What Is The Definition Of The Global AI In Automotive And Transportation Market?
AI in automotive and transportation refers to incorporating artificial intelligence technologies into automobiles and transportation systems to improve safety, efficiency, and user experience. It makes vehicles smarter and safer by enabling features such as self-driving, predictive maintenance, and personalized user experiences.
AI In Automotive And Transportation Global Market Report 2024 provides data on the global ai in automotive and transportation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ai in automotive and transportation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global AI In Automotive And Transportation Market Projected?
The AI market within automotive and transportation has grown rapidly, increasing from $9.93 billion in 2023 to $11.88 billion in 2024 at a CAGR of 19.7%. Historical growth was fueled by advancements in sensor technologies, the emergence of connected vehicles, progress in machine learning, industry collaborations, and a shift toward mobility services. Looking forward, the market is expected to reach $24.57 billion by 2028 at a CAGR of 19.9%, driven by investments in autonomous driving, the rise of electric and connected vehicles, urbanization, smart city initiatives, and consumer demand for safer, more convenient transportation. Future trends include AI integration with vehicle-to-everything communication, edge computing, data monetization, urban air mobility, and innovations in human-machine interaction.
What Are The Primary Growth Drivers In The AI In Automotive And Transportation Market?
The rising demand for autonomous vehicles is anticipated to propel growth in the AI for automotive and transportation market. Autonomous vehicles, equipped with advanced sensors, cameras, and AI technology, are designed to operate without human intervention, offering improved safety, convenience, and efficiency. AI facilitates real-time analysis of sensor data and decision-making in autonomous vehicles, enabling them to navigate safely and efficiently. For instance, the Insurance Institute for Highway Safety projected in December 2022 that 3.5 million autonomous vehicles would be on American roads by 2025, increasing to 4.5 million by 2030. Consequently, the growing demand for autonomous vehicles is driving advancements in AI for automotive and transportation.
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What Is The Segmentation Of The Global AI In Automotive And Transportation Market?
The AI in automotive and transportation market covered in this report is segmented –
1) By Offering: Hardware, Software
2) By Technology: Machine Learning, Natural Language Processing, Computer Vision, Context-aware Computing, Other Technologies
3) By Application: Human Machine Interface, Driver Monitoring, Driver Or Identity Authentication, Autonomous Driving Processing Chips, Intelligent Traffic Management System
What Emerging Trends Are Shaping The AI In Automotive And Transportation Market Landscape?
Leading companies in the AI-driven automotive and transportation sectors are developing advanced products, such as AI-powered vehicle search tools, to improve their market position. Vehicle search tools are electronic devices or software used to diagnose and interface with vehicle control modules. For instance, in February 2024, Rodo, a US-based automotive tech company, launched an AI-powered vehicle search tool. This innovative platform provides personalized and competitive pricing insights, simplifying the vehicle search process. Using AI, the tool quickly delivers results based on customer queries, replicating the in-store experience with real-time responses and smarter vehicle discovery.
Which Region Has The Fastest Expansion In The AI In Automotive And Transportation Market?
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.
