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United States, Rockville MD, Sept. 05, 2022 (GLOBE NEWSWIRE) -- According to the recent published report at Fact.MR, the global in-vehicle AI robot market is estimated at US$ 38.8 million in 2022. The market is predicted to reach a valuation of US$ 190.7 million by 2032, expanding at a stupendous CAGR of 17.3% over the decade.
In past years, only 5%-10% vehicles has AI installed in their systems; however, technological advancements has flipped the market scenario, as a result of which, today, almost all vehicles come with AI installed. As the global population is moving towards being more technology savvy, demand for autonomous commercial and private vehicles is increasing rapidly. This increase has put forward a challenge for manufacturers to provide technologically-advanced vehicles that offer comfort and safety to their customers.
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Fact.MR recommends that, compact, mid-sized, and SUV passenger type cars will have a momentous market over the coming years. These vehicle category segments will offer an open market for rookies with a huge customer demand and appreciation. Also, well established market players in the industry may have to switch their interests from the older approach to new technological advancements to retain their market position.
However, manufacturers will have to face the challenge of structural and technological approvals from different safety and automobile authorities across regions where they wish to launch their products.
Why is In-vehicle AI Robot Deployment Surging?
“AI-assisted Vehicles Safer & Less Prone to Accidents Caused by Human Error”
Around 80% of people utilize a private or public vehicle for transportation worldwide. Artificial intelligence is increasingly being used in the automotive sector. The safety of drivers and passengers is now a priority in this sector.
Manufacturers are offering technologies such as automated braking, drowsiness alert systems, speed control alert systems, and internal & external monitoring systems to assure driver safety and prevent unintentional harm. Monitoring systems in cars keep an eye on how well they are running and also alert the driver when an emergency is nearby.
Makers have specifically targeted the audience that uses personal vehicles by including all these safety measures. It has been seen that North America experiences 30% fewer car accidents after the installation of AI systems in vehicles. With this emerging growth of technology and safety, the market for AI-powered vehicles is set to grow rigorously over the coming years.
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Key Segments Covered in the In-vehicle AI Robot Industry Survey
- By Vehicle Category :
- Passenger Cars
- Compact & Mid-sized
- Premium & Luxury
- SUVs
- Commercial Vehicles
- LCVs
- HCVs
- Buses & Coaches
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Market Development
New technology related products are being launched by manufacturers keeping in mind the demand from clients. The nature of market is consolidated at present but it may get diversified as new manufacturers come in and assure the trust of safety and security of buyers. Lead manufacturers such as Tesla, Porsche, Motional, Refraction AI, Optimus Ride, Waymo, AutoX, Bosch, Morris Garage, Nauto, and Predii are in a clash of outdistancing each other in the market.
Currently, manufacturers offer drivers assistance systems in vehicles that have features such as drowsiness alert, auto parking, automatic breaking, lane departure warning, etc., to prevent the risk of accidents caused due to driving errors.
Furthermore, manufacturers are collaborating with IT firms to ensure the quality of the data that they need to provide in AI systems. Market players are also enthusiastically launching new technologies to retain their current market share.
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Key players in the In-vehicle AI Robot Market
- Motional
- Refraction AI
- Optimus Ride
- Waymo
- AutoX
- Bosch
- Morris Garage
- Nauto
- Predii
Key Takeaways from In-vehicle AI Robot Market Study
- The global in-vehicle AI robot market is projected to expand at an impressive CAGR of 17.3% and reach a valuation of US$ 190.7 million by 2032.
- The in-vehicle AI robot industry exhibited 21.3% CAGR between 2021 and 2022.
- Under vehicle type, premium & luxury passenger cars dominate the market with a valuation of US$ 15.1 million in 2022.
- Europe led the worldwide market with around 25% share in 2021.
- Sales of in-vehicle AI robots are predicted to increase at CAGRs of 16.8% and 18.3%, respectively, in Europe and East Asia.
Explore Fact.MR's Coverage on the Automotive Domain-
Automotive Turbocharger Market - The global automotive turbocharger market totaled US$ 11.2 billion in 2021. Sales of automotive turbochargers are predicted to reach a market valuation of US$ 23.28 billion by 2031, increasing at a CAGR of 7.6%.
Graders Market - Global sales of graders are currently valued at US$ 4.27 billion, and the market is forecast to close in on a valuation of US$ 5.6 billion by 2032, expanding a CAGR of 2.7%.
Automotive Brake Components Market - Worldwide sales of automotive brake components are valued at US$ 49.9 billion at present. The global automotive brake components market is forecast to expand at a CAGR of 4.2% to reach a valuation US$ 75.6 billion by 2032.
Train Control and Management Systems Market - The global train control and management systems market stands at US$ 4.82 billion in 2022, and is projected to reach US$ 5.78 billion by the end of 2031.
Automotive Chrome Accessories Market - The global automotive chrome accessories market is forecast to expand at a CAGR of 2.8%, thereby increasing from a valuation of US$ 8.7 billion in 2022 to US$ 11.5 billion by the end of 2032.
Automotive Curtain Airbags Market - Worldwide sales of automotive curtain airbags are valued at US$ 206.8 million in 2022, and the market is forecast to expand at a CAGR of 5.6% to reach US$ 358.4 million by 2032.
Motorcycle Accessories Market - The global Motorcycle Accessories market is likely to be valued at US$ 8.84 Billion in FY 2022, up from US$ 8.39 Billion in 2021. During the past year, the industry registered a Y-o-Y increase worth 5.3%.
Automotive Tail Light Market - The global Automotive Tail Light market is likely to be valued at US$ 12.2 Billion in FY 2022, up from US$ 11.5 Billion in 2021. During the past year, the industry registered a Y-o-Y increase worth 6%.
Europe Drones Market - The European drones market is projected to balloon at 21.9% CAGR and reach a market valuation of US$ 55.2 billion by 2032, thereby creating an absolute dollar opportunity worth US$ 47.6 billion during the forecast years of 2022-2032.
Automotive Soft Trim Interior Market - The global automotive soft trim interior market size stands at US$ 5.16 billion in 2022 and is further set to expand at a CAGR of 4.3% to reach a market valuation of US$ 7.87 billion by 2032.
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