What are the Historical Developments and Current Growth Metrics of the AI in Automotive And Transportation Market?
The ai in automotive and transportation market has seen considerable growth due to a variety of factors.
• The AI in automotive and transportation market is expected to grow from $11.88 billion in 2024 to $14.28 billion in 2025 at a CAGR of 20.2%.
The growth is driven by advances in sensor technology, the rise of connected vehicles, machine learning, partnerships, and a shift toward mobility services.
What Is The Projected Growth Of The AI in Automotive And Transportation Market?
The ai in automotive and transportation market is expected to maintain its strong growth trajectory in upcoming years.
• The AI in automotive and transportation market is projected to reach $29.43 billion by 2029, with a CAGR of 19.8%.
The growth is driven by autonomous driving research, the rise of electric and connected vehicles, smart cities, and the demand for safety and convenience. Trends include AI integration with V2X communication, edge computing, data monetization, urban air mobility, and HMI innovation.
Which Key Drivers Are Propelling The AI in Automotive And Transportation Market's Growth?
The rising demand for autonomous vehicles is expected to drive the AI in automotive and transportation market. Autonomous vehicles use sensors, cameras, and AI technology to operate without human input. The demand for these vehicles is growing due to their potential to enhance safety, convenience, and transportation efficiency. AI enables real-time perception and decision-making in autonomous vehicles. For instance, in December 2022, the Insurance Institute for Highway Safety projected that 3.5 million autonomous vehicles would be on American roads by 2025 and 4.5 million by 2030. This growing demand for autonomous vehicles is driving the AI in automotive and transportation market.
What Are The Principal Market Segments In The Global AI in Automotive And Transportation Industry?
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
Subsegments:
1) By Hardware: Sensors (LiDAR, Cameras, Radar), Processing Units (AI Chips, Embedded Systems), Actuators, Connectivity Modules (V2X Communication Devices), Power Management Devices
2) By Software: AI-Based Algorithms (Machine Learning Models For Perception, Decision-making), Autonomous Driving Software, Simulation Software, Data Analytics Software, Fleet Management And Optimization Software, Cloud-Based AI Platforms
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Which Emerging Market Trends Are Altering The AI in Automotive And Transportation Industry?
Companies in the AI in automotive and transportation sectors are introducing innovative products like AI-powered vehicle search tools to gain a market advantage. For example, in February 2024, Rodo, a US-based automotive technology company, introduced an AI-powered vehicle search tool designed to simplify the car-buying process. The tool offers customers precise and personalized results, replicating in-store interactions with a salesperson, helping users find competitively priced vehicles online with AI-driven insights.
Who Are the Key Players In The AI in Automotive And Transportation Market?
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
What Are The Regional Insights Into 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.
