The automotive artificial intelligence market size is valued at USD 2.3 Billion in 2022 and is anticipated to be USD 7.0 Billion by 2027; growing at a CAGR of 24.1% from 2022 to 2027. Factors such as rising demand for enhanced user experience and convenience features and the growing adoption of ADAS technology by OEMs are driving the growth of the market during the forecast period.
Driver: Rising demand for enhanced user experience
and convenience features
Human-machine interface (HMI) solutions for the
automotive industry have become easier to control and operate, thus enhancing
user experience. Such solutions can give a user control over applications such
as music systems, vehicle lights, and infotainment systems. Earlier, the
electronics system in a vehicle accounted for just 1–2% of the vehicle cost,
but due to the increasing demand for enhanced user experience and convenience
features, the share has increased to 8–12%.
Restraint: Increase in the overall cost of vehicle
Autonomous vehicles are anticipated to be
highly-priced chiefly due to the introduction of new commercialized
technological systems. Most of the advanced technologies are embedded in luxury
and premium cars, which have a limited customer base owing to their high price.
Hence, a high vehicle cost is likely to dampen market growth. The demand for
expensive autonomous vehicles is anticipated to be moderate, as compared to
semi-autonomous vehicles.
Opportunity: High potential of in-car payments
Among the newest developments, in-car payments are
designed to revolutionize how customers refuel, pay for parking or tolls, and
possibly even how users do their grocery shopping. Open Banking,
which enables clients to pay directly from their bank and reduces any friction
or security risks in their payment journey, could be used to implement in-car
wallets and payment systems. By streamlining transaction fees and providing a
more seamless consumer experience overall, would reduce the need for
third-party payment networks.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=248804391
Challenge: Effect of unfavorable weather on sensors
One of the main difficulties with driverless
automobiles is bad vision. Self-driving cars use a variety of sensors,
including camera sensors, radars, and lidars, to detect pedestrians, cyclists,
or other vehicles on the road, and gauge their speed and distance. A self-driving
car's control system receives data from the sensors, and t processes it. The
system then determines whether to stop, turn left or right, proceed, or, if
necessary, shift into reverse.
About
MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B
research on 30,000 high growth niche opportunities/threats which will impact
70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers
worldwide including 80% of global Fortune 1000 companies as clients. Almost
75,000 top officers across eight industries worldwide approach MarketsandMarkets™
for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at
MarketsandMarkets™ are tracking global high growth markets following the
“Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with
the clients to identify new opportunities, identify most important customers,
write “Attack, avoid and defend” strategies, identify sources of incremental
revenues for both the company and its competitors. MarketsandMarkets™ now
coming up with 1,500 MicroQuadrants (Positioning top players across leaders,
emerging companies, innovators, strategic players) annually in high growth
emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000
companies this year for their revenue planning and help them take their
innovations/disruptions early to the market by providing them research ahead of
the curve.
MarketsandMarkets’s flagship competitive
intelligence and market research platform, “Knowledgestore” connects over
200,000 markets and entire value chains for deeper understanding of the unmet
insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™
INC.
630 Dundee Road
Suite
430
Northbrook,
IL 60062
No comments:
Post a Comment