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Artificial Intelligence (AI) in Automotive Market Size

Report ID: GMI3199
Published Date: Dec 2022
Report Format: PDF

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Artificial Intelligence in Automotive Market Size

AI in Automotive Market size exceeded USD 6 billion in 2022 and is projected to expand at over 55% CAGR from 2023 to 2032. Rising adoption of autonomous vehicles across worldwide will drive the industry growth.

The growing consumer awareness of the benefits of autonomous technology has boosted the demand for self-driving automobiles. The major automobile firms consider AI technology a necessary tool for developing and designing self-driving vehicles. Moreover, several governments and automakers across the globe have been undertaking numerous strategic initiatives to promote innovation in the autonomous vehicle landscape.

Artificial Intelligence (AI) in Automotive Market

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Furthermore, Advance Driver Assist System (ADAS) level 2 technology is becoming increasingly popular. The rising need for ADAS systems that aid human drivers in making smart driving decisions is promoting the application of AI in the automobile industry. Automotive manufacturers are increasingly adopting AI technology to foster productivity and maximize production capacity. The growing need for AI in automotive is opening up several opportunities for industry participants and startups, which will benefit them in the long run.

AI in Automotive Market Report Attributes
Report Attribute	Details
Base Year:	2022
AI in Automotive Market Size in 2022:	6 Billion (USD)
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	55%
2032 Value Projection:	600 Billion (USD)
Historical Data for:	2018 to 2022
No. of Pages:	320
Tables, Charts & Figures:	301
Segments covered:	Component, Technology, Process, Application
Growth Drivers:	Growing adoption of AI in automotive supply chain Increase in the use of manufacturing a car Growing need for autonomous vehicles Growing trend of Advance Driver Assist System (ADAS) level 2 technology Rise in the importance of CaaP business model
Pitfalls & Challenges:	Limitation of sensors and equipment Issues related to hardware and software reliability

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The artificial intelligence in automotive industry crossed USD 6 billion in 2022 and is estimated to expand at over 55% growth rate through 2032 owing to the growing adoption of autonomous vehicles globally.

The software segment is foreseen to be valued at around USD 200 billion by 2032 fueled by the proliferating demand for superior in-vehicle infotainment systems.

The Asia Pacific market is projected to grow at over 55% CAGR from 2023 to 2032 driven by the strong growth of the automotive sector across China and India.

Major players operating in the industry are IBM Corporation, BMW AG, Honda Motors, Volvo Car Corporation, Ford Motor Company, NVIDIA Corporation, Tencent, Microsoft, AUDI AG, Intel Corporation, Tesla Inc, Uber Technologies, Inc, Intel Corporation, and many others.