How is the Multiple Utilities of AI in Automobiles boosting the growth of Global Artificial Intelligence (AI) in Automotive and Transportation Market?
The “Global Artificial Intelligence (AI) in Automotive and Transportation” market is likely to grow at a CAGR of around 20% during 2021–26. The market growth attributes to the rising popularity of autonomous vehicles for enhanced driver comfort and reduced possibilities of accidents & other human errors. Further, the surge in investments done by various leading automotive manufacturers to develop AI-based solutions for their vehicles fuel the growth of the artificial intelligence market for the automotive and transportation industry.
The sudden outbreak of the COVID-19 pandemic has negatively impacted the automotive and transportation industry due to lockdown and travel restrictions laid by the government. However, due to rising safety concerns and the need to maintain social distancing, the demand for AI-enabled vehicles is rapidly increasing to avoid the spread of infection as the technology will reduce the dependency on human labor.
Geographically, North America dominated the largest share in the Global Artificial Intelligence (AI) in Automotive and Transportation Market in 2019 owing to the increasing demand for integrated self-driving cars in the United States. Further, the rapid penetration of advanced technologies in the region aid market growth.
Europe is the second-largest region in the “Global Artificial Intelligence (AI) in Automotive and Transportation” Market due to the presence of major leading automotive manufacturers. Thus the demand for AI integration in their vehicles is significantly high in the region to provide enhanced features to customers and increase the sales revenue.
The key industry leaders in the “Global Artificial Intelligence (AI) in Automotive and Transportation” market are Argo AI, Denso Corporation, Nvidia Corporation, Intel Corporation, Harman International, Orbcomm Inc., AI Motive, Thales Group, Continental AG, Siemens, Visteon Corporation, Valeo, CarVi, and Optalert.
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