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Automotive Artificial Intelligence Market Size, Share, Industry Trends and Forecast to 2030

Automotive Artificial Intelligence Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.

  • Published date -30th Jan 2024

  • Formats -PDF, CSV

  • Region -Global

Automotive Artificial Intelligence market share by regions

Automotive Artificial Intelligence market share by regions
Automotive Artificial Intelligence market growth chart

Automotive Artificial Intelligence Market Size & CAGR in 2021

The global automotive artificial intelligence market is projected to have a growth rate of 35.2% CAGR from 2021 to 2026. The market is expected to reach a value of USD 10.3 billion by the end of 2026. This substantial growth is attributed to the increasing demand for connected vehicles, autonomous driving technology, and AI-powered solutions in the automotive industry.

COVID-19 Impact on the Automotive Artificial Intelligence Market

The COVID-19 pandemic has significantly impacted the automotive artificial intelligence market. The lockdown measures and supply chain disruptions caused a temporary slowdown in the market in 2020. However, the market quickly recovered as automotive manufacturers implemented AI-driven solutions to enhance safety, efficiency, and customer experience in their vehicles. The pandemic accelerated the adoption of AI technology in the automotive sector.

Automotive Artificial Intelligence Dynamics

The automotive artificial intelligence market is driven by the increasing demand for autonomous vehicles, the integration of AI in connected vehicles, and the focus on enhancing driver assistance systems. AI technology is being used to improve vehicle performance, ensure safety and security, and provide personalized driving experiences. Major automotive players are investing heavily in AI research and development to stay ahead in the competitive market.

Segments and Related Analysis

The automotive artificial intelligence market is segmented based on technology, component, application, and region. In terms of technology, machine learning and deep learning are the key segments driving market growth. Components such as hardware, software, and services play a crucial role in the deployment of AI solutions in vehicles. Applications of AI in automotive include autonomous driving, driver assistance, predictive maintenance, and vehicle customization.

By Region Analysis

The automotive artificial intelligence market is analyzed regionally, with North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa being the key regions. North America leads the market in terms of AI adoption in vehicles, followed by Europe and Asia Pacific. The market in Latin America and the Middle East & Africa is also growing due to increasing investments in AI technology by automotive manufacturers.

Key Market Players and Competitive Landscape

The automotive artificial intelligence market is highly competitive, with key players including NVIDIA Corporation, Intel Corporation, Alphabet Inc., IBM Corporation, and Microsoft Corporation. These companies are focusing on developing AI-powered solutions for vehicles to stay competitive in the market. Strategic partnerships, acquisitions, and product launches are common practices among market players to expand their market presence.

Recent Happenings in the Automotive Artificial Intelligence Market

1. In September 2021, NVIDIA announced the launch of its DRIVE Hyperion platform, a comprehensive solution for autonomous driving technology powered by AI. 2. In December 2021, Intel collaborated with BMW to develop AI-based solutions for advanced driver assistance systems in BMW vehicles. 3. Alphabet's subsidiary Waymo expanded its autonomous driving fleet in various cities, showcasing the advancements in AI technology for self-driving cars. 4. IBM introduced its Watson AI technology for automotive manufacturers to enhance vehicle diagnostics and predictive maintenance capabilities. 5. Microsoft partnered with Ford to deploy AI solutions for connected vehicles, focusing on customer experience and in-car entertainment.

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