Overview and Scope
An automotive voice recognition system, or voice-activated system, refers to a technology that can decode human speech and allows the driver to speak commands. It is used to prevent distractions from operating the infotainment system while driving.
Sizing and Forecast
The automotive voice recognition system market size has grown rapidly in recent years. It will grow from $2.51 billion in 2023 to $2.88 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to growing focus on driver safety, integration with smart devices, voice commerce integration, rising adoption of autonomous driving, growing popularity of luxury vehicles.
The automotive voice recognition system market size is expected to see rapid growth in the next few years. It will grow to $4.8 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to advancements in natural language processing (nlp), rapid growth in connected vehicles, personalization and customization, multimodal interaction, biometric authentication, cloud-based services and connectivity, increasing demand for multilingual support. Major trends in the forecast period include integration of artificial intelligence (ai), integration with augmented reality (ar), integration with advanced technologies, integration with machine learning.
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Segmentation & Regional Insights
The automotive voice recognition system market covered in this report is segmented –
1) By Level Of Autonomous: Autonomous, Conventional, Semi-Autonomous
2) By Technology: Embedded, Cloud-Based, Hybrid
3) By Fuel Type: Internal Combustion Engine (ICE), Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plug-In Electric Vehicles (PEV)
4) By Application: Artificial Intelligence, Non-Artificial Intelligence
5) By End User: Economy Vehicles, Mid-Priced Vehicles, Luxury Vehicles
North America was the largest region in the automotive voice recognition system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive voice recognition system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing adoption of vehicles is expected to boost the growth of the automotive voice recognition system market going forward. A vehicle is a machine with an engine that transports people or stuff from one location to another. Car owners use automotive voice recognition systems for hands-free comfort, safety, and around-the-clock connectivity. For instance, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), the leading lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021. Further, Chinese automakers had 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the increasing adoption of vehicles is driving the growth of the automotive voice recognition system market.
Key Industry Players
Major companies operating in the automotive voice recognition system market report are Volkswagen AG, Toyota Motor Corporation, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Ford Motor Company, Hyundai Motor Company, Robert Bosch GmbH, Nissan Motor Co. Ltd., LG Electronics, Panasonic Corporation, International Business Machines Corporation, Kia Motors Corporation, Mitsubishi Electric Corporation, AISIN SEIKI Co. Ltd., Valeo SA, NXP Semiconductors N.V., Harman International, Visteon Corporation, Cadence Design Systems Inc., iFLYTEK Corporation, Nuance Communications Inc., Knowles Corporation, Cerence Inc., Continental AG, Sensory Inc., SoundHound AI Inc., Kardome Technologies Ltd., Lumenvox
The automotive voice recognition system market report table of contents includes:
1. Executive Summary
2. Automotive Voice Recognition System Market Characteristics
3. Automotive Voice Recognition System Market Trends And Strategies
4. Automotive Voice Recognition System Market – Macro Economic Scenario
5. Global Automotive Voice Recognition System Market Size and Growth
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31. Automotive Voice Recognition System Market Other Major And Innovative Companies
32. Global Automotive Voice Recognition System Market Competitive Benchmarking
33. Global Automotive Voice Recognition System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Voice Recognition System Market
35. Automotive Voice Recognition System Market Future Outlook and Potential Analysis
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