Automotive Artificial Intelligence market size to grow at a CAGR of 3.6% 

May 11, 2023 3:47 pm

The global Automotive Artificial Intelligence market was valued at USD 2916 Million in 2022 and is anticipated to reach USD 3607.5 Million by 2029, witnessing a CAGR of 3.6% during the forecast period 2023-2029.
Major Factors Driving the Growth of Automotive Artificial Intelligence Market:
The use of AI in the automotive sector heralds a new age by enabling businesses to monitor operations, boost digital results, and produce autonomous and semi-autonomous cars. The growing need for autonomous vehicles, the use of AI in traffic management, cutting-edge automotive technologies, and government efforts are the main drivers of the worldwide automotive AI market.
TRENDS INFLUENCING THE GROWTH OF AUTOMOTIVE ARTIFICIAL INTELLIGENCE MARKET:
The frequency of traffic accidents may be decreased and road safety can be increased with the support of growing government programs for car and road safety, automotive technology, telematics, and artificial intelligence. For instance, gathering information on the number of cars on the road and the state of the roads. A mobile network and quick data transmission methods may also be available for real-time weather information and notifications. The Automotive Artificial Intelligence market is eventually accelerated by government efforts to reduce accidents and other similar endeavors.
The temperature, mirrors, and pulse rate may all be changed automatically when one of the car’s frequent users sits in the driver’s seat thanks to AI software in cars. While eye openness and head position enable the program to detect sleepiness and awaken the driver, even during an accident, AI software can assess the upper body position and deploy the airbags accordingly. Gesture recognition has evolved into a valuable tool for controlling infotainment while driving. This factor is expected to drive the growth of the Automotive Artificial Intelligence market.

AUTOMOTIVE ARTIFICIAL INTELLIGENCE MARKET SHARE
NVIDIA, Uber Technologies, Alphabet (Google), and other major international producers of automotive artificial intelligence (AI) are examples. The Top 3 businesses own a share of more than 40%.
The largest market is North America, with a market share of around 36%, followed by Europe and China, with respective market shares of about 35% and 26%.
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