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April 9, 2020, 1:53 a.m. EDT

Artificial Intelligence (AI) in Automotive Market Size, Historical Growth, Analysis, Opportunities and Forecast To 2026

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Apr 09, 2020 Xherald -- Market Study Report adds 2020-2026 Global Artificial Intelligence (AI) in Automotive report that offers an exhaustive coverage of the industry with brief analysis, data charts, figures, statistics that help take business decisions, company profiles and more.

Artificial Intelligence (AI) in Automotive market is projected to surpass USD 12 billion by 2026. The market growth is attributed to the steadily growing uptake of driver assistance technologies for increasing driving comfort and ensuring safe driving experience. Consumers are increasingly exhibiting a positive attitude toward AI-powered vehicle driving systems, creating new avenues for market growth. Automotive manufacturers are capitalizing on the steadily growing industry by introducing new features in their vehicles including automated parking, lane assistance, driver behavior monitoring, and adaptive cruise control. For instance, in October 2019, Toyota announced the launch of level-4 driver assistance systems for enabling automated valet parking in its upcoming cars. The technology is developed in conjunction with Panasonic and is built with inexpensive sensors, offering affordable parking assistance solutions to Toyota's customers.

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Europe held majority of the market with over 35% share in 2019 due to the growing demand for autonomous technologies in the region. Presence of several industry leaders including BMW, Audi, Mercedes, Daimler, and Bentley accelerated the advancements in autonomous mobility including several successful trial runs of level-5 autonomous vehicles. The increasing focus of automotive manufacturers on AI technologies, especially in Germany and the UK is driving the adoption of AI across the Europe automotive sector. Supportive initiatives from the government to adopt AI for smart traffic control has propelled the development of automotive AI solutions. In 2017, the UK government invested more than USD 75 million for the development of AI solutions and improved mobility.

Some major findings of the Artificial Intelligence in Automotive market report include:

  • With the dynamically changing technology landscape in the automotive sector, an increasing number of automobile manufacturers are focusing on integrating semi-autonomous and fully-autonomous technologies into their vehicles

  • Sophisticated onboard AI systems are providing real-time connectivity between vehicle & driver, enabling safe driving and reducing driver fatigue by suggesting resting periods & controlling car navigation during driver distraction

  • Machine learning solutions are witnessing a sustained rise in adoption, enabling AI systems to predict and decide driving patterns in dense traffic. With vastly improved neural network technologies, machine learning can achieve near human driving behavior without external assistance.

  • Technology providers including NVIDIA, Intel, and AMD are continuously upgrading their solutions and offering energy-efficient hardware, enabling AI technologies with low power consumption

  • The growing interest of government agencies in adopting autonomous mobility for reducing traffic accidents and improving traffic management is creating a positive outlook for the industry

  • Some of the leading market players are Alphabet Inc., Audi AG, BMW AG, Daimler AG, Didi Chuxing, Ford Motor Company, General Motors Company, Harman International Industries, Inc., Honda Motor Co., Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, NVIDIA Corporation, Qualcomm Inc., Tesla, Inc., Toyota Motor Corporation, Uber Technologies, Inc., Volvo Car Corporation, and Xilinx Inc.

  • AI platform providers are focusing on strategic collaboration and long-term contracts with automotive manufacturers to gain market share.

The hardware segment held majority of the market with over 60% share in 2019 and is expected to continue its dominance over the forecast timespan. This is attributed to the increasing adoption of automotive AI components for implementation of AI solutions. Energy-efficient System-on-Chips (SoCs) and dedicated AI GPUs are assisting enterprises in deploying highly sophisticated onboard computers with robust computing power. In July 2019, Intel launched Pohoiki Beach, a new AI-enabled chip, which features 8 million neural networks and can reach up to 10,000 times faster computing speeds compared to traditional CPUs. Furthermore, the growing uptake of sensors including high-resolution cameras, LiDARs, and ultrasonic sensors for vehicle situational awareness is fueling the growth of AI hardware.

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The image/signal recognition segment held majority of the market with over 65% share in 2019 due to the growing importance of vehicle speed control for reducing on-road accidents. Image/signal recognition technologies can detect traffic signs & speed limit indicators and reduce the vehicle speed accordingly without human intervention. The technology is also expected to grow significantly as several government initiatives are promoting traffic sign recognition to ensure adherence to speed limits. In March 2019, the European Commission made it mandatory for all vehicles manufactured from 2022 to have built-in image/signal recognition capabilities. This is expected to reduce rash driving, over-speeding, and promote on-road safety.

Companies operating in AI in automotive market are focusing on various business growth strategies including investments in autonomous mobility solutions, strengthening partner network, and expanding R&D activities. Through such strategic moves, companies are trying to gain a broader market share and maintain their leadership in the market. For instance, in September 2019, Daimler partnered with Torc Robotics, an automated mobility firm, to design and develop level-4 autonomous trucks. Under the partnership, the companies are jointly testing autonomous trucks in the U.S. and focusing on evolving automated driving for heavy-duty vehicles.

The semi-autonomous vehicles segment will grow at an impressive CAGR of over 38% by 2026 due to the extensive demand for Advanced Driver Assistance Systems (ADAS) and facilitating driving during heavy traffic scenarios. Semi-autonomous technologies have already been commercialized and are expected to gain significant market proliferation over the forecast timespan. Major automotive manufacturers, such as Chrysler, Audi, and Ford, have started integrating semi-autopilot and drive cruise control technologies into their latest models. Driver behavior monitoring, road condition awareness, and lane tracking are a few of the innovative solutions that have been introduced through the implementation of AI technologies in semi-autonomous vehicles. Furthermore, supporting initiatives from various governments to incorporate semi-autonomous vehicle technologies by 2022 will positively impact industry growth.

Complete report titled at: https://www.marketstudyreport.com/reports/artificial-intelligence-ai-in-automotive-market

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