December 02, 2020
According to the research report titled ‘Artificial Intelligence (AI) in Automotive Market Size, By Component, By Technology , By Application Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’ available with Market Study Report LLC, global artificial intelligence (AI) in automotive market is expected to be appraised at USD 12 billion by 2026.
Research analysts claim that rising adoption of AI (Artificial Intelligence) as well as machine learning (ML) technologies, and growing focus of automobile manufacturers towards integrating fully autonomous as well as semi-autonomous technologies in vehicles are bolstering the growth of global artificial intelligence in automotive market.
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Introduction of innovative features in automobiles such as driver behavior monitoring, adaptive cruise control, lane assistance, and automated parking are also facilitating the business outlook.
Moreover, increasing efforts of major players towards upgradation of their AI solutions, strategic alliances and collaborations by prominent industry partakers, and favorable government initiatives towards improving traffic management and reducing accidents are positively swaying the global artificial intelligence (AI) in automotive market dynamics.
Based on component type, the hardware segment accounted for 60% of the overall market share in 2019 and is projected to accrue significant revenue during 2020-2026. Surging demand for components such as ultrasonic sensors, high-resolution cameras, and LiDARs along with rising adoption of automotive AI components for implementing automated solutions in automobiles are fostering the growth of the segment.
With regards to technology type, global artificial intelligence (AI) in automotive market size from the context awareness technology segment is predicted to record a CAGR of 35% over the 2020-2026. Increasing investments by industry players towards innovative automobile technologies, growing consumer awareness regarding the benefits of the technological solution, and rising penetration of driver assistance technologies such as semi-automated cruise control are propelling the expansion of the segment.
Moving on to process type, the image/signal recognition segment held a market share of around 65% in 2019 and is set to attain substantial expansion through 2026, owing to favorable government initiatives which promote traffic sign recognition along with high demand for vehicle speed control for reducing the occurrence of road accidents.
Speaking of application spectrum, the semi-autonomous vehicle segment is calculated to register a CAGR of 38% over 2020-2026. The factors that are fueling the expansion of the segment include favorable government initiatives towards incorporating semi-autonomous vehicle solutions in the near future, integration cruise control and semi-autopilot technologies, and surging demand for ADAS (advanced driver assistance systems).
Regionally, Europe accounted for 35% share in global artificial intelligence in automotive market in 2019 and is slated to amass lucrative gains during the analysis timeframe. High concentration of prominent companies, rising focus of automobile manufacturers towards the implementation of AI solutions, and supportive government initiatives towards utilizing the technologies for smart traffic control are augmenting the growth of the regional market.
Key participants of worldwide artificial intelligence in automotive market are Xilinx, Inc., Volvo Car Group, Uber Technologies, Inc., Toyota Motor Corporation, Tesla, Inc., Qualcomm, Inc., NVIDIA Corporation, Microsoft Corporation, Harman International Industries, Inc., Intel Corporation, IBM Corporation, Honda Motor Co. Ltd., General Motors Company, Ford Motor Company, Didi Chuxing Technology Co., Daimler AG, Bayerische Motoren Werke AG (BMW), Audi AG, and Alphabet Inc.