in the component category due to the common application and automotive implementation. It is expected to hold a value of US$ 200 billion by 2033.
- The fully autonomous segment tops the application category with an anticipated value of US$ 30 billion by 2033. The growth is attributed to the advent of self-driving assistance systems.
Competitive Landscape
The key competitors focus on inclusivity, while adding sensors and smart software to enhance the guided systems. Companies follow the artificial intelligence innovation with the key competitors and merge, acquire, and partner with other companies to increase the network range, connectivity, supply chain, and distribution channel. The key players in the market are: BMW AG, AUDI AG, Intel Corporation, Tesla Inc, Uber Technologies, Volvo Car Corporation, Honda Motors, Ford Motor Company, NVIDIA Corporation, and Tencent
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Recent Market Developments
- Ford Motor Co is the leading patent filer when it comes to the neural network for radar-LiDAR. The company operates with Baidu in China to implement AI technology in automotive.
- A technology company, Aptiv is promoting enhanced automated vehicles that are loaded with AI-based sensors, cameras, and other components.
Key Segments
By Component:
- Hardware
- Software
- Services
By Technology:
- Computer Vision
- Context Awareness
- Deep Learning
- Machine Learning
- Natural Language Processing (NLP)
By Process:
- Data Mining
- Image/signal Recognition
By Application:
- Semi-autonomous vehicles
- Fully-autonomous Vehicles
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- The Middle East & Africa (MEA)
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Table of Content
1. Executive Summary | Artificial Intelligence (AI) in Automotive Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
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Explore Wide-ranging Coverage of FMI’s Automotive Landscape
Automotive connectivity Market Size : is projected to register at a moderate-paced CAGR of 19% over the forecast period. The automotive connectivity market is currently valued at US$ 33.42 Billion in 2023.
Autonomous Vehicles Market Share : is projected to grow at a CAGR of 10.9% between 2022 and 2032, totaling around 99,451 million by 2032.
Automotive ADAS (Advanced Driver Assistance Systems) Market Demand : is expected to grow at a CAGR of 9.6% during the forecast period and is anticipated to reach a valuation of US$ 131 billion by 2032.
Commercial Vehicle Thermal System Market Growth : is predicted to record a moderate CAGR of 4.3% through 2033. The total market size is predicted to rise from US$ 16,393.3 million in 2023 to US$ 27,737.9 million by 2033.
Aircraft Generators Market Outlook : was valued at US$ 5.83 Billion in 2022. The market is projected to grow from US$ 6.30 Billion in 2023 to US$ 12.98 Billion by 2033.
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