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Report Snapshots
AI in Automotive Market- Trends, Opportunity & Forecast, 2027

Global AI in Automotive Market, By Component [Hardware, Software, and Services], By Technology (Machine learning& Deep learning, Natural language processing, Computer vision), By Application (Fully autonomous, Semi-autonomous), By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Opportunity & Forecast, 2027

Market overview

Global AI in Automotive Market is expected to reach over US$15 billion by 2027, according to the report published by Masterfox Consulting Group (MCG).

Artificial intelligence in automotive refers to the use of data and algorithms to think like humans and can learn and solve problems independently. AI is being used in various industries to reduce human intervention. Automotive industry is one of the major industries to use the AI technology. Automated vehicles are gaining popularity among the masses due to various features such as self-driving, automatic parking, autopilot which considerably reduces human effort during driving. It is said to disrupt the labor market of the automotive industry. Natural language processing and machine learning techniques are used in the vehicles to respond to the voice commands and take actions accordingly without human intervention.  The use of automotive can significantly reduce quality problems, employees can work more efficiently through robot assistants. The demand-supply chain can be reduced by producing just in time and monitoring data in real-time. The development of advanced technology provides ample freedom to explore ideas beyond our imagination.

Safety concerns like cyber-attacks, high cost of development are some of the restraints the sector is facing. Major players in the AI automotive market are constantly developing their research and development capabilities and making strategic collaborations to produce the next generation automotive vehicles.

Market segmentation

Global AI in Automation market can be segmented based on components, technology, application, and region.

By Component, the AI in automotive market can be divided into Hardware, Software, and Services. The software segment holds the largest market share and it is expected to lead the market in the forecasted period of 2020-27. Increasing demand for image/pattern recognition software is likely to steer the market to grow. The image recognition software can detect the pattern or the image of an object. It is gaining recognition in factory automation, security surveillance and in other monitoring functions.

By Technology, AI in automotive market can be divided into Machine learning & deep learning, Natural language processing and Computer vision. Machine learning & deep learning segment is expected to grow highest in the forecasted period of 2020-27. The extensive use of deep learning used in producing driverless vehicles is the key factor of the growth. Deep learning helps to train neural networks to mimic human behavior. Combined with other AI algorithms, it can significantly reduce the chance of error on-road decisions and thereby ensures a safe journey.

By Application, The AI in automotive market can be divided into fully autonomous and semi-autonomous. The semi-autonomous market dominates the segment with a large market share. Semi-autonomous technologies are already deployed in the automotive market and it is expected to commercialize in the coming years. Increasing demand for driver assistance technologies, lane tracking are factors inducing the semi-autonomous market to lead the global automotive market. 

By Region, The AI in automotive market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

Regional analysis

European and North American automotive market dominates the world market in deploying advanced technologies such as AI.  Early adoption of technology and major giants in the automotive market located in this region are the reasons for the large market share.

European country, Germany is expected to grow significantly due to the large investments of automotive giants in research and development of autonomous vehicles. Moreover, the demand for additional comfort in driving and consumer acceptance is greatly inducing the market to grow.

In Asia-Pacific, China is aiming to dominate the AI in the automotive market. The Chinese AI in the automotive market is expected to grow significantly during the forecasted period of 2020-27. The country is witnessing the technological surge; AI-related patents are being filed by Chinese AI companies between 2016 and 2018 is among the largest in the world surpassing the US. However, the shortage of talent and hardware is restraining the growth of AI in the automotive market in Asia. 

Competitor analysis

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

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