Global Market Insights, Inc. added research on Artificial Intelligence in Automotive Market is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, market also includes an in-depth study of the industry’s competitive scenario.
Artificial Intelligence in Automotive Market is predicted to register substantial CAGR from 2019 to 2025 impelled by emergence of self-driving and connected vehicles. The rising adoption of the IoT helps connected vehicles to enhance convenience and safety for passengers by assisting them in navigating, auto-piloting, and self-parking.
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With fast-growing economies, massive population, and rising living standards in Asia Pacific (APAC), Artificial intelligence in automotive market is anticipated to grow at a high CAGR over the forecast period. Strong technical capabilities of countries in this region including Japan and South Korea along with established automakers of this region such as Honda Motor Company (Japan), Hyundai Motor Company (South Korea), and Toyota (Japan) are expected to blend together to build AI-powered autonomous vehicles in the coming years. AI applications are expensive, which may hinder the growth of Artificial intelligence in automotive market in China and India as these are cost-driven markets of this region.
AI is rapidly adopted in automotive manufacturing as it senses the working of its human counterparts to adjust their motions accordingly to avoid injuries. For instance, in October 2018, Kia Motors in partnership with Hyundai Vest Exoskeleton (H-VEX) started developing wearable industrial robots that will protect workers and provide strength & mobility to perform tenuous jobs. In addition, AI helps in moving materials around automotive plants without human interventions and identifying objects in the path to adjust their route accordingly. The adoption of AI in automotive manufacturing is driving the growth of Artificial intelligence in automotive market over the forecast period.
Artificial intelligence in automotive market is growing rapidly due to the emerging demand for autonomous vehicles. Autonomous vehicle configured with AI provides enhanced user experience and reduces human intervention. The AI in automotive insurance is fueling the growth of artificial intelligence in automotive market as AI helps in risk assessment in real-time as well as speeds up the process of filing claims when accidents occur.
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North America is expected to hold the largest market share in AI in automotive market over the forecast period due to the high level of funding from the government. For instance, in 2016, the U.S. government spent USD 4 billion to accelerate the acceptance of autonomous vehicles on its road. Automakers of this region such as Fiat-Chrysler Automotive, Ford Motor Company, and General Motor Company are upgrading their product portfolios to include advanced features such as auto-pilot, lane assist, self-parking, ADAS, adaptive cruise control, voice recognition system, and gesture recognition system
Deep learning technology is expected to be the fastest growing segment in the Artificial intelligence in automotive market as it helps in speech recognition, image processing, and data analysis in self-driving vehicles. For instance, Google is investing heavily in autonomous vehicles through the Waymo Project that uses deep learning technology to detect pedestrians in various situations.
The key market players of artificial intelligence in automotive market are Alphabet, Inc., Audi AG, BMW AG, Daimler AG, Didi Chuxing, Ford Motor Company, General Motors Company, Harman Industrial Industries, Inc., Honda Motor Co., Ltd., Hyundai Motor Corporation, IBM Corporation, Intel Corporation, Microsoft Corporation, Qualcomm, Inc., Tesla, Inc., Toyota Motor Corporation, Uber Technologies, Inc., Volvo Corporation, and Xilinx, Inc.
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