Automotive Artificial Intelligence Global Market Overview:
The Global Automotive Artificial Intelligence Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of Automotive Artificial Intelligence will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2027, which will be a surplus growth at a moderate CAGR during the projected period (2016 -2027).
The booming automotive industry is a constant source of driving demand in the automotive artificial intelligence market. With the emergence of cloud-hosted intelligence, driver assist features and internet of thing the market for automotive artificial intelligence is expected to witness significant growth in the near future. Additionally with major players in the automotive industry heavily investing in development of artificial intelligence for automobiles, the industry wide standard such as the adaptive cruise control, advanced driver assistance systems and blind spot alert would further trigger the growth in the automotive artificial intelligence market. Changing consumer preference towards convenience and safety provides an opportunity for original equipment manufacturers in the automotive AI market.
The Automotive Artificial Intelligence industry requires significant initial investment. High technological and capital requirement creates certain barriers for small players in the market to even exist. Availability of sophisticated technology in region such as North America and Europe has propelled the demand in the Automotive Artificial Intelligence market across regions. Existence of major manufacturers in these regions and partnerships with local players over time has deepened the scope of the market in these regions. Although of late there has been a significant influx of technology in the Asia-Pacific region the lack of major market players and significant infrastructure in has over time resulted in alienating certain geographies specifically the African and Middle East region.
These developing regions remains huge untapped market for the Automotive Artificial Intelligence market and market players alike. The sheer volume of untapped customer base alone in these region is a factor alone that acts as a major restraint for the market. Thus lack of existence of any major market player and initiative in these region is expected to act as a major hurdle for the Automotive Artificial Intelligence market.
Across the world, the demand for various factors such as high performance, high efficiency, increased safety, and security are increasing for different automotive applications. At the same time, when it comes to the actual purchase of a vehicle, consumers prefer a model having all of the above mentioned parameters but preferably at a lower cost (price). Due to changing consumer needs across global markets, rapid technological advancements are taking place in Automotive Artificial Intelligence industry to introduce differentiate products. While considering the above improvements, product pricing (low cost) is given a prominent weightage during initial development phase. This is a big challenge for the manufacturers as a lot of research and development (R&D) activities go into the new product development phase, which requires huge investments.
In the Automotive Artificial Intelligence Market, the gradually changing consumer preference has played a major role. Over time with the stabilization of socio economic conditions of individuals led to gradually increasing disposable income. With the rising disposable income individuals over time could afford to prioritize comfort. Over time consumers in the automotive industry focus on additional features such as climate control, pedestrian detection and blind sport detection along with the aesthetic features of the vehicle. Increasing preference towards comfort by individuals has resulted in a chain reaction of development of extension of existing products and features that focus on the comfort of the passengers rather than the mechanical performance of the vehicle.
Manufactures of the automotive industry have been able to tap in these additional revenue streams by adding these features in vehicles and in turn creating a significant market for the advanced driver assistance system market. Through technological development manufacturers are focusing on making such features more user friendly and thus pushing the demand in the Automotive Artificial Intelligence market.
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Qualcomm Inc. (US), Tesla Inc. (US), Volvo Car Corporation (Sweden), BMW AG (Germany), Audi AG (Germany), General Motors Company (US), Ford Motor Company (US), Toyota Motor Corporation (Japan), Hyundai Motor Corporation (South Korea), Uber Technologies Inc. (US) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Automotive Artificial Intelligence Market.
Industry/ Innovation/ Related News:
October, 2017– Tesla is working with AMD to develop its own A.I. chip for self-driving cars. Tesla is getting closer to having its own chip for handling autonomous driving tasks in its cars. The carmaker has received back samples of the first implementation of its processor and is now running tests on it, said a source familiar with the matter.
June, 2017 – Volvo Cars and Autoliv team up with NVIDIA to develop advanced systems for self-driving cars. Volvo Cars, the premium car maker, Autoliv, the world leading automotive safety company, and NVIDIA, the AI and visual computing company, are teaming up to develop advanced systems and software for self-driving cars.
April, 2017 – G.M. Expands Self-Driving Car Operations in Silicon Valley. In the race to develop self-driving cars, General Motors is expanding its operations near Silicon Valley. The automaker said on Thursday that it planned to hire 1,100 people and invest $14 million at a new development center in San Francisco that would spearhead the company’s work on self-driving cars.
Automotive Artificial Intelligence Market – Segmentation
The Global Automotive Artificial Intelligence Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Technology: Comprises Deep Learning, Machine Learning, Context Awareness, Computer Vision, Natural Language Processing.
Segmentation by Process: Comprises Signal Recognition, Image Recognition, Data Mining
Segmentation by Application: Comprises Human–Machine Interface, Semi-autonomous Driving, Autonomous Driving
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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Automotive Artificial Intelligence Market: Regional Analysis
By 2023, North America is expected to be the dominant region in the Automotive Artificial Intelligence market primarily due to the presence of major manufacturers in this region. In addition availability of sophisticated technology to develop artificial intelligence programs are much more easily accessible in this region as compared to others. Growing expectance of autonomous vehicles in the U.S. has significantly contributed towards the growth of the automotive artificial intelligence market in this region. Favorable government norms coupled with Ford Motor Company, General Motors, and Fiat-Chrysler Automotive leading the charge in the development of the artificial intelligence in automotive by constantly upgrading their product will have a positive impact on the market.
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