by on February 16, 2024
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The Artificial Intelligence in Automotive market involves the integration of artificial intelligence capabilities into vehicles and automotive systems. AI helps cars perceive their environment and navigate road situations with more autonomous functions. With AI, cars can process massive amounts of data from sensors to detect objects and obstacles, as well as predict behaviors and detect anomalies. This enhances safety features like automatic emergency braking and lane keeping assist. In addition, AI powers infotainment systems with capabilities like voice assistance, navigation with real-time traffic updates. AI also enables predictive maintenance by monitoring vehicle performance data to predict component issues.

The Global Artificial Intelligence In Automotive Market Size is estimated to be valued at US$ 10.72 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2030.

Key Takeaways
- Key players operating in the Artificial Intelligence in Automotive are BMW AG, AUDI AG, Intel Corporation, Tesla Inc, Uber Technologies, Volvo Car Corporation, Honda Motors, Ford Motor Company, NVIDIA Corporation, Tencent, Microsoft.
- Growing demand for advanced driver-assistance systems (ADAS) features like adaptive cruise control, automatic emergency braking, and parking assistance is driving the adoption of AI.
- Technological advancements in AI, ML and deep learning are enabling more autonomous driving capabilities. Automakers are increasingly integrating AI technologies in advanced driver assistance, infotainment, predictive maintenance.

Market Trends
- Increased focus on autonomous driving - Major automakers are developing self-driving cars and investing heavily in AI and computer vision technologies required for autonomous vehicles.
- Integration with IoT and cloud computing - Automakers are combining AI with IoT, enabling connectivity between vehicles and the ability to run advanced algorithms on cloud platforms.

Market Opportunities
- Demand for predictive maintenance using AI - AI can predict component failures by monitoring performance data, reducing downtime and repair costs.
- Growth in electric vehicles - As EVs see more adoption, AI will play a major role in battery management, energy optimization anddriver experience.

Impact of COVID-19 on Artificial Intelligence in Automotive Market

The COVID-19 pandemic has significantly impacted the artificial intelligence in automotive market. During the initial months of lockdowns globally, production and sales of automobiles were severely disrupted. This led to reduced demand for AI technologies used in self-driving vehicles, predictive maintenance, infotainment systems etc. However, as economies are restarting gradually, the automotive sector is also witnessing recovery signs. Major automakers are accelerating digital transformation initiatives and investing more in AI to enhance safety, connectivity and personalization in vehicles.

The pandemic has further highlighted the importance of advanced driver assistance technologies. More automakers are working on improving autonomous driving capabilities of vehicles to reduce virus transmission risks between passengers and drivers. AI will play a crucial role in managing vehicle functions without human intervention. For testing and validation of self-driving systems, companies are relying more on simulations and virtual testing methods. AI demand is also increasing for computer vision applications to detect driver distraction or drowsiness while following social distancing norms.

Post pandemic, autonomous mobility services and vehicle sharing are expected to gain more prominence. AI will be indispensable for fleets of unmanned vehicles operated by ridesharing and delivery companies. With growing preference for personal mobility options, advances in AI for semi-autonomous and autonomous driving features will help revival of automobile sales. Automakers need to fast track their AI strategy and plans to swiftly adapt to the new market dynamics in the post COVID times.

In terms of value, the artificial intelligence in automotive market in North America accounted for the largest share of more than 30% in 2024. This can be attributed to presence of major technology players and automakers in countries like the US and Canada who are investing heavily in developing self-driving vehicles. However, the Asia Pacific region is expected to witness the highest growth during the forecast period owing to rising automobile production and sales in China and India. Governments in Asia are also supporting application of AI, 5G and IoT in transport sector to boost economic growth.

Get More Insights on This Topic: https://www.pressreleasebulletin.com/artificial-intelligence-in-automotive-market-demand-growth-and-regional-outlook-by-2030/

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