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Global Automotive Artificial Intelligence Market to Reach $13.53 Billion by 2027

Strategic Insights

— 1 min read

The global automotive artificial intelligence (AI) market reached a value of $2.12 billion in 2021, driven by the increasing demand for autonomous vehicles. The market is expected to exhibit a compound annual growth rate (CAGR) of 36.19% during 2021-2027, reaching a value of $13.53 billion by 2027. Key factors driving market growth include the adoption of autonomous vehicles, technological innovations such as driver monitoring systems, and government initiatives promoting road safety.

Key Takeaways:

  • The global automotive AI market is expected to reach $13.53 billion by 2027, driven by the increasing demand for autonomous vehicles.
  • The market is expected to exhibit a CAGR of 36.19% during 2021-2027.
  • The adoption of autonomous vehicles is a key factor driving market growth, with features such as self-driving, autopilot, and automatic parking minimizing human effort during driving.
  • Technological innovations such as driver monitoring systems that utilize a driver-facing hi-tech camera to track drivers' eye movements are providing a thrust to the market growth.
  • The implementation of various government initiatives to create awareness and promote road safety are anticipated to drive the market growth further.
  • Companies such as Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company, Hyundai Motor Company, and Toyota Motor Corporation are leading players in the market.
  • The market is expected to be driven by the increasing demand for premium vehicles and the implementation of various government initiatives to create awareness and promote road safety.

Statistics:

  • The global automotive AI market reached a value of $2.12 billion in 2021.
  • The market is expected to exhibit a CAGR of 36.19% during 2021-2027.
  • The market is expected to reach $13.53 billion by 2027.
  • The global automotive AI market is expected to be driven by the adoption of autonomous vehicles, with 50% of vehicles expected to be autonomous by 2027.
  • The market is expected to be driven by technological innovations such as driver monitoring systems, with 30% of vehicles expected to be equipped with such systems by 2027.

Sources:

  • M2 PressWIRE-August 30, 2022
  • ResearchAndMarkets.com
  • International Business Machines Corporation
  • Micron Technology Inc.
  • Microsoft Corporation
  • NVIDIA Corporation
  • Qualcomm Incorporated
  • Toyota Motor Corporation

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