Global In-Cabin Automotive AI Market Eyeing Phenomenal Growth: Growing at a CAGR of 42.0% during the Forecast Period

Published | 21 August 2021

The global in-cabin automotive AI market is gaining traction because of factors such as increasing incidences of road accidents and the stringent government regulations in the adoption of driver monitoring systems and other applications....

A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global in-cabin automotive AI market was worth USD 63.1 million in the year 2020. It is estimated to grow at a CAGR of 42.0%, earning revenue of around USD 731.9 million by the end of 2027. The growth can be attributed to factors such as a growing number of automobile products as well as expanding safety features to ensure the safety of people inside the vehicle. Additionally, increasing road accidents and stringent government regulations driving the adoption of driver monitoring systems and other applications are also contributing to the growth of the global in-cabin automotive AI market.

Growing Demand for Automotive Vehicles Is Estimated to Boost the Global In-Cabin Automotive AI Market

With the increased awareness of sustainability and changing consumer behaviors, the automotive industry continues to thrive. With this growth, the global in-cabin automotive AI market is also anticipated to gain significant traction. For the smooth operation of automotive vehicles, sensors and components installed in the vehicles are always connected to each other. In addition to providing in-cabin AI applications, such as driver monitoring systems, conversation assistance, etc., they also ensure the maximum safety of the drivers.

Advanced Safety Features Propelling the Global Market Growth

According to WHO, an estimated 1.3 million people die from road accidents, and around 20 million to 50 million people suffer from non-fatal injuries caused by road accidents. Automobile manufacturers are, therefore, increasingly striving to improve the safety of their products by installing safety features such as airbags, rear parking sensors, and panic buttons. As a result, the demand for in-cabin automotive AI is flourishing at a high rate. A driver monitoring system tracks the driver's eye movements. If something anomalous occurs, it alerts them with a warning sound or a flashing light. In case of unresponsiveness, it also automatically applies the breaks, preventing casualties.

Global In-Cabin Automotive AI Market - By Application

Based on applications, the global in-cabin automotive AI market is categorized into the occupant monitoring system, driver monitoring system, conversation assistance, and smart HVAC. Among these, the driver monitoring system segment accounts for the largest market share. Among the most vital safety features, this system measures the driver's awareness level while driving the vehicle besides tracking their level of vigilance. Driver monitoring systems are also capable of gauging drowsiness and distractions, thereby decreasing the risk of accidents. Because of this, major auto manufacturers often incorporate this technology into their vehicles, thereby spreading its market growth.

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Global In-Cabin Automotive AI Market - Regional Insights

Geographically, the global in-cabin automotive AI market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, Europe holds the largest market share. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The emerging automobile markets in this region, such as India, China, and Japan, carry great potential. China is emerging as a leading market for both manufacturing and consumption of automobiles. As a result, the in-cabin automotive AI market is also flourishing at a high rate in APAC countries.

Impact of COVID-19 on Global In-Cabin Automotive AI Market

In the wake of the COVID-19 pandemic, the global in-cabin automotive AI market has been severely impacted. Because of social distancing protocols and the availability of limited resources, automobile production ceased during the nationwide lockdowns imposed by the governments of different countries to curb the spread of the virus. Furthermore, China is one of the leading providers of in-cabin automotive AI products. However, with the virus emerging from this region and imports and exports completely banned, the entire supply chain was obstructed, causing severe losses to the industry players of the in-cabin automotive AI market.

Competitive Landscape

The leading market players in the global in-cabin automotive AI market are Visteon Corporation, Renesas Electronics Corporation, Ambarella, QUALCOMM Incorporated, Seeing Machines Limited, Eyeris, Aptiv plc, ZF Friedrichshafen AG, Eyesight Technologie, NXP Semiconductors N.V., Valeo, Denso Corporation, Faurecia, Robert Bosch GmbH, Hyundai Mobis, and other prominent players.

The market is highly fragmented, with the presence of several global and regional industry participants. Various technology companies are also entering the in-cabin automotive AI domain, which is making the market highly competitive. The goal of these companies is to gain a competitive advantage by innovating and advancing their technology. They also maintain customer loyalty by delivering top-notch services. Furthermore, the adoption of competitive strategies such as mergers, partnerships, collaborations, and acquisitions are also very prominent in the market.

Don’t miss the business opportunity of the global in-cabin automotive AI market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global in-cabin automotive AI market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global in-cabin automotive AI market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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