AI in Automotive Market Emerging Trends and Growth Factors Analysis over 2020 - 2026
AI in Automotive Market from the semi-autonomous vehicles segment is projected to witness remarkable growth, with more than 38% CAGR by the year 2026 Increasing demand for fuel-efficient aircraft engines is driving the demand for the PBH market. Major companies in the market are focused on providing long-term engine maintenance contracts to airlines.
The automobile market is seeing a constant rise in demand for AI-powered driving systems. In fact, several car manufacturers are now working on updating their driver assistance technologies to offer customers with more comfortable and safe driving experience.
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Recently, Intel launched a new AI-enabled chip, Pohoiki Beach, which could rapidly scale up to 10,000 times faster computing speed using 8 million neural networks. With increasing use of sensors like LiDAR and ultrasonic sensors as well as high-resolution cameras for developing next-gen vehicles, the AI hardware industry may strive significant proceeds in the coming years.
Based on process, the image/signal recognition segment is expected to witness sizable growth over the forthcoming years. In 2020, the segment had garnered over 65% share in AI in automotive market. Surging concerns regarding on-road accidents and over-speeding have infused the need for traffic signs & speed limit indicators. These systems use image/signal recognition technologies to detect traffic signals and minimizes the vehicles’ speed automatically. Favorable federal initiatives to promote traffic sign recognition for speed checks could propel the product demand in the long run.
Recently, the European Commission enforced automakers to provide a built-in image/signal recognition feature in their vehicles by 2022. This would help minimize the cases of rash driving and endorse the idea of on-road safety.
Browse key industry insights spread across 200 pages with 257 market data tables and 27 figures & charts from the report, "Automotive AI Market Size By Component (Hardware, Software, Service), By Technology (Computer Vision, Context Awareness, Deep Learning, Machine Learning, Natural Language Processing (NLP)), By Process (Data Mining, Image Recognition/Signal Recognition), By Application (Semi-autonomous Vehicles, Fully Autonomous Vehicle), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, Spain, China, India, Japan, Australia, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2020 – 2026" in detail along with the table of contents:https://bit.ly/2ZJqzOt
rising adoption of advanced automotive AI solutions is anticipated to fuel the growth of AI hardware segment in the coming years. As per reports, the hardware segment had gained over 60% of the market share in 2020. Ongoing advancements in computer processing hardware like dedicated AI GPUs and Energy-efficient System-on-Chips (SoCs) could massively improve the computing power of these automotive technologies.
Speculating growing demand for advanced automotive systems, industry players have started to invest heavily in R&D activities. A few of the prominent players in the AI in automotive industry include Audi AG, Alphabet Inc., Daimler AG, BMW AG, Ford Motor Company, Didi Chuxing, Harman International Industries Inc., General Motors Company, IBM Corporation, Honda Motor Co., Ltd., Microsoft Corporation, Intel Corporation, Qualcomm Inc., NVIDIA Corporation, Toyota Motor Corporation, Tesla, Inc., Volvo Car Corporation, Xilinx Inc. and Uber Technologies.
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