The Global Automotive Artificial Intelligence Market is expected to reach 7,676.92 USD Million by 2028, growing at a CAGR of 31.30% from 2022 to 2028. The increasing government regulations for vehicle safety and the growing adoption of ADAS technology are anticipated to augment the growth of the market during the forecast period.
Key Findings:
- The deep learning technology segment held a significant share in 2021. This is attributable to the increasing deployment of deep learning by most companies for the development of self-driving cars for image processing, speech recognition, and data analysis.
- The data mining segment is projected to grow at a significant CAGR during the forecast period. This is owing to huge volumes of data generated and processed in a vehicle.
- The software segment held a significant share in 2021. This is attributable to increasing improvements in information storage capacity, parallel processing capabilities, and high computing power to deliver high-end AI software in dynamic end-use verticals.
- Asia Pacific is expected to grow at the fastest CAGR during the forecast period. China accounted for the largest share in APAC in 2021. This is attributable to the increasing investments in artificial intelligence and growing adoption of techniques such as machine learning, deep learning, and computer vision in emerging economies such as India, and China in the region. Furthermore, the increasing start-ups based on AI technology in the region along with increasing adoption of automation is also anticipated to support the regional growth of the market.
Some of the key players in the Automotive Artificial Intelligence Market include [object Object].
The increasing adoption of ADAS is anticipated to augment the growth of the Automotive Artificial Intelligence Market in the years to come. This is attributable to the advancement in technologies such as sensors, software algorithms, cameras, processors, and mapping has improved the capability of ADAS in vehicles and ADAS assist drivers with the use of artificial intelligence and other technologies. The implementation of cameras involves an AI function that utilizes sensor fusion in order to process and identify objects. Sensor fusion combines large amounts of data with image recognition software, ultrasound sensors, lidar, and radar. This technology responds faster compared to a human driver and it can analyze streaming video in real-time, and determine how to react to it. Additionally, with rising concerns of the safety and security of vehicles to reduce the percentage of road fatalities, most of the automotive manufacturers are incorporating ADAS in their vehicles, thus fuelling the market growth in the years to come. Furthermore, the rising car sales across the globe due to the rapid industrialization, urbanization, increasing disposable income of the consumers, and advancement of technologies is also anticipated to support the growth of the market within the estimated timeframe.
However, the rising government and compliance issues and increase in the overall cost of a vehicle along with a growing threat to the cyber security of vehicles are expected to hamper the growth of the market in the years to come. Moreover, increasing demand for premium segment vehicles and implementation of technologies such as sensor fusion along with the rising trend of autonomous vehicles are expected to create immense opportunities for the growth of the market within the forecast period.
North America held the largest shares in 2021. The US held the largest share in North America for the Automotive Artificial Intelligence Market. This is attributable to the favorable government initiatives in the automotive industry in the region. Furthermore, an increase in the adoption of autonomous cars is also expected to fuel the regional growth of the market. Additionally, the presence of key technology firms along with the rising in per capita income of the consumers is also expected to support the growth of the Automotive Artificial Intelligence Market in the region.
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