Artificial Intelligence (AI) in the automotive industry refers to the integration of machine learning and deep neural networks in vehicles. AI helps automate various tasks in vehicles such as driving, navigation, safety, and infotainment. Autonomous vehicles use AI algorithms such as object detection, path planning and navigation, and scene understanding to drive themselves without human intervention.
The global Artificial Intelligence in Automotive Market is estimated to be valued at US$ 11.2 billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Autonomous vehicles heavily rely on artificial intelligence and deep learning algorithms to drive themselves without human input. These self-driving cars use AI-powered computer vision and LiDAR sensors to perceive the environment, detect roadway markings and other vehicles on the road. Advanced deep learning algorithms help autonomous vehicles make intelligent decisions regarding acceleration, braking and steering based on real-time inputs from sensors. As testing and development of autonomous vehicles gathers pace, investments in AI for vehicle automation are expected to rise substantially over the forecast period, which would drive the growth of artificial intelligence in automotive market.
SWOT Analysis
Strength: Artificial intelligence has the potential to make driving safer and more efficient. AI can help detect objects, warn of hazards and take control in emergencies.
Weakness: Developing self-driving cars requires massive amounts of data which is costly to gather. The technology is also complex and may have unintended consequences that are difficult to anticipate.
Opportunity: AI can enable fully autonomous vehicles that can transport people without a human driver. This could open new business models for mobility services. Advanced driver assistance systems using AI are also growing in popularity.
Threats: Legal and regulatory issues around self-driving vehicles are still emerging and may inhibit adoption. Consumer fears over safety could slow the market acceptance of autonomous cars. Cyber security is another major concern that must be addressed.
Key Takeaways
The Global Artificial Intelligence In Automotive Market Size is expected to witness high growth.
Regional analysis shows North America and Europe currently dominate due to presence of major automakers and technology companies actively developing AI solutions for vehicles. However, China is emerging as the fastest growing market for self-driving vehicles and autonomous car technology.
Key players operating in the artificial intelligence in automotive market include Intel, Nvidia, Ford, General Motors, Tesla, BMW, Audi, Microsoft, Toyota, Honda, IBM, Qualcomm, Daimler, Volvo, Bosch, etc. Major players are heavily investing in developing AI capabilities for advanced driver assistance systems, machine learning, computer vision, predictive analysis and full self-driving technologies. Partnerships between tech companies and automakers will likely intensify to integrate AI into vehicles.
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