Global Artificial Intelligence (AI) in Automotive and Transportation Market Overview:
According to MarkNtel Advisors study the Global Artificial Intelligence in Automotive & Transportation Market is valued at USD 12.18 billion in 2023 and is estimated to grow at a CAGR of about 20.22% during the forecast period, i.e., 2024–30. It owes to the rapidly increasing adoption & utilization of advanced technologies like artificial intelligence (AI) in the automotive transportation sector to bring operational efficiency and safety to vehicles & drivers. The mounting promotion of automated & electric vehicles (EVs) integrated with Advanced Driver Assistance Systems (ADAS) by governments of different countries worldwide to ensure vehicle safety is also projected to drive the market during the forecast period.
Key Findings of the Study: Artificial Intelligence (AI) in Automotive and Transportation market
Global Artificial Intelligence in Automotive & Transportation Market Driver
Mounting Inclination Toward Autonomous Vehicles Worldwide to Upscale the Global Industry – With the advent of AI in automobiles, the demand for autonomous vehicles is rising substantially, owing to features like self-driving, autopilot, and automatic parking, among others, to reduce human efforts while driving. The increasing inclination of major automakers toward creating autonomous cars & driving features and the surging number of tech companies & start-ups are forming the idea of self-driving vehicles for public transportation, ride-sharing, and personal requirements.
Prominent automakers like Tesla are the ideal example of autonomous vehicles with systems like keeping the vehicle within a lane while driving, self-parking, auto changing lanes whenever required, etc. Hence, these aspects are projected to be the major drivers for Global Artificial Intelligence (AI) in the Automotive and Transportation Market during 2024-30.
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Scope of the Artificial Intelligence (AI) in Automotive and Transportation Market Report Segmentation
-By Application
- Human-Machine Interface
- Driver Monitoring
- Driver/ Identity Authentication
- Autonomous Driving Processing Chips
- Intelligent Traffic Management System
-By Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Trucks
- Heavy Buses
-By Component
- Hardware
- Software
-By Level of Autonomy
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
-By Technology
- Machine Learning
- Natural Language Processing
- Context-Aware Computing
- Computer Vision
- Deep Learning
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Geographical analysis:
-By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
North America dominated the Artificial Intelligence (AI) in the Automotive & Transportation Market with the largest share in recent years and is projected to prevail in the same trend during the forecast period. The country is an early adopter of electric & autonomous vehicles with advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing, Context-Aware Computing, Computer Vision & Deep Learning, etc. Hence, it is witnessing a mounting utilization of AI across its automotive & transportation sectors., i.e., assisting drivers with features like voice search, image recognition, voice command, and others.
Additionally, a robust financial base of the region stimulated its funding across leading technologies in the field of AI, thus augmenting the North America Artificial Intelligence (AI) in the Automotive & Transportation Market.
Global Artificial Intelligence in Automotive & Transportation Industry Recent Development:
- 2023: Continental AG collaborated with Ambarella Partner for perception solutions and full-stack systems for advanced driver assistance and highly automated driving.
Current Landscape of Artificial Intelligence (AI) in Automotive and Transportation Market
The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Artificial Intelligence (AI) in Automotive and Transportation market. The research report profiles major players, including
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- Continental AG
- Denso Corporation
- Nvidia Corporation
- Intel Corporation
- Harman International
- AI Motive
- Argo AI
- Siemens
- Thales Group
- CarVi
- Valeo
- Optalert
- Orbcomm Inc.
- Visteon Corporation
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