Global Automotive Voice Recognition System Market Growth Rate 2024, Forecast To 2033
8 Mar, 2024
The automotive voice recognition system market has grown rapidly, with a valuation of $2.51 billion in 2023 and $2.88 billion in 2024 at a CAGR of 14.6%, attributed to growing focus on driver safety and integration with smart devices. Anticipated to see rapid growth, the market is expected to reach $4.8 billion in 2028 at a CAGR of 13.7%, driven by advancements in natural language processing and increasing demand for multilingual support. Major trends include integration of artificial intelligence and biometric authentication.
Global Automotive Voice Recognition System Market Key Driver
The increasing adoption of vehicles is expected to boost the growth of the automotive voice recognition system market going forward. A vehicle is a machine with an engine that transports people or stuff from one location to another. Car owners use automotive voice recognition systems for hands-free comfort, safety, and around-the-clock connectivity. For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), the leading lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021. Further, Chinese automakers had 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the increasing adoption of vehicles is driving the growth of the automotive voice recognition system market.
Get A Free Sample Of The Global Automotive Voice Recognition System Market ReportGlobal Automotive Voice Recognition System Market Segments
The automotive voice recognition system market covered in this report is segmented –
1) Level Of Autonomous:Autonomous, Conventional, Semi-Autonomous
2) Technology:Embedded, Cloud-Based, Hybrid
3) Fuel Type:Internal Combustion Engine (ICE), Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plug-In Electric Vehicles (PEV)
4) Application:Artificial Intelligence, Non-Artificial Intelligence
5) End User:Economy Vehicles, Mid-Priced Vehicles, Luxury Vehicles
By Geography: The countries covered in the automotive voice recognition system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the automotive voice recognition system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive voice recognition system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Automotive Voice Recognition System Industry Players
Volkswagen AG; Toyota Motor Corporation; Bayerische Motoren Werke AG; Honda Motor Co. Ltd.; Ford Motor Company; Hyundai Motor Company; Robert Bosch GmbH; Nissan Motor Co. Ltd.; LG Electronics; Panasonic Corporation; International Business Machines Corporation; Kia Motors Corporation; Mitsubishi Electric Corporation; AISIN SEIKI Co. Ltd.; Valeo SA; NXP Semiconductors N.V.; Harman International; Visteon Corporation; Cadence Design Systems Inc.; iFLYTEK Corporation; Nuance Communications Inc.; Knowles Corporation; Cerence Inc.; Continental AG; Sensory Inc.; SoundHound AI Inc.; Kardome Technologies Ltd.; Lumenvox
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Automotive Voice Recognition System Market Overview
An automotive voice recognition system, or voice-activated system, refers to a technology that can decode human speech and allows the driver to speak commands. It is used to prevent distractions from operating the infotainment system while driving.