The artificial intelligence market witnesses steady growth and is expected to bloom with a double-digit growth rate during the forecast period. This scientific technology transformed the man-driven automobile industry into the innovation of autonomous vehicles via research, designing, and manufacturing procedure. Along with artificial intelligence, high-performance computing is another key that brought success in this sector. The researchers invested heavily in HPC systems, which further broadened the investment in artificial intelligence. The application of artificial intelligence during vehicle manufacturing also offered predictive capabilities that enabled a personalized driving experience with its proactive maintenance.

As per the market investigators of the AnalystView Market Insights, artificial intelligence in the automotive sector market is expected to achieve the highest point in the predictive years (2020-2027). The upcoming quarters are likely to create new records of revenue generation for AI-enabled automotive companies across the globe. It must be noted that the global artificial intelligence in the automotive sector market was valued at USD 1.38 Billion in 2020 and is growing at a CAGR of 35.8% from 2020 to 2027.

The AI in the automotive industry witnesses growth, owing to the robust demand for autonomous vehicles in this technological era. Besides, the rising adoption of the internet of things in the automobile sector coupled with the emerging trend and increasing adoption of Advanced Driver Assist System (ADAS) technology is also responsible for boosting the global business growth. Furthermore, the accomplished motto of enhanced driver convenience with advanced technology also increases the adoption of AI during the designing and manufacturing of automobiles. This enables the driver-assist option, which alerts the driver to hazardous road conditions, including blind spots, accident-prone roads along dangerous situations. However, the expensive cost of cybersecurity threats is the prime factor responsible for reducing the demand for AI-enabled vehicles across the globe during the predictive years.

Artificial Intelligence in Automotive Sector Industry Outlook

Autonomous vehicles are the latest and upcoming trend that is expected to change the automobile industry in the near future. Major companies are continuously focusing on research and development activities for the production of driverless vehicles. For instance, Waymo completed the testing of its vehicles over 20 million miles on public roads. Similarly, Tesla covered a distance of 3 billion miles in Autopilot mode since 2014.

Meanwhile, the sudden outbreak of coronavirus has affected the automobile industry in three ways, namely factory closures, supply chain disruption, and a collapse in demand. People working in small and medium enterprises have job risks. According to the data presented by the International Labour Organization, it is estimated that factory closures in developed regions like North America and Europe have affected the production schedule of over 2.5 million passenger vehicles. This resulted in a total loss of US$77.7 billion in revenue generation for automotive and parts manufacturing companies. Furthermore, the data published by the China Association of Automobile Manufacturers, rated to the vehicle sale 2019 v/s 2020, revealed that the US faced a downfall of 52% vehicle sale in April, which was estimated to be around 80% in Europe. However, the post-COVID conditions are estimated to be fruitful as the government formulated numerous policies favorable for this industry.

To get a better understanding of the artificial intelligence in the automotive sector industry, artificial intelligence in automotive sector market size, manufacturers, and the emerging trends check the market’s leading report – Global Artificial intelligence in automotive sector Market Size By Component (Hardware, Software, and Service), By  Technology (Computer Vision, Context Awareness, Deep Learning, Machine Learning, and Natural Language Processing), By Process (Data Mining and Image/Signal Recognition), By Application (Semi-autonomous Vehicles and Fully Autonomous Vehicles), By Geographic Scope And Forecast.

Top Three Artificial intelligence in automotive sector Companies in the World

Alphabet Inc.

Alphabet Inc., a holding company, includes businesses such as Google Inc., CapitalG, Best, Calico, etc. The company operates through two segments, namely, Google and Other Bets. The Google segment comprises of internet-related products, such as Ads, YouTube, Android, Google Chrome, Google Play, etc.  This segment revolves around advertising, marketing of digital content, sales of hardware products, other applications, and cloud offerings, etc. Besides, the other Bets segment revolves around the sale of internet, nest products, and services, television services with Google Fiber, etc. This segment also allows the user interaction with Google, easy navigation via Google Maps, and Google Photos, where the user can organize their pictures.

Audi AG

The parent company of Audi Group is Audi AG. The main business comprises the designing, engineering, manufacturing, and distribution of automobiles. The company operates through the Automotive and Motorcycles segment. The company markets premium automobiles, supercars, super SUVs, and sporty motorcycles. Furthermore, the Audi business also comprises of selling vehicles from other Volkswagen Group brands, along with its engine, machinery, accessories, tools, and other technical Articles with used cars.

BMW AG

Bayerische Motoren Werke Aktiengesellschaft (BMW AG) is the parent company of the BMW Group, based in Munich. It is one of the successful manufacturers of premium automobiles and motorcycles across the globe. The company operates through Automotive, Motorcycles, and financial services operating segments. The automotive segment comprises the production and marketing of a broad range of car models, including premium cars premium mid-class cars, and ultra-luxury class cars. Alongside the motorcycle business segment offers motorcycles for the sport, tour, adventure, urban mobility segment, etc. Lastly, the financial segment business deals with the credit financing and leasing of the cars and motorcycles of BMW Group. The customers are also offered a broad category of insurances and other such banking products.