The global automotive artificial intelligence market size was valued at $13.8 billion in 2022, and is projected to reach $405.3 billion by 2032, growing at a CAGR of 40.7% from 2023 to 2032.
Automotive artificial intelligence refers to the use of AI technology in automobiles to increase various aspects of the automobile system, including efficiency, safety, convenience, and to improve the overall driving experience. The automotive industry has witnessed the advent of artificial intelligence and is among the major industries that uses AI to augment and mimic the action of humans. Furthermore, emergence of modern automobile functions such as advanced driver assistance system (ADAS), adaptive cruise control (ACC), blind spot alert, autonomous driving, predictive maintenance, intelligent traffic management, and surge in demand for convenient features attract automotive manufacturers toward AI.
The automotive artificial intelligence market growth is driven by surge in demand for autonomous vehicles, growth in high-speed internet & 5G technology, and rise in demand for enhanced user experience & convenience features. However, factors such as a rise in security and privacy concerns and a stringent regulatory landscape are anticipated to hinder the market growth rate. Furthermore, the increase in demand for premium vehicles and growth in connected vehicle technology are forecasted to provide lucrative growth market growth opportunities.
In recent years, autonomous vehicles have gained popularity due to various additional features it offers such as self-driving, automatic parking, and a variety of other features. Autonomous vehicles minimize human efforts and make driving safer and more convenient. Moreover, major global companies such as Nvidia Corporation, Intel Corporation, and Tesla, Inc., have invested heavily in R&D for the development of the technology.
For instance, the Tesla, Inc. autopilot system has features such as keeping the vehicle within a lane while driving, auto changing the lanes whenever required, and self-parking, which is one of the most advanced systems available in the market currently. Moreover, autonomous vehicles are anticipated to reduce human intervention and are of vital importance in industries that have a shortage of manpower, especially in the transportation and logistics sector. This, in turn, is expected to drive the growth of the automotive artificial intelligence market.
Autonomous vehicles have made vehicle driving for consumers safe and convenient. However, there are certain threats that are faced by the manufacturers that are related to security and privacy concerns such as safety of personal data, cyber-attacks, and data breaches.
For instance, on May 12, 2023, Toyota Motor Corporation announced that due to a human error, the vehicle data of 2.15 million customers in Japan, or approximately the entire customer base that signed up for its primary cloud service platforms since 2012, had been publicly available. The data included vehicle location as well as identification numbers of vehicle devices. These types of instances of intruding on a customer’s privacy are some of the major restraints in the market.
Furthermore, the demand for premium luxury vehicles is driven by a rise in global standards of living and increase in disposable income among people. It is evident that the premium automobile market has seen an increase in sales recently, and as the majority of premium cars on the road now are equipped with artificial intelligence technology, there is an enormous amount of opportunity for expansion in artificial intelligence in the automotive market. The largest manufacturers of luxury automobiles include General Motors, BMW, Honda Motor Co., Ltd., Tesla, Inc., and others are continuously focusing on development of the technology to enhance AI features in their products.
The automotive artificial intelligence market is segmented on the basis of component, technology, application, and region. On the basis of component, the market is divided into hardware, software, and services. On the basis of technology, the market is classified into machine learning & deep learning, computer vision, natural language processing, and others. By application, the global market is segregated into semi-autonomous and autonomous. On the basis of the region, the market has been analyzed across North America, Europe, Asia-Pacific, and Latin America and Middle East and Africa.
Automotive artificial intelligence refers to the use of AI technology in automobiles to increase various aspects of the automobile system, including efficiency, safety, convenience, and to improve the overall driving experience. The automotive industry has witnessed the advent of artificial intelligence and is among the major industries that uses AI to augment and mimic the action of humans. Furthermore, emergence of modern automobile functions such as advanced driver assistance system (ADAS), adaptive cruise control (ACC), blind spot alert, autonomous driving, predictive maintenance, intelligent traffic management, and surge in demand for convenient features attract automotive manufacturers toward AI.
The automotive artificial intelligence market growth is driven by surge in demand for autonomous vehicles, growth in high-speed internet & 5G technology, and rise in demand for enhanced user experience & convenience features. However, factors such as a rise in security and privacy concerns and a stringent regulatory landscape are anticipated to hinder the market growth rate. Furthermore, the increase in demand for premium vehicles and growth in connected vehicle technology are forecasted to provide lucrative growth market growth opportunities.
In recent years, autonomous vehicles have gained popularity due to various additional features it offers such as self-driving, automatic parking, and a variety of other features. Autonomous vehicles minimize human efforts and make driving safer and more convenient. Moreover, major global companies such as Nvidia Corporation, Intel Corporation, and Tesla, Inc., have invested heavily in R&D for the development of the technology.
For instance, the Tesla, Inc. autopilot system has features such as keeping the vehicle within a lane while driving, auto changing the lanes whenever required, and self-parking, which is one of the most advanced systems available in the market currently. Moreover, autonomous vehicles are anticipated to reduce human intervention and are of vital importance in industries that have a shortage of manpower, especially in the transportation and logistics sector. This, in turn, is expected to drive the growth of the automotive artificial intelligence market.
Autonomous vehicles have made vehicle driving for consumers safe and convenient. However, there are certain threats that are faced by the manufacturers that are related to security and privacy concerns such as safety of personal data, cyber-attacks, and data breaches.
For instance, on May 12, 2023, Toyota Motor Corporation announced that due to a human error, the vehicle data of 2.15 million customers in Japan, or approximately the entire customer base that signed up for its primary cloud service platforms since 2012, had been publicly available. The data included vehicle location as well as identification numbers of vehicle devices. These types of instances of intruding on a customer’s privacy are some of the major restraints in the market.
Furthermore, the demand for premium luxury vehicles is driven by a rise in global standards of living and increase in disposable income among people. It is evident that the premium automobile market has seen an increase in sales recently, and as the majority of premium cars on the road now are equipped with artificial intelligence technology, there is an enormous amount of opportunity for expansion in artificial intelligence in the automotive market. The largest manufacturers of luxury automobiles include General Motors, BMW, Honda Motor Co., Ltd., Tesla, Inc., and others are continuously focusing on development of the technology to enhance AI features in their products.
The automotive artificial intelligence market is segmented on the basis of component, technology, application, and region. On the basis of component, the market is divided into hardware, software, and services. On the basis of technology, the market is classified into machine learning & deep learning, computer vision, natural language processing, and others. By application, the global market is segregated into semi-autonomous and autonomous. On the basis of the region, the market has been analyzed across North America, Europe, Asia-Pacific, and Latin America and Middle East and Africa.
The key companies profiled in the report include Nvidia Corporation, Alphabet Inc., Intel Corporation, IBM, Microsoft Corporation, BMW AG, Uber Technologies, Inc., Tesla, Inc., Toyota Motor Corporation, AB Volvo
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the automotive artificial intelligence market analysis from 2022 to 2032 to identify the prevailing automotive artificial intelligence market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the automotive artificial intelligence market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global automotive artificial intelligence market trends, key players, market segments, application areas, and market growth strategies.
Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Upcoming/New Entrant by Regions
- Go To Market Strategy
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- SWOT Analysis
Key Market Segments
By Component
- Hardware
- Software
- Services
By Technology
- Machine Learning and Deep Learning
- Computer Vision
- Natural Language Processing
- Others
By Application
- Semi-Autonomous
- Autonomous
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East And Africa
- Uber Technologies, Inc
- Tesla, Inc.
- Toyota Motor Corporation
- Nvidia Corporation
- Alphabet Inc
- Intel Corporation
- IBM
- Microsoft Corporation
- BMW AG
- AB Volvo
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTOMOTIVE ARTIFICIAL INTELLIGENCE MARKET, BY COMPONENT
CHAPTER 5: AUTOMOTIVE ARTIFICIAL INTELLIGENCE MARKET, BY TECHNOLOGY
CHAPTER 6: AUTOMOTIVE ARTIFICIAL INTELLIGENCE MARKET, BY APPLICATION
CHAPTER 7: AUTOMOTIVE ARTIFICIAL INTELLIGENCE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
Key Market Players in the Automotive Artificial Intelligence Market include:- Uber Technologies Inc
- Tesla Inc.
- Toyota Motor Corporation
- Nvidia Corporation
- Alphabet Inc
- Intel Corporation
- IBM
- Microsoft Corporation
- BMW AG
- AB Volvo
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 233 |
| Published | April 2024 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 13.8 billion |
| Forecasted Market Value ( USD | $ 405.3 billion |
| Compound Annual Growth Rate | 40.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
