Fort Collins, Colorado, March 01, 2024 (GLOBE NEWSWIRE) -- The Automotive Artificial Intelligence Market size valued at USD 3.1 Billion in 2023 and is anticipated to reach USD 23.8 Billion by 2032 at a CAGR of 25.8%.
AI technologies have become integral to the automotive sector and are revolutionizing the driving experience by enhancing safety and performance. They are utilized in the production process and manufacturing technologies - from design and production planning to assembly and quality control - to optimize vehicle development and increase productivity. As a result of these advantages, the adoption of AI in the automotive industry is consistently on the rise.
The market growth is being fueled by the increasing demand for advanced assistive features and autonomous vehicles that promote mobility safety. Safety features have become a top priority for consumers, leading to a surge in demand for advanced driver assistance systems (ADAS) like automatic emergency braking, lane departure warning, and adaptive cruise control. These systems require the use of AI technology to function effectively.
Integrating AI in the automobile industry has led to a surge in market growth. The application of AI algorithms in vehicle design has allowed engineers to explore numerous design possibilities while optimizing components for better performance, reduced weight, and cost-effectiveness. AI-powered automation has streamlined workflows, enhanced supply chain management, and enabled quality inspection processes to become more efficient.
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Segmentation Overview:
The global automotive artificial intelligence market has been segmented into component, technology, process, application, and region. In 2023, computer vision systems held the largest market share due to their ability to analyze visual input from cameras and sensors, providing features such as object detection, lane tracking, and pedestrian recognition for connected vehicles. On the other hand, data mining, which involves processing a large volume of vehicle-generated data using AI to gain valuable insights, accounted for the greater market share in the same year. This technology can recognize hidden patterns and enhance the functioning of the AI system based on consumer behavior, with prominent players offering innovative solutions to consumers.
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Automotive Artificial Intelligence Market Report Highlights:
- The global automotive artificial intelligence market growth is anticipated at a CAGR of 25.8% by 2032.
- AI technologies are transforming the automotive industry by improving safety and performance. They're used throughout production to optimize vehicle development and increase productivity. The adoption of AI is growing due to the rising demand for advanced assistive features and autonomous vehicles that prioritize safety. These features require AI to function effectively. Integrating AI into the industry has led to market growth by streamlining workflows and making quality inspections more efficient.
- The Asia Pacific region is expected to have a significant market share. China, in particular, is leading the charge in technological development thanks to the growing demand for connected and autonomous vehicles in this area. The Chinese Government has issued strategies to develop autonomous vehicles by 2025.
- Some prominent players in the automotive artificial intelligence market report include Micron Technology, Inc, Uber Technologies Inc. (OTTO Motors), DiDi Chuxing Technology Co., Intel Corporation, Qualcomm Technologies, Tesla, Inc, International Business Machines Corporation (IBM), Xilinx Inc., BMW, Alphabet Inc., Nvidia Corporation, and Toyota Motor Corporation.
Industry Trends and Insights:
- NVIDIA and Google launched optimizations for Gemma, a new lightweight language model that can be run anywhere, reducing costs and speeding up work for domain-specific use cases.
- At a recent technical briefing session, Toyota announced new technologies to support its transformation into a mobility company.
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Automotive Artificial Intelligence Market Segmentation:
By Component: Hardware, Software and Services
By Technology: Machine Learning, Computer Vision, Context Aware Computing, Natural Language Processing and Others
By Process: Signal Recognition, Data Mining and Image Recognition
By Application: Autonomous Driving, Identity Authentication, Driver Monitoring, Human-Machine Interface and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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