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Sunday, May 26, 2024

Artificial Intelligence in Automotive Market Set to Reach US$ 744.39 Billion by 2033 with a Staggering 55% CAGR from 2023 | Future Market Insights, Inc.

Last updated Thursday, September 14, 2023 20:44 ET , Source: Future Market Insights, Inc.

Newark, United States, 09/14/2023 / Future Market Insights, Inc. /

Artificial intelligence (AI) in the automotive market is expected to achieve a robust CAGR of 55% from 2023 to 2033. It is projected to reach a market share of US$ 9.3 billion in 2023 and is anticipated to grow to US$ 744.39 billion by 2033.

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AI in Automotive Market Trends:

  • Advanced vehicles with self-driving and fully autonomous transmissions are in high demand. Hence, the AI-integration vendors are working on personalized solutions, fueling the demand for Artificial Intelligence (AI) in automotive.
  • The integration of AI units follows the rising demand for EVs and hybrid vehicles, as they enhance operational capability, deliver ease, and protect the vehicle through park-guided systems.
  • The Advanced Driver Assistance Systems (ADAS), level 2, is becoming popular among automotive enthusiasts, further extending the research and development of ADAS integration.
  • The new car builders are delivering OEM-based AI chips that work on different functions of a vehicle. From AC, lights, and cruise control to guided parking and autonomous driving systems, AI supports each component.
  • The restoration of the automotive industry, coupled with the high-end AI and machine learning set-up, is fueling the demand for Artificial Intelligence (AI) in automotive. Advanced automatic emergency braking is regulated through AI chips.
  • The passive and active safety systems are specially designed to prevent human error while operating vehicles.

“AI in automotive is driving innovation in the automotive industry. Artificial intelligence technologies are revolutionizing vehicle safety, autonomous driving, and in-car experiences, reshaping the future of transportation and mobility.” – Lead Research Analyst, Future Market Insights.

Key Points

  1. The United States market is another significant market. The market growth is attributed to EV giants like Tesla, which delivers advanced AI and ML integration. The increased acceptance of autonomous and self-driving vehicles is fueling the sales of AI in the automotive
  2. Artificial intelligence (AI) in the automotive market in China is another significant market. The growth is attributed to the expanded manufacturing units, high-end research, and advanced experimentation.
  3. with its environmental compliance, Europe adopts EVs and Hybrid Vehicles, which further fuels the demand for AI-integration prospects.
  4. The software segment will likely thrive in the component category due to the common application and automotive implementation. It is expected to hold a value of US$ 200 billion by 2033.
  5. The fully autonomous segment tops the application category with an anticipated value of US$ 30 billion by 2033. The growth is attributed to the advent of self-driving assistance systems.

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Competitive Landscape

The key competitors focus on inclusivity while adding sensors and intelligent software to enhance the guided systems. Companies follow the artificial intelligence innovation with the key competitors and merge, acquire, and partner with other companies to increase the network range, connectivity, supply chain, and distribution channel.

Top Companies in AI in Automotive Market:

The key players in the market are:

  • BMW AG
  • AUDI AG
  • Intel Corporation
  • Tesla Inc
  • Uber Technologies
  • Volvo Car Corporation
  • Honda Motors
  • Ford Motor Company
  • NVIDIA Corporation
  • Tencent

Recent Market Developments

  • Ford Motor Co is the leading patent filer for the neural network for radar-LiDAR. The company operates with Baidu in China to implement AI technology in automotive.
  • A technology company, Aptiv, is promoting enhanced automated vehicles that are loaded with AI-based sensors, cameras, and other components.

Key Segments

By Component:

  • Hardware
  • Software
  • Services

By Technology:

  • Computer Vision
  • Context Awareness
  • Deep Learning
  • Machine Learning
  • Natural Language Processing (NLP)

By Process:

  • Data Mining
  • Image/signal Recognition

By Application:

  • Semi-autonomous vehicles
  • Fully-autonomous Vehicles

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific (APAC)
  • The Middle East & Africa (MEA)

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore FMI’s Comprehensive Coverage of the Automotive Landscape

ADAS Market Size is expected to grow at a CAGR of 9.6% during the forecast period and is anticipated to reach a valuation of US$ 131 billion by 2032.

Autonomous Vehicles Market Share is estimated to grow at a CAGR of 8.7% between 2023 and 2033, ultimately reaching around 70,331.5 million by 2033.

Automotive Imaging Radar Market Growth is expected to hold a value of US$ 10.1 billion by the end of 2023, while it is likely to cross US$ 84.11 billion by 2033.

About Future Market Insights (FMI) 

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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The post Artificial Intelligence in Automotive Market Set to Reach US$ 744.39 Billion by 2033 with a Staggering 55% CAGR from 2023 | Future Market Insights, Inc. appeared first on Future Market Insights.

Original Source of the original story >> Artificial Intelligence in Automotive Market Set to Reach US$ 744.39 Billion by 2033 with a Staggering 55% CAGR from 2023 | Future Market Insights, Inc.