Definition of AI in Transportation

AI in transportation is one of the most important advanced technologies on the present times, that deploys big data in transportation for improved safety on roads and reduce the number of road accidents. Artificial intelligence is changing every sector including transportation by making cars, ships, trains, and others function autonomously. It helps to reduce the risk of human errors that may lead to road accidents.

Global AI in Transportation Market Report Scope 

Global AI in Transportation Market Highlights Over 2023 - 2033 

The global AI in the transportation market is estimated to garner a revenue of USD 18.0 Billion by the end of 2033 by growing at a CAGR of ~23% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 2 Billion in the year 2022. The growth of the market can be attributed to the growing deployment of AI in transportation owing to its benefits such as better traffic management, improved flow of traffic, and less accidents on road. More than 60 percent of the goods worldwide are transported by trucks around the world.

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Artificial intelligence is changing every sector including transportation by making cars, ships, trains, and others function autonomously. It helps to reduce the risk of human errors that may lead to road accidents. Moreover, it has the potential to ease traffic congestion, make parking easier, make traffic more efficient, and encourage car and ride-sharing. Hence, increasing drinking and driving cases are projected to surge the growth of global AI in the transportation market.  According to the World Health Organization, nearly 1.3 Million people die every year owing to road traffic crashes.

Global AI in Transportation Market: Growth Drivers and Challenges

Growth Drivers

• Need for Reduction of Fuel – There has been an increase in the usage of resources leading to scarcity in amount. Hence, it is expected to increase the growth of the global AI in the transportation market. According to the U.S. Energy Information Administration, approximately 135 Billion gallons of gasoline were consumed by Americans in the year 2021

• Growth of the Automobile Industry – As per the India Brand Equity Foundation, the number of automobiles produced in the financial year 2021 has increased to 22.65 Million.

• Surging Development of Artificial Intelligence – More than 35 percent of organizations across the globe use artificial intelligence.

• Rising Demand for Autonomous Vehicles– More than 30 Million autonomous vehicles were sold in the year 2020 around the world.

Challenges

• Lack of Awareness Among People

• High Cost of the Operations- The excruciating high costs of deployment of AI in any vertical is bound to take its toll on the transportation industry as well. As a result of high operation cost, the market is expected to witness challenges for its growth.

• Requirement of Large Amount of Energy for Consumption

The global AI in the transportation market is segmented and analyzed for demand and supply by application into semi-autonomous trucks, HMI in trucks, and autonomous trucks. Out of these, the autonomous trucks segment is anticipated to hold the largest share over the forecast period owing to the development in the trucking industry. As per the American Trucking Association, there have been 10.23 Billion tons of freight that is transported by trucks in the year 2020.

Global AI in Transportation Market Regional Synopsis

Regionally, the global AI in the transportation market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2033 on the back of rising demand and the use of automated cars. Moreover, increasing need for the transportation industry to reduce operational cost, and fuel consumption. In the year 2022, there are more than 1,000 self-driving cars on the roads in the United States.

Market Segmentation

Our in-depth analysis of the global AI in transportation market includes the following segments:

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Key Companies Dominating the Global AI in Transportation Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global AI in transportation market that are included in our report are AB Volvo, IBM Corporation, Microsoft Corporation, Intel Corporation, Xevo Inc., Robert Bosch GmbH, Alphabet Inc., NVIDIA Corporation, Peloton Technology, Scania CV AB, and others.

Global AI in Transportation Market: Latest Developments

• March, 2022: NVIDIA Corporation announced the updation of its NVIDIA AI platform for major advances in speech, hyperscale interference, and recommender system

• April, 2022: Robert Bosch GmbH announced the partnership with AWS in order to digitalize logistics for improving efficiency, and sustainability in the logistics and transportation industry.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.  

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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