WASHINGTON, March 22, 2022 (GLOBE NEWSWIRE) — According to a new market research report ” Automotive Artificial Intelligence Market Size, Share & Trends Analysis Report by Offering (Hardware, Software), by Technology (Deep Learning, Machine Learning, Context Awareness, Computer Vision), by Process (Signal Recognition, Image Recognition, Data Mining), by Application (Human–Machine Interface, Semi-autonomous Driving, Autonomous Driving), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”, published by Vantage Market Research, the global post COVID-19 market size of the Automotive Artificial Intelligence Market is expected to grow from USD 1,498.30 Million in 2021 to USD 7,676.92 Million by 2028 at a CAGR of 31.30% during the forecast period.
Artificial intelligence (AI) is a cutting-edge computer science technology. It shares similarities with human intelligence in terms of language comprehension, reasoning, learning, problem solving. In the development and revision of technology, market manufacturers face enormous intellectual challenges during the forecast period. Furthermore, the expansion of the automotive industry is expected to drive the Automotive Artificial Intelligence Market during the forecast period. The automotive industry has recognized the potential of artificial intelligence and is one of the major industries that employs AI to augment and mimic human action which is the major factor driving the growth of Automotive Artificial Intelligence Market during the forecast period. The growing demand for self-driving cars, as well as a preference for enhanced user experience and convenience features, are propelling the Automotive Artificial Intelligence Market forward during the forecast period. A rise in demand for premium vehicles, on the other hand, is expected to provide the market with high-paying growth opportunities in upcoming years. On the other hand, the threat of hackers and the rise in cybercrime are expected to limit market growth during the forecast period.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Automotive Artificial Intelligence market is predicted to grow at a CAGR of roughly 31.30% during the forecast period.
- The Automotive Artificial Intelligence market was estimated to be worth roughly USD 1,498.30 Million in 2021 and is expected to reach USD 7,676.92 Million by 2028; based on primary research.
- On the basis of region, Asia-Pacific is projected to dominate the worldwide Automotive Artificial Intelligence market.
List of Prominent Players in the Automotive Artificial Intelligence Market:
- NVIDIA Corporation (US)
- Alphabet Inc. (US)
- Intel Corporation (US)
- IBM Corporation (US)
- Microsoft Corporation (US)
- Harman International Industries Inc. (US)
- Xilinx Inc. (US)
- Qualcomm Inc. (US)
- Tesla Inc. (US)
- Volvo Car Corporation (Sweden)
- BMW AG (Germany)
- Audi AG (Germany)
- General Motors Company (US)
- Ford Motor Company (US)
- Toyota Motor Corporation (Japan)
- Hyundai Motor Corporation (South Korea)
- Uber Technologies Inc. (US)
- Honda Motor Co. Ltd. (Japan)
- Daimler AG (Germany)
- Didi Chuxing (China)
- AI motive (Hungary)
- Nauto Inc. (US)
- Nu Tonomy (US)
- Argo AI (US)
- drive.ai (US)
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Autonomous vehicles are gaining popularity around the world due to features such as automatic parking, self-driving, autopilot, and others that reduce human effort while driving. Furthermore, such autonomous vehicles are supported by some of the most technologically advanced companies, including Nvidia, Intel, and Tesla, and thus the likelihood of failure is low. Tesla’s autopilot system, for example, is one of the most advanced systems available in the Automotive Artificial Intelligence Market, with features such as keeping the vehicle within a lane while driving, auto changing lanes when necessary, self-parking, are the major factors driving the growth of Automotive Artificial Intelligence Market in the upcoming years.
Autonomous vehicles have made consumers’ lives safer and more convenient. However, manufacturers face certain threats related to security and privacy concerns, such as personal data security, cyber-attacks, and driver distractions which are the major factors hindering the growth of the market. For instance, approximately 1.4 million Fiat Chrysler vehicles were recalled in the United States due to a flaw in their dashboard computers that allowed hackers to disable the vehicle. Similarly, white hat hackers were successful in inserting malware into the Tesla car’s system.
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Among other regions, Asia Pacific region acquires the largest market share with steady growth over the forecast period. Increased sales of luxury passenger vehicles in the region, increased consumer positive perception of AI, and increased consumer disposable income are expected to drive market growth during the forecast period. Several other instances, similar to the ones mentioned above, point to the positive growth of the Asia Pacific Automotive Artificial Intelligence Market in years to come. Furthermore, growing adoption of intelligent-based solutions for automating operations, as well as increased digitalization, are all contributing to market growth in this region. Besides, North America had a substantial share in the market due to developed economy and early adoption of technology Increased adoption of electric and self-driving cars, increased implementation of driver-assist technologies such as voice command and ADAS systems, and increased consumer per capita income are expected to drive market growth in the coming years.
Europe is expected to account for a significant share of the market and to grow rapidly over the forecast period, driven by factors such as increased demand for convenience features such as advanced driver assistance systems (ADAS) and adaptive cruise control (ACC) in semi-autonomous vehicles, increased adoption of electric vehicles, and the presence of major market players in the region.
- In May 2021, Didi Chuxing has announced a strategic partnership with Volvo Cars on self-driving vehicles for DiDi’s test fleet. Volvo Cars’ autonomous drive-ready XC90 vehicles will be the first to feature DiDi Gemini, a new self-driving hardware platform outfitted with NVIDIA DRIVE AGX Pegasus. These vehicles, which are outfitted with DiDi’s Gemini self-driving hardware platform, will eventually be used in robotaxi services.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on “Automotive Artificial Intelligence Market Size, Share & Trends Analysis Report by Offering (Hardware, Software), by Technology (Deep Learning, Machine Learning, Context Awareness, Computer Vision), by Process (Signal Recognition, Image Recognition, Data Mining), by Application (Human–Machine Interface, Semi-autonomous Driving, Autonomous Driving), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/automotive-artificial-intelligence-market-market-503877
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Automotive Artificial Intelligence Market?
- How will the Automotive Artificial Intelligence Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Automotive Artificial Intelligence Market?
- What is the Automotive Artificial Intelligence market drivers and restrictions?
- What will be the CAGR and size of the Automotive Artificial Intelligence Market throughout the forecast period?
The report on the Automotive Artificial Intelligence Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
This market titled “Automotive Artificial Intelligence Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
|Market Size in 2021||USD 1,498.30 Million|
|Projected Market Size in 2028||USD 7,676.92 Million|
|CAGR Growth Rate||CAGR of 31.30% From 2022 – 2028|
|Market Size Provided for Years||2016-2028|
|Segments Covered||• Offering
• Deep Learning
• Machine Learning
• Context Awareness
• Computer Vision
• Natural Language Processing
• Signal Recognition
• Image Recognition
• Data Mining
• Human–Machine Interface
• Semi-autonomous Driving
• Autonomous Driving
|Region & Counties Covered||• North America
• Rest Of Europe
• Asia Pacific
• South Korea
• South East Asia
• Rest Of Asia Pacific
• Latin America
• Rest Of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest Of Middle East & Africa
|Companies Covered||• NVIDIA Corporation (US)
• Alphabet Inc. (US)
• Intel Corporation (US)
• IBM Corporation (US)
• Microsoft Corporation (US)
• Harman International Industries Inc. (US)
• Xilinx Inc. (US)
• Qualcomm Inc. (US)
• Tesla Inc. (US)
• Volvo Car Corporation (Sweden)
• BMW AG (Germany)
• Audi AG (Germany)
• General Motors Company (US)
• Ford Motor Company (US)
• Toyota Motor Corporation (Japan)
• Hyundai Motor Corporation (South Korea)
• Uber Technologies Inc. (US)
• Honda Motor Co. Ltd. (Japan)
• Daimler AG (Germany)
• and Didi Chuxing (China)
• AI motive (Hungary)
• Nauto Inc. (US)
• nuTonomy (US)
• Argo AI (US)
• and drive.ai (US).
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
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