Generative AI in Automotive Companies | Forecast by 2033

06 Aug 2024

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Table of Content

1. Generative AI in Automotive Market Growth and Trends 2. Market Overview 3. Generative AI In Automotive Market Emerging Trends 4. Top Companies in Generative AI in Automotive Market 5. Regional Insights 6. Market Potential and Growth Opportunity 7. Generative AI in Automotive Market Highlights 8. Generative AI in Automotive Market News

Generative AI in Automotive Market Growth and Trends

The global generative AI in automotive market is predicted to surpass around USD 3,163.04 billion by 2033 and is poised to grow at a CAGR of 23.3% during the forecast period. Generative AI has made various advancements in the technological world and hence enhanced the market demand.

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Market Overview

Generative AI helps the technology industry evolve with the increasing demand by analyzing huge datasets and generating designs. It can change the automotive industry in numerous ways, such as by developing autonomous vehicles, decreasing equipment charges, and enhancing production. Generative AI has the potential to develop videos, text, and images by describing algorithms to create new pieces of content. The automotive industry comprises all those companies that are involved in manufacturing parts like bodies and motor vehicle engines.

Some of the benefits of generative AI used in the automotive industry are that it enhances efficiency in production and cost management, allows customization to increase the competitive edge, optimizes navigation, and provides a superior level of safety. Popular automotive companies that use generative AI are Mercedes-Benz, CarMax, Toyota, CarGurus, BMW, and many others. To fulfill customers' increasing demands for several facilities in their vehicles, a few companies have used advanced artificial intelligence and are leading in the market.

Generative AI In Automotive Market Emerging Trends

• Customised infotainment systems: Generative AI helps the market players to customize navigation and entertainment features according to consumer preferences.
• Reduce emissions and increase fuel efficiency: Certain generative artificial intelligence tools enhance engine performance for reduction of fuel use.
• Self-driving technique: To ensure safe auto-driving, extensive sensor data is analyzed by generative AI.  Facilities such as diverse environment learning and adapting responses are making it more preferable to people.
• Effective urban mobility: Advanced technology has features that efficiently predict the congestion pattern in traffic.

AI-driven customization boosting the generative AI in automotive market

Generative AI is helpful and commonly used by all the automotive players now with developing time as the expectations and demand are increasing rapidly. Both top-level, technologically advanced companies continuously work with automotive companies. With artificial intelligence that can offer human-like behavior, interactions, and memories that help in memorizing routes and traffic, it provides immense comfort, which compels people to choose such models of motor vehicles that have more advanced facilities and hence drive the generative AI in automotive market. Navigation and driving during long journeys have been a major concern for people for several years, but with the help of generative artificial intelligence, it has become easy to navigate while moving to any place, and auto-driving facilities also add convenience to people. With continuous market surveys conducted by generative AI in the automation market, various famous companies are constantly working on advancements in automation with technology.

Electric Vehicles manufacturer Chery and JIYUE, which is a joint venture between Baidu and Geely, which are two Chinese multinational companies, announced the adoption of the next-generation NVIDIA DRIVE THOR. By creating a personalized driving experience, generative AI helps the automotive industry to reshape. This advanced technology also helps to recover insurance in case of any accidents, which also makes it preferable.

• For instance, in 2023, BMW Group announced it would provide test drives for its new innovative feature model named NEUE KLASSE, which will finally launch on the road in 2025. Along with various other features, this car has high-quality voice assistance features; this AI technology is known as a large language model.

Safety concerns associated with generative AI in automotive market are restraining the market. People have experienced some of the issues, and fixing them takes more time due to a lack of sufficient repair centers and trained people. Providing proper training and making more service centers available can resolve this concern among generative artificial intelligence-developed vehicle users.

Top Companies in Generative AI in Automotive Market

• NVIDIA Corporation
• Bayerische Motoren Werke (BMW) AG
• Intel Corporation
• Tesla, Inc.
• Waymo LLC
• Ford Motor Company
• Ford Motor
• Microsoft Corporation
• Honda Motors
• Honda Motor Co., Ltd.
• Tencent
• Volvo Car Corporation
• Uber Technologies, Inc.
• Audi AG
• Hyundai Motor

Recent Development by Hyundai Motor

• In November 2023, Hyundai Motor, the world’s largest integrated automobile manufacturing company, announced a strategic partnership with AWS (Amazon Web Services). This association aims to provide next-generation Hyundai vehicles with interactive Alexa Built-in.

Recent Development by Ford Motors

• In March 2023, Ford Motors, which is an American multinational automobile manufacturer, established Latitude AI, which is a focused, hands-free, eyes-off-the-road automated driving system for several vehicles. The company is also working on the advancement of Ford BlueCruise, which has already witnessed more than 50 million miles of hands-free driving.

Regional Insights

Asia Pacific is considered to be the fastest-growing region during the forecast period due to the rise in demand for advanced technology. Due to continuous development in countries like India, Japan, China, and others, the market tends to grow fast. For instance, in March 2024, Nissan Motor Co., Ltd. (Nissan) and Mitsubishi Corporation (MC) together have signed an agreement to explore new project initiatives in next-generation mobility. Collaboration between companies to fulfill customer requirements helps the market introduce advanced technologies.

• In March 2024, SounHound AI, which is an AI platform that connects people to brands, announced Chat AI Automotive voice assistant and marked the first integration of generative AI in vehicles in Japan.
• For instance, in January 2024, Huawei, in collaboration with Changan Automobile Co., a Chinese automobile manufacturing company, established a new smart car unit. Huawei is taking charge of vehicle component development and smart car equipment manufacturing in the joint venture with Changan.

North America dominated the generative AI in automotive market in 2023 due to the development and research work that boosted the market to grow rapidly. The collaboration of several companies for the development of the market contributes a huge role in holding a high share of the market. For instance, in November 2023, Ford Motors, in partnership with J.D. Power ChromeData, which is considered a leading company in vehicle data and software solutions, announced an agreement to use vehicles to build data for ChromeData VIN Descriptions. Also, in May 2024, Chevrolet, which is an American automobile division, announced the launch of the Silverado EV First Edition RST, which is packed with new technologies and an advanced software system that enables the technologies in the vehicle to evolve with time. This type of regular advancement and launch boosts the market to grow and dominate worldwide.

Market Potential and Growth Opportunity

Growing uses of CCC intelligent solution

In today’s world, self-driving cars and artificial intelligence are the most demanding features that customers look after when purchasing a car. Artificial intelligence in the automotive market comprises industrial robots constructing an autonomous car and a vehicle navigating traffic flow with the help of machine learning. Automotive vehicles and ADAS are two points of automotive technology that are connected to AI to improve safety and driving practice. Autonomous vehicles drive the limitations of AI by allowing vehicles to function without human involvement. Some more features, such as predictive maintenance, simulation, testing, map generation, and many others, are enhancing the potential of generative AI in automotive market.

Generative AI in Automotive Market Highlights

Generative AI in Automotive Market News

• For instance, in February 2024, Verisk, which is an American multinational data analytics and risk assessment firm, launched an automated generative AI that has record summary capability in Discovery Navigator, which is a leading medical review platform.
• For instance, in April 2024, NVIDIA, at the Beijing International Automotive Exhibition, showcased their NVIDIA DRIVE, a platform for AI-defined vehicles.

Market Segmentation

By Vehicle Type

• Passenger Vehicles
• Commercial Vehicles

By Technology

• Machine Learning
• Natural Language Processing
• Computer Vision
• Context-aware Computing
• Others

By Application

• Vehicle Design
• Manufacturing Optimization
• Transportation & Logistics
• Autonomous Driving
• ADAS

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