Blog: Artificial Intelligence in Transportation Market worth 10.30 Billion USD by 2030
The development of autonomous vehicles and industry-wide standards to implement safety features such as the adaptive cruise control (ACC), collision warning, lane-keep assist, and advanced driver assistance systems (ADAS) would trigger the growth of the artificial intelligence in the transportation market.
The Artificial Intelligence In Transportation Market is projected to grow at a CAGR of 17.87% from 2017 to 2030, and the market size is expected to grow from USD 1.21 Billion in 2017 to USD 10.30 Billion by 2030. The market growth is primarily driven by factors such as increasing demand for assisted driving, increasing level of automation, and enhanced connectivity. Other factors driving the growth of the artificial intelligence in transportation market are a reduction in the number of accidents caused due to human error and demand for reduced traffic congestion.
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The key strategy adopted by the major players in the artificial intelligence in transportation market is supply contracts/partnerships/joint ventures. OEMs along with Tier-I suppliers and software suppliers have joined hands to gain a competitive advantage in the artificial intelligence in transportation market. Leading players are collaborating with regional players to cater to the growing demand. For instance, in April 2017, Bosch and the University of Amsterdam decided to collaborate in the field of artificial intelligence. Over the next four years, Bosch will make a total investment of USD 3.34 million in this partnership. New product development is the second most widely followed strategy in the market. In July 2016, ZF launched a ‘Highway Driving Assist Multi-Lane’ system, which combines environmental sensing, braking, automatic steering, and acceleration to maintain vehicle control.
The report provides detailed profiles of the following companies:
- Continental (Germany)
- Daimler (Germany)
- Scania (Sweden)
- Paccar (US)
- MAN (Germany)
- Magna International (Canada)
- Bosch (Germany)
- Valeo (France)
- ZF Friedrichshafen (Germany)
- NVIDIA (US)
- Alphabet (US)
- Intel (US)
- Microsoft (US)
- Peloton Technology (US)
Volvo (Sweden) is identified as the leading player among OEMs in the artificial intelligence in transportation market. The company has a robust product portfolio in transportation sector such as city buses, coaches, and others. The company offers premium products and services related to artificial intelligence such as self-driving trucks, HMI, fleet management, and others. Volvo (Sweden) has been working on truck automation for 20 years. The company follows the strategy of new product development to gain a competitive advantage in the artificial intelligence in transportation market. In July 2017, the company launched its new “VNL” series of semi-trucks, which offer many self-driving features and safety systems such as forward collision warning, adaptive cruise control, lane departure warning, and automatic emergency braking. Similarly, in May 2017, the company launched an integrated system for infotainment and services in vehicles.
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Asia Oceania is estimated to be the fastest growing market for artificial intelligence in transportation, in terms of value. The market growth in the region can be attributed to strong economic growth, booming logistics and supply chain sector, shift of unorganized 3PL (third-party logistics) sector to organized sector, and steadily growing population. These factors have played a vital role in the increasing production and sale of commercial vehicles, mainly trucks. Developing countries such as India and China are driving the growth of commercial vehicles in the region.
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