Automotive Artificial Intelligence Market - Forecast(2024 - 2030)

Automotive Artificial Intelligence (AI) is utilization of AI in automobiles for smart mobility. AI enables real-time recognition of surroundings and automates the vehicle mobility, controls in-vehicle systems, and eventually prevents accident. The developers of AI in Automobiles will make the driverless car with zero human interference. AI would also help in building the cheaper car that can help in sensing outside weather and navigate through all the hindrance.

AI in Automotive is set to pave the way for smart mobility where AI will be the driver, and passengers may not care about traffic congestion possibilities as the vehicle will have the ability to choose the best route, emergency control, fuel status and other important aspects. 

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What are the major applications for AI in Automotive?

AI is playing very major role in advancement of automobiles. The various applications of AI is road tracking,  capturing driver’s gesture and expression, passenger experience, fleet management, weather monitoring, predictive maintenance, location search, E-payment and in-vehicle system control. Through user and vehicle behavior analysis, developers can design and manufacture vehicles. According to recent analysis, there has been around $10 billion of global investment in in-vehicle experience between 2014 and 2017.

Most important of AI is to making vehicles safer through V2X technology. It includes V2V and V2I. Vehicle to vehicle technology allows cars to communicate with each other, resulting in reduction of accidents. Vehicle to infrastructure technology allows it to communicate with streetlights, cyclist, building etc. This technology uses short range wireless signals to communicate with compatible system

Market Research and Market Trends of AI in Automotive

• Since the consumer mobility pattern is changing, a major impact will be seen on Mobility-as-a-Service under car rentals and ride sharing. AI in Automotive will let people hire cars without any drivers through AI based autonomous vehicles. Also, ride sharing will be more feasible, as AI will monitor the fleet and schedule the vehicle after analyzing route and wait time.  In 2017, car rental generated a global business of about $20 billion, and ride sharing generated about $45 billion global revenue.
• Global market size for ADAS in AI in Automotive is forecast to reach $15 billion by 2024. ADAS is the major technological component in driver-assist and autonomous driving, making real use of sensors and other connected technologies. These systems, particularly those related to semi-autonomous driving, will spur the use of AI in the market.
• Big companies like Google and Tesla are investing millions of dollars on R&D and technology team to bring autonomous car on floor in near future. Both have launched test vehicles on roads. Tesla is waiting for regulation approval and software validation for driverless cars.
• With ADAS system is deployed in Vehicle, AI will penetrate deeper in market.  Inward facing camera are introduced in commercial vehicles to monitor drivers. In case of drowsiness, fatigue and distraction it alerts driver. These features have shown drastic reduction in insurance cost of vehicle fleet.  

Who are the Major Players in AI in Automotive market?

The companies referred to in the market research report includes Alphabet Inc., NVIDIA Corporation, Tesla, Intel Corporation, Microsoft, IBM and other major players and startups.

What is our report scope?

The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.

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