The global automotive AI chipset market is anticipated to reach a valuation of US$ 3.5 billion in 2024, driven by human-machine interface enhancement. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 22.1% between 2024 and 2034 and reaching a total valuation of approximately US$ 25.9 billion by 2034.
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Two major factors contributing to the market’s growth are long-term evolution and 5G connectivity. The rollout and widespread adoption of high-speed LTE and 5G connectivity can significantly impact the capabilities of AI applications in vehicles. Faster and more reliable data transmission enables real-time communication, enhancing the effectiveness of AI algorithms.
The availability of open-source AI platforms and development tools facilitates innovation and collaboration within the automotive industry. Developers and manufacturers can leverage these tools to accelerate the integration of AI chipsets into vehicles.
AI chipsets enable predictive maintenance systems that anticipate and address vehicle maintenance issues before they become critical, reducing downtime, extending vehicle components’ lifespan, and enhancing overall reliability.
Sensor fusion, combining data from various sensors like cameras, radar, and LiDAR, is crucial for comprehensive perception in autonomous vehicles. AI chipsets can enhance sensor fusion capabilities, enabling more accurate and reliable environmental understanding.
The integration of augmented reality in head-up displays is becoming more prevalent for providing drivers with real-time information without distraction. AI chipsets contribute to the processing power needed for AR applications, enhancing safety and user experience.
Blockchain technology is being explored to enhance data security and integrity in the automotive industry. AI chipsets can play a role in supporting blockchain implementations for secure and transparent data management.
“Driver monitoring systems, powered by AI chipsets, can monitor driver behavior, alertness, and attention. The technology is crucial for enhancing safety by preventing accidents caused by driver fatigue or distraction,” says Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm.
Key Takeaways from the Market Study
- Global automotive AI chipset market was valued at US$ 2.9 billion by 2023-end.
- From 2019 to 2023, the market demand expanded at a CAGR of 18.4%.
- The market in Australia is expected to expand at a CAGR of 26.6% through 2034.
- By vehicle type, the passenger type segment to account for a share of 72.0% in 2024.
- From 2024 to 2034, automotive AI chipset market is expected to flourish at a CAGR of 22.1%.
- By 2034, the market value of automotive AI chipset is expected to reach US$ 25.9 billion.
Competitive Landscape
Prominent players in the automotive AI chipset market are Advanced Micro Devices Inc., Xilinx Inc., Graphcore Ltd, Huawei Technologies Co. Ltd, IBM Corporation, Intel Corporation, NVIDIA Corporation, Micron Technology Inc., Samsung Semiconductor (Samsung Electronics Co. Ltd), Qualcomm, NVIDIA, NXP Semiconductors, and Mobileye, among others.
Top of Form
Recent Developments
- In 2022, Mobileye unveiled the EyeQ® Ultra™, marking the cutting-edge and highest-performing system on chip of the company, specifically designed for autonomous driving. The EyeQ Ultra stands out with a remarkable 176 TOPS, and is an efficient chip for autonomous vehicles.
- In 2021, Qualcomm Technologies, Inc. and General Motors reaffirmed their ongoing collaboration to enhance forthcoming vehicles’ experiences. Leveraging their extensive partnership that spans various cellular technology generations, the two companies will employ their expertise to incorporate highly advanced technologies essential for the next generation of vehicles.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global automotive AI chipset market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the automotive AI chipset market, the market is segmented based on product (GPU, ASIC, FGPA, CPU), application (advanced driver assistance systems, voice and gesture recognition, infotainment system, predictive maintenance, autonomous driving, and others), processing type (computer vision, machine learning, natural language processing), and vehicle type (passenger vehicle, and commercial vehicle), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
The technology team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and 1 Billion+ data points, the team has lucidly analyzed the market in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
