The Artificial Intelligence (AI) in the automotive market is anticipated to record a robust CAGR of 55% between 2023 and 2033. The market is anticipated to cross a market share of US$ 9.3 billion by 2033, while it is expected to be valued at US$ 744.39 billion in 2023.

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Key Points

1. The United States market is another significant market. The market growth is attributed to the presence of EV giants like Tesla, which delivers advanced AI and ML integration. The increased acceptance of autonomous and self-driving vehicles is fueling the sales of AI in the automotive
2. Artificial intelligence (AI) in the automotive market in China is another significant market. The growth is attributed to the expanded manufacturing units, high-end research, and advanced experimentation.
3. Europe with its environmental compliance adopts EVs and Hybrid Vehicles, which further fuels the demand for AI-integration prospects.
4. The software segment is likely to thrive in the component category due to the common application and automotive implementation. It is expected to hold a value of US$ 200 billion by 2033.
5. The fully autonomous segment tops the application category with an anticipated value of US$ 30 billion by 2033. The growth is attributed to the advent of self-driving assistance systems.

Modern vehicles with fully autonomous and self-driving gearboxes are in great demand. The need for artificial intelligence (AI) in the automotive industry is rising as a result of the AI integration suppliers creating customised solutions. The use of AI units coincides with the rise in popularity of EVs and hybrid vehicles, which increase operational efficiency, convenience of use, and vehicle protection thanks to features like park-guided systems.

The study and development of ADAS integration are being aided by the growing popularity of level 2 Advanced Driver Assistance Systems (ADAS) among car enthusiasts.

The new car manufacturers' OEM-based AI chips assist with a range of vehicle functions. Every component is supported by AI, including the AC, lighting, and cruise control, as well as assisted parking and autonomous driving.

The demand for artificial intelligence (AI) in the automotive industry is being fueled by both the resurgence of the auto industry and the high-end AI and machine learning setup.  AI chips control the improved automated emergency braking.Passive and active safety features are specifically intended to guard against driver error.

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Competitive Landscape

The key competitors focus on inclusivity, while adding sensors and smart software to enhance the guided systems. Companies follow the artificial intelligence innovation with the key competitors and merge, acquire, and partner with other companies to increase the network range, connectivity, supply chain, and distribution channel. The key players in the market are: BMW AG, AUDI AG, Intel Corporation, Tesla Inc, Uber Technologies, Volvo Car Corporation, Honda Motors, Ford Motor Company, NVIDIA Corporation, and Tencent

Recent Market Developments

• Ford Motor Co is the leading patent filer when it comes to the neural network for radar-LiDAR. The company operates with Baidu in China to implement AI technology in automotive.
• A technology company, Aptiv is promoting enhanced automated vehicles that are loaded with AI-based sensors, cameras, and other components.