In-Vehicle AI Robot Market is Emergence of Driverless Vehicles to Boost Global Market Growth
New York, US, Nov. 15, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “In-vehicle AI Robot Market Research Report Information By Autonomous Level, Vehicle Category, Vehicle Propulsion- Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 275.2 million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 19.4% during the assessment timeframe.
In-Vehicle AI Robot Market Key Players
Eminent market players profiled in the global in-vehicle AI robot market report include-
- Motional Inc.
- Nauto Inc.
- Horizon Robotics
- AutoX Inc.
- Argo AI
- MG Motor
- Predii Inc.
- Refraction AI Inc.
- Waymo LLC
- Optimus Ride
- Robert Bosch GmbH
- Zoox Inc.
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|Revenue forecast in 2030||USD 275.2 million|
|Growth Rate||CAGR of 19.4% from 2022 to 2030|
|Key Market Opportunities||Increased spending on new vehicle purchasing|
|Key Market Drivers|| Increasing demand for vehicles those are safer & less prone to accident.
Increasing sale of EV and luxury vehicles
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Emergence of Driverless Vehicles to Boost Market Growth
The market is expanding due to the development of self-driving/driverless vehicles equipped with cutting-edge sensors and cameras, internet connectivity, improved engine control, crash notification systems, and others.
Need for Vehicles that are Less Prone to Accident to offer Robust Opportunities
The market is propelled by the rising demand for and awareness of cars that are safe and accident-free. The use of AI robots in vehicles has been shown to make roads safer as they eliminate accidents brought on by human error. In addition, rising new vehicle sales in important developing nations are anticipated to fuel the market in the forecast period. For a better user experience, the majority of luxury and premium vehicles are outfitted with automated systems.
Restraints and Challenges
Increased Overcall Price of Automotive Vehicles to act as Market Restraint
The increased overall price of automotive vehicles may serve as a market restraint in the forecast period.
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In-Vehicle AI Robot Market Segmentation
The global in-vehicle AI robot market has been bifurcated based on vehicle propulsion, vehicle, and autonomous level.
By autonomous level, level 1 & level 2 will lead this market in the forecast period.
By vehicle, passenger car will dominate this market in the forecast period for the increased sale of luxury and premium cars in the developed countries.
By vehicle propulsion, EVs will spearhead this market in the forecast period.
In-Vehicle AI Robot Market COVID-19 Analysis
In-vehicle AI robot market growth has been hampered by widespread lockdowns amid an alarming public health emergency brought on by the spread of a novel coronavirus, as the automotive industry experienced a sharp decline in sales during the period. Significant supply-chain disruptions in a number of important nations caused the market to become unstable for a while. Although the market has been seen to recover since the middle of 2021, the outlook for the automotive manufacturing industry in several important regions, including Europe, has not been favorable. Global market growth for in-vehicle AI robots has slowed as a result of this. There were additional unanticipated events, such as a global shortage of semiconductor chips, in addition to the lockdowns caused by the COVID-19 pandemic’s surge and its detrimental effects on the global supply chain. Due to the fact that modern vehicles are outfitted with numerous electronics systems for optimum performance, semiconductor chip shortages have had a significant effect on the auto industry. Semiconductor chips are the foundation of all electronics devices. Despite the rise in vehicle demand, a lack of semiconductor chips has forced OEMs to stop production lines or drop some well-liked features, like heated seats, from their vehicles. Automakers are removing some AI features from vehicles in order to avoid delays in vehicle delivery to customers, which has adverse effects on the market for in-vehicle AI robots. The price of semiconductor chips is also skyrocketing amid an unbalanced supply-demand ratio, which is pushing up the overall cost of vehicles with in-vehicle AI robots. The global market for in-vehicle AI robots is thus severely constrained by a lack of raw materials.
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North America to Head In-Vehicle AI Robot Market
The in-vehicle AI robot market is dominated by North America. Canada, US, and Mexico are included in this. Growing awareness of the need for greater automotive vehicle safety in the area is a key factor driving the market’s expansion. Additionally, during the forecast period, the market in North America is likely to experience explosive growth due to rising demand for automation in a number of in-vehicle operations.
APAC to Have Favorable Growth in In-Vehicle AI Robot Market
Given that Asia-Pacific is the world’s largest producer and consumer of automotive vehicles, the region is expected to offer manufacturers in the in-vehicle AI robot market significant opportunities. Australia, China, Japan, India, South Korea, and other nations are anticipated to make the biggest contributions to the regional market. The world is taking notice of Asia-Pacific as it has become the preferred manufacturing center for the global automotive industry. The region is also one of the largest consumers of automobiles, which makes it more attractive for manufacturers looking to invest in the in-vehicle AI robot market. Leading market players’ main priorities are to increase vehicle safety by eliminating human error and satisfy consumer demand for vehicle automation. In developing nations like India, Indonesia, and Brazil, where lifestyles are expected to be improving, the market is anticipated to experience tremendous growth during the period of forecasting due to these factors. Moreover, during the forecast period, major automotive exporting nations like China & Mexico will experience significant growth. Over 3 million automobiles are reportedly produced in Mexico each year, with about 90% of those vehicles being exported to developed nations like the US. As a result, the developed world’s increasing demand for in-vehicle AI robots will inevitably fuel growth in manufacturing hubs like Mexico.
Motional Inc. & Lyft unveiled the first-ever electric IONIQ-5 autonomous vehicle in August 2022. The recently introduced car belongs to the level 4 category of autonomous vehicles. Additionally, the company & Uber signed a 10-year contract for autonomous delivery and ride-hailing services.
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