Global AI in Transportation Market to be Propelled by Rising Demand for Autonomous Vehicles by CAGR of ~23% During 2023 – 2033
Kenneth Research published a report titled “AI in Transportation Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global AI in transportation market in terms of market segmentation by application, offering, process, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global AI in transportation market is estimated to grow at a CAGR of ~23 % over the forecast period, i.e., 2022-2031. The market is segmented by application into semi-autonomous trucks, HMI in trucks, and autonomous trucks. Out of these, the autonomous trucks segment is anticipated to hold the largest share over the forecast period owing to the development in the trucking industry.
Rising demand for autonomous vehicles is anticipated to increase the growth of the global AI in transportation market. Moreover, surging development of artificial intelligence is further expected to rise the growth of the market.
Geographically, the global AI in transportation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of them, the market in the North America region is projected to hold the largest market share by the end of 2033 on the back of rising demand and use of automated cars. Moreover, increasing need for transportation industry to reduce the operational cost, and fuel consumption.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Drink and Drive Cases to Drive the Growth of the Market
Trucks are used for the transportation of more than 60 per cent of the goods across the globe
There has been an increase in the number of drink and drive cases across the globe that can be reduced with the help of artificial intelligence. Moreover, the AI algorithms send alerts when there is a risk of vehicle colliding with any another vehicle. Hence, it is expected to surge the growth of the global AI in transportation market.
However, lack of awareness among people, high cost of the operations, and requirement of large amount of energy for consumption are expected to operate as key restraint to the growth of global AI in transportation market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global AI in transportation market which includes company profiling of AB Volvo, IBM Corporation, Microsoft Corporation, Intel Corporation, Xevo Inc., Robert Bosch GmbH, Alphabet Inc., NVIDIA Corporation, Peloton Technology, Scania CV AB, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global AI in transportation market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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