The automotive industry is, without a doubt, the home of many innovations that are rooted in technology. From the automobile’s inception in 1886 which originated from the brilliant mind of Karl Benz to today’s autonomous and sustainable cars, automobiles have truly come a long way.
At present, the automobile industry develops, manufactures, and sells motor vehicles from all over the world. Volkswagen, currently the world’s largest automaker, leads the automobile race, having sold 10.83 million vehicles in 2018. Coming in at second is Toyota with over 10.52 million vehicles sold. Vehicles sold globally by the Renault-Nissan-Mitsubishi Alliance reached 10.36 million last year. General Motors is at fourth, selling 8.78 million vehicles. Rounding up the top five is the Hyundai Group, with over 7.5 million vehicles sold.
Traditional and modern car manufacturers continue to invest in the production of electric vehicles. Jaguar’s first all-electric SUV, I-Pace, was released in 2018. Porsche recently unveiled its “most premium” electric vehicle—the Taycan, while Volkswagen is set to introduce its latest electric vehicle, the ID.3, by September.
With the help of technology, the industry is getting ready for the future of mobility through vehicles that are Connected, Autonomous, Shared, and Electric (CASE). The role of artificial intelligence (AI) in the automotive industry is getting bigger and bigger every year, and the rise in car-related consumer apps such as Volkswagen’s We clearly shows that the modern driver values mobility and connectivity.
In today’s digital landscape, the automotive industry’s reliance on artificial intelligence (AI) is at a pivotal stage. A report conducted by Tractica, a market intelligence firm, forecasted the importance of AI in the automotive industry, stating that AI revenue in the industry can reach 14 billion USD by 2025. This revenue, composed of AI hardware, software, and services, are predicted to represent a compound annual growth rate of 48.3%. Tractica’s report also detailed AI’s top uses in order of revenue potential, with object detection/identification, personalized services, and AI building generative models of the real world leading the list.
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