PUBLISHER: The Business Research Company | PRODUCT CODE: 1509573
PUBLISHER: The Business Research Company | PRODUCT CODE: 1509573
AI in automotive and transportation involves integrating artificial intelligence technologies into vehicles and transportation systems to enhance safety, efficiency, and user satisfaction. This integration empowers vehicles with intelligence, enabling functionalities such as self-driving capabilities, predictive maintenance, and personalized user experiences.
The primary offerings in AI for automotive and transportation comprise hardware and software components. Hardware encompasses the physical elements of vehicles and infrastructure, including sensors, processors, and computing units, utilized for data collection and processing in AI applications. This hardware incorporates various technologies such as machine learning, natural language processing, computer vision, context-aware computing, among others. Its applications span human-machine interfaces, driver monitoring, driver or identity authentication, autonomous driving processing chips, and intelligent traffic management systems.
The AI in automotive and transportation market research report is one of a series of new reports from The Business Research Company that provides AI in automotive and transportation market statistics, including AI in automotive and transportation industry global market size, regional shares, competitors with a AI in automotive and transportation market share, detailed AI in automotive and transportation market segments, market trends and opportunities, and any further data you may need to thrive in the AI in automotive and transportation industry. This AI in automotive and transportation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The AI in automotive and transportation market size has grown rapidly in recent years. It will grow from $9.93 billion in 2023 to $11.88 billion in 2024 at a compound annual growth rate (CAGR) of 19.7%. The historical period's growth can be attributed to advancements in sensor technology, the proliferation of connected vehicles, progress in machine learning and deep learning capabilities, collaborative efforts and partnerships within the industry, and a transition towards mobility services.
The AI in automotive and transportation market size is expected to see rapid growth in the next few years. It will grow to $24.57 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%. The growth in the forecast period can be attributed to autonomous driving research and development, the rise of electric and connected vehicles, urbanization and smart cities, global megatrends and economic factors, and consumer demand for safety and convenience. Major trends in the forecast period include integration of AI with v2x communication, edge computing for AI, data monetization opportunities, urban air mobility (UAM) integration, and human-machine interaction (HMI) innovation.
The rising demand for autonomous vehicles is set to drive the future growth of the AI in automotive and transportation market. Autonomous vehicles, equipped with sensors, cameras, and AI technology, can operate and navigate without human intervention. Their increasing demand stems from the potential to enhance safety, convenience, and efficiency in transportation. AI in autonomous vehicles facilitates real-time perception of surroundings through sensor data analysis and decision-making, enabling safe and efficient navigation without human involvement. For instance, a report published by the Insurance Institute for Highway Safety in December 2022 projects that American roads will accommodate 3.5 million autonomous vehicles by 2025 and 4.5 million by 2030. Hence, the growing demand for autonomous vehicles propels the expansion of the AI in automotive and transportation market.
Key players in the AI in automotive and transportation sector are innovating technologically advanced products, such as vehicle search tools, to gain a competitive edge. Vehicle search tools, comprising electronic devices or software, diagnose, reprogram, and interface with vehicle control modules in the automotive and transportation industries. For example, in February 2024, Rodo, a US-based automotive technology company, introduced an AI-powered vehicle search tool. This groundbreaking solution transforms vehicle searches, offering unmatched convenience and simplicity by providing customers with precise insights into competitively priced vehicles online. It delivers instant, personalized results and competitive pricing, replicating the in-store interaction between customers and salespersons. Leveraging its AI technology, the platform addresses specific customer queries, ensuring immediate results and offering a smarter, faster vehicle discovery experience.
In January 2024, Stellantis N.V., a Netherlands-based automobile corporation, acquired artificial intelligence and machine learning technology, along with intellectual property rights and patents, from CloudMade for an undisclosed sum. Through this acquisition, Stellantis aims to reinforce its software strategy and expedite the development of its STLA smart cockpit, striving to create intelligent mobility solutions swiftly and flexibly to digitally integrate vehicles and drivers. CloudMade, a UK-based provider of AI in automotive and transportation, adds strategic value to Stellantis' objectives.
Major companies operating in the AI in automotive and transportation market are Alphabet Inc., Toyota Motor Corporation, Microsoft Corporation, Bayerische Motoren Werke AG, Robert Bosch GmbH, Tesla Inc., Siemens AG, Intel Corporation, International Business Machines Corporation (IBM), AUDI AG, Denso Corporation, Qualcomm Technologies Inc., Continental AG, Uber Technologies Inc., Micron Technology Inc., Volvo Cars, NVIDIA Corporation, Valeo SA, Harman International, Otto GmbH, Scania AB, Argo AI LLC, CarVi Inc., Arbe Robotics Ltd., Visteon Corporation.
North America was the largest region in the AI in automotive and transportation market in 2023. The regions covered in the ai in automotive and transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the AI in automotive and transportation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The AI in automotive and transportation market consists revenues earned by entities by providing services such as smart navigation, traffic management, fleet management, and vehicle diagnostics. The market value includes the value of related goods sold by the service provider or included within the service offering. The AI in automotive and transportation market also includes of sales of advanced driver assistance systems, in-vehicle infotainment systems, predictive maintenance solutions, traffic management systems, and energy management systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
AI In Automotive And Transportation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on AI in automotive and transportation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for AI in automotive and transportation? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The AI in automotive and transportation market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.