According to SPER Market Research, the Automotive Artificial Intelligence (AI) Market in the automobile industry ushers in a new era. The primary drivers of the global automotive AI market are the increasing demand for autonomous vehicles, the application of AI in traffic management, cutting-edge automotive technology, and government initiatives. However, the absence of infrastructure, expensive operational costs, and high procurement costs continue to remain roadblocks. Recently, the automobile sector has increased its use of AI.
The primary drivers of the global automotive AI market are the increasing demand for autonomous vehicles, the application of AI in traffic management, cutting-edge automotive technology, and government initiatives.
Automotive Artificial Intelligence (AI) Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 24.45%
- Forecast Market Size (2032): 20.50 billion
The market for artificial intelligence in the automotive industry has drastically decreased over the previous two years in the COVID-19 era. According to the International Organization of Motor Vehicle Manufacturers, the COVID-19 conundrum, for instance, resulted in a 16% decrease in global vehicle manufacturing in 2020. However, the market will grow significantly in the future years.
Impact of COVID-19 on the Automotive Artificial Intelligence Market
Over the last two years in the COVID-19 era, the market for artificial intelligence in the automotive industry has seen a severe decline. The COVID-19 initiative has sped up the adoption of artificial intelligence in key sectors, particularly the car industry. Including post-production, manufacturing, supply chain, design, production, driver assistance, and risk assessment systems, AI is effectively used throughout the automotive value chain. Despite relatively modest sales volume during the first year of the epidemic, the market is progressively gaining traction, according to market participants. Automakers have been forced to reevaluate their short-term plan for redefining automation in light of the COVID-19 outbreak.The market will, nevertheless, expand dramatically in the upcoming years.
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Automotive Artificial Intelligence Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2030. This report contains statistics on product type segment growth estimates and forecasts.
By Level of Autonomy:
- Level 1
- Level 2
- Level 3
- Level 4
- Machine Learning
- Natural Language Processing
- Computer Vision
By Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
- Single Recognition
- Image Recognition
- Data Mining
- Human Machine Interface
- Autonomous Driving
- North America
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Automotive Artificial Intelligence Market Key Players:
The Automotive Artificial Intelligence Market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Alphabet Inc., Audi AG, Bayerische Motoren Werke AG, Intel Corporation, International Business Machines, Microsoft Corporation, NVIDIA Corporation, Qualcomm Inc., Tesla Inc., Volvo Car Corporation
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