Press release
AI in Automotive & Transportation Market 2024: Key Trends and Growth Outlook
AI in Automotive & Transportation Market
According to The Business Research Company's, The AI in automotive and transportation market size has grown rapidly in recent years. It will grow from $9.93 billion in 2023 to $11.88 billion in 2024 at a compound annual growth rate (CAGR) of 19.7%. The growth in the historic period can be attributed to advancements in sensor technology, the rise of connected vehicles, advancements in machine learning and deep learning, industry collaboration and partnerships, and a shift towards mobility services.
The AI in automotive and transportation market size is expected to see rapid growth in the next few years. It will grow to $24.57 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%. The growth in the forecast period can be attributed to autonomous driving research and development, the rise of electric and connected vehicles, urbanization and smart cities, global megatrends and economic factors, and consumer demand for safety and convenience. Major trends in the forecast period include integration of AI with v2x communication, edge computing for AI, data monetization opportunities, urban air mobility (UAM) integration, and human-machine interaction (HMI) innovation.
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Market Drivers and Trends:
The increasing demand for autonomous vehicles is expected to propel the growth of the AI in automotive and transportation market going forward. Autonomous vehicles are vehicles equipped with sensors, cameras, and artificial intelligence technology that enable them to navigate and operate without human intervention. The demand for autonomous vehicles is rising due to their potential to enhance safety, increase convenience, and improve efficiency in transportation. AI in autonomous vehicles enables real-time perception of surroundings through sensor data analysis and decision-making, allowing vehicles to navigate safely and efficiently without human intervention. For instance, in December 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization, it is projected that American roads will host 3.5 million autonomous vehicles by 2025 and 4.5 million by 2030. Therefore, increasing demand for autonomous vehicles is driving the growth of the AI in automotive and transportation market.
Major companies operating in the AI in automotive and transportation markets are developing technologically advanced products, such as vehicle search tools, to gain a competitive edge in the market. Vehicle search tools refer to electronic devices or software used to diagnose, reprogram, and interface with vehicle control modules in the automotive and transportation industries. For instance, in February 2024, Rodo, a US-based automotive technology company, launched an AI-powered vehicle search tool. This unique solution revolutionizes vehicle search by offering unparalleled convenience and simplicity, granting customers precise insights into competitively priced vehicles online. It delivers instant, personalized results and competitive pricing, replicating the in-store interaction between a customer and a salesperson. Utilizing its AI technology, the platform addresses specific customer queries, ensuring immediate results and offering a smarter, faster vehicle discovery experience.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Alphabet Inc., Toyota Motor Corporation, Microsoft Corporation, Bayerische Motoren Werke AG, Robert Bosch GmbH, Tesla Inc., Siemens AG, Intel Corporation, International Business Machines Corporation (IBM), AUDI AG, Denso Corporation, Qualcomm Technologies Inc., Continental AG, Uber Technologies Inc., Micron Technology Inc., Volvo Cars, NVIDIA Corporation, Valeo SA, Harman International, Otto GmbH, Scania AB, Argo AI LLC, CarVi Inc., Arbe Robotics Ltd., Visteon Corporation
AI In Automotive And Transportation Market 2024 Key Insights:
• The AI in automotive and transportation market size is expected to see rapid growth in the next few years. It will grow to $24.57 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%.
• Impact Of Autonomous Vehicles On The AI In Automotive And Transportation Market
• Advancements In AI-Powered Vehicle Search Tools In The Automotive Market
• North America was the largest region in the AI in automotive and transportation market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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