Artificial Intelligence is the study or development of software that mimics human behavior in various domains. In fact, it already exists and is used by several of the big players in the automotive industry, to some extent. Companies such as Mercedes-Benz, Apple, and even Honda have already put in place their own systems. As far as the regional footprint is concerned, developed countries in North America are gaining lucrative traction in artificial intelligence in automotive market . This is due to the fact that there is the large presence of key market players such as Tesla, General Motors Company, Uber Technologies Inc., and Apple Inc. in the region. Europe is another key region where AI in automotive has gained major popularity with proactive government initiatives.
The introduction of artificial intelligence in the automotive sector has given rise to autonomous vehicles. Many tech companies and automakers across the globe are focused on developing autonomous vehicles powered by artificial intelligence. Recently, in March 2021, Honda Motor launched a new car equipped with the world’s first certified level 3 autonomous driving technology to commercialize such automation for passenger vehicles. Such factors can stimulate growth of the artificial intelligence in automotive market.
In fact, there are already several such systems available and they work together to anticipate the behavior of the driver beforehand. The car learns to anticipate what may happen next based on previous decisions the driver has made and based on the inputs from the virtual control system. There are still more refinements and that will take place over time. Even though artificial intelligence is much appreciated in the automotive sector, its installation cost is significantly high making AI-enabled cars expensive. Furthermore, there are major threats related to cyber-security and maintaining the balance between cost and quality, which could limit growth of the artificial intelligence in automotive market.
Similar to autonomous cars, the Internet of Things (IoT) is another emerging technology that is gaining major traction in the automotive industry. Newly launched cars are equipped with IoT devices and technologies to enhance the safety, efficiency, and cost-effectiveness of a vehicle. Installation of these technologies can potentially augment growth of the artificial intelligence in automotive market.
Recently, in February 2021, Ford Motor Co. partnered with Google Inc. to develop new consumer services including software, artificial intelligence, and cloud computing for Ford and Lincoln vehicles.
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