The market for automotive artificial intelligence is predicted to expand in response to rising demand for autonomous vehicles. The need for autonomous vehicles is rising as a result of an increase in traffic accidents and fatal injuries caused by human error. For instance, the World Health Organization (WHO) reports that 50 million people were injured and 1.25 million people died as a result of vehicle accidents worldwide in 2015. Therefore, deploying autonomous vehicles might lessen collisions brought on by mistakes made by people. The market is likely to rise as a result of the major manufacturers' concentration on creating driverless vehicles. For instance, Volkswagen is anticipated to introduce autonomous vehicles by 2019 while BMW is anticipated to introduce the driverless iNext by 2021. Additionally, fleet operators are concentrating on implementing self-driving car deployment in order to increase their market share. The deep learning sector accounted for the greatest share in 2016 and is anticipated to continue to dominate during the forecast period.
As per Coherent Market Insights, during the forecast period, the Automotive Market For Artificial Intelligence (AI) is anticipated to have a strong CAGR of 55%. The market is valued at US$ 9.3 billion in 2023, but by 2033 it is expected to reach US$ 744.39 billion.
Leading Companies in the Artificial Intelligence in Automotive Industry:
1. Qualcomm Inc. (U.S.),
The company was started in 1985 and is based in San Diego, California, U.S. It produces software, chips, and services for wireless technology. Qualcomm declared their intention to buy Israeli fabless chipmaker Autotalks in May 2023 for an estimated $350-400 million. Israeli startup Cellwize was purchased by Qualcomm in June 2022 via its investment arm Qualcomm Ventures.
2. Tesla Inc.
The company was started in 2003 and is based in Austin, Texas, United States. Tesla develops and produces electric vehicles (cars and trucks), grid-scale and residential stationary battery energy storage systems, solar panels, solar roof tiles, and related goods and services. Musk revealed his plans for a Gigafactory in Monterrey, Mexico, in March 2023. Tesla opened its Giga Berlin, the biggest electric vehicle manufacturing facility in Europe, in March 2022.
3. Volvo Car Corporation
The company was started in 1927 and is based in Gothenburg, Sweden. The firm makes sedans, station wagons, and SUVs. Volvo Cars and Northvolt, a Swedish battery researcher and manufacturer, stated in June 2021 that they intended to create a 50/50 joint venture that would include a battery gigafactory and R&D center.
4. BMW AG
The company was founded in 1916 and is located in Munich, Germany. The company is involved in the production and marketing of cars and motorcycles. The business sells large displacement touring motorcycles, sedans, and convertible sports vehicles. The final BMW series production vehicle to be powered by a V-12 engine will be the new limited edition M760Li xDrive, which will be unofficially dubbed "The Final V12" and unveiled on January 18, 2022.
5. Audi AG (Germany)
The firm was founded in 1909 and is based in Ingolstadt, Germany. The company AUDI AG deals in automobiles. The business provides new and used premium vehicles for retail sale. Audi declared in January 2021 that it intended to sell 1 million automobiles in China in 2023 as opposed to 726,000 automobiles in 2020.
6. Hyundai Motor Corporation (South Korea),
The company was started in 1967 and is based in Seoul, South Korea. The company also runs auto repair shops in South Korea and provides a range of auto parts. Hyundai unveiled the Ioniq 5, its first car above the E-GMP platform, in February 2020. Hyundai announced the construction of a new auto factory in South Korea in July 2022. The facility will only produce electric vehicles, and production is scheduled to start in 2025.
7. Apple Inc.
The company was started in 1967 and is based in Cupertino, California, United States. Apple Inc. creates, produces, and distributes smartphones, laptops, tablets, wearables, accessories, and a range of other connected products. Apple opened its first store under its own name in Mumbai, India, on April 18, 2023. In March 2023, Apple introduced its 'Apple Pay Later' option for subscribers of the Apple Wallet.
Definition: In the automotive industry, artificial intelligence is being used more and more to lessen human interference and error. Artificial intelligence improves speech recognition, decision-making, and visual perception on its own.
