by Market Overview:
Artificial intelligence in automotive refers to the integration of artificial intelligence technologies in vehicles. It helps in autonomous driving, predictive maintenance, infotainment, and other automotive applications. It offers benefits such as improved safety, enhanced user experience, and reduction in vehicle downtime.
Market key trends:
One of the major trends in the artificial intelligence in automotive market is the integration of AI and machine learning applications in autonomous vehicles. Major automakers are investing heavily in research and development of self-driving vehicles. For instance, Tesla is developing fully autonomous driving capabilities through constant software updates. BMW also provides driver-assistance systems using AI and computer vision. Such innovations are expected to dominate the automotive industry in the coming years and drive significant growth of the AI market.
The Artificial Intelligence In Automotive Market is witnessing increasing adoption of AI for autonomous and semi-autonomous vehicles. Major automakers are heavily investing in AI technologies like machine learning and deep learning to develop self-driving cars. AI is being used to enhance driver assistance features through computer vision, navigation, and safety features. Additionally, AI integration is helping automakers to reduce vehicle defects, optimize manufacturing processes, and streamline supply chain operations.
The global Artificial Intelligence In Automotive Market Demand is estimated to be valued at US$ 9.3 Bn in 2023 and is expected to exhibit a CAGR of 55% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strengths: AIoffers improved safety, enhanceddrivingexperience, and reduced road accidents. Weaknesses: High R&D costs and technical challenges associated with developing self-driving capabilities.
Opportunities: Growing demand for autonomous vehicles and connected services presents a huge market opportunity. Threats: Stringent safety regulationsanddata privacy concerns pose significant challenges.
Key Takeaways
The global Artificial Intelligence In Automotive Market is expected to witness high growth, exhibiting CAGR of 55%over the forecast period, due to increasing demand for autonomous driving technologies.
North America is expected to dominate the regional analysis, owing to presence of key players like Tesla, GM, Ford focusingon AI and self-driving technologies. The US is a global leader in testing and development of autonomous vehicles.
Key players operating in the Artificial Intelligence In Automotive market are BMW AG, AUDI AG, Intel Corporation, Tesla Inc, Uber Technologies, Volvo Car, CorporationHonda, MotorsFord Motor, CompanyNVIDIA Corporation, Tencent, and Microsoft. BMW and Audi are actively developing AI co-pilot systems and level 3 autonomy in premium vehicles. Tesla also stands out with its advanced driver assistance features and future plans for fully self-driving cars.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
