Automotive Voice Command System Market | CAGR of 19.4% by 2026Download Sample Reports Overview
According to a study of Research Dive,theglobal automotive voice command system marketforecastshallcross $4,985.8million by 2026, growing at a CAGR of 19.4%.
The enormously increasing sales of luxury vehicles with integrated comfort and safety features have accelerated the automotive voice command system market, over the forecast period. Governments, automotive manufacturers, and clients have become increasingly aware of the key advantages of the automotive voice command system. This will help to drive the growth of the market.Moreover, rising popularity ofvehicles equipped with advanced infotainment systems is also expected to propel the growth of the global automotive voice command system market during the projected period. Automotive voice command systems have the advantage of being more sophisticated and efficient; also this integrated systemoffers better drivingexperience and avoidsroad accidents. These key factors are anticipated to boost the growth of the automotive voice command system market. However, dual voice and poor software of this system are anticipated to limit the demand for automotive voice command devices, which will eventuallydecline the growth of the automotive voice command market.On the other hand, recently innovatedintelligent voice recognitionsystems-enabledmotor-cyclesare becoming immensely popular,across the globe.Furthermore, market players such as Kawasaki are focusing moreto enhance motorcycling experience with a voice-interactive and personality-based AI assistant. These recent advancements in technology are anticipated to create lucrative opportunities for the growth of the automotive voice command system market.
The global embedded technology market has a dominating market share, and it shall register a revenue of $2,557.7 million by 2026, rising at a CAGR of 17.4%, over the projected period. This is mainly because of embedded technology for automotive voice command system offering real-time voice control.. Moreover, it has effectively improved the experience of car cockpit. These factors are projected to fuel the growth of the market, during the forecastperiod.
The AI segment of the automotive voice command system market is the fastest-growing segment, and it will generate a revenue of $2,413.1 million by 2026, growing at a healthy CAGR of 20.8%, during the forecast period. This is mainly because AI has the extraordinary features which provide smarter, intuitive and safer driving experience. Voice AI technology empowers users with predictive maintenance, hands-free task completion, emergency braking facilities, and much more. Furthermore, accuracy, utility, and speed, are someof the key attributes of Voice AI responsiblefor the growth of this market.
The passenger vehicle segment will have significant growth, and it shall register a revenue of $2,587.6 million by 2026, increasing at a healthy rate of 20.5%, over the forecast period. Established voice AI companies like Cerence developed a public transit voice system that is used to get real-time information through voice commands. This technological evolution by market players is projected to foster the growth of the global market. Furthermore, the voice command system offers integrated microphone connectivity, with voice recognition, personal audio zones, and active noise cancellation in automotive and transportation.
Asia-Pacific automotive voice command system market has experienced substantial growth and it is anticipated to grow at a CAGR of 19.9% by generating a revenue of $274.4 million by 2026.The significant upsurge in the auto-production rate preferably in the Southeast Asian countries such as Indonesia, Thailand, Malaysia, and Singapore is expected to propel the automotive voice command system market growth. Moreover, established players are following multiple business strategies to strengthen their footprint into the Asia-Pacific automotive market. For instance, the voice-enabled AI and conversational intelligence technology venture, SoundHound Inc., has announced partnership with Honda Motor to boost the development of a voice-recognition AI assistant. By using this platform, the AI Assistant will provide highly sophisticated interactions with accuracy and speed.These key elements are further projected to propel the Asian market growth.
North American automotive voice command system market has a significant market share and it is estimated to reach upto $412.1 million by 2026, at a CAGR of 18.8%, throughout the forecast period. The rise in demand for safety and convenience features in vehicles along with fastgrowth in the production of autonomous as well as semi-autonomous vehicles is projected to drive the growth of the North American market, during the projected period. Furthermore, key elements like the adoption of integrated systems due to its superior advantages and high R&D investments by key players are also projected to surgethe growth of the North American market.
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The major automotive voice command system market manufacturers areMicrosoft, Nuance Communications, Inc., Amazon.com, Inc., Alphabet, BMW AG, Apple Inc., Ford Motor Company, Daimler AG., Sensory Inc., and LumenVox.To elaborate more on the competitive landscape analysis of market players, the porter’s five force model is explained in this report.
Porter’s Five Forces Analysis for Automotive voice command system market:
Bargaining Power of Suppliers:The switching costs from one supplier to other supplier are anticipated to be low.Numerous suppliers of the automotive voice command system market are dependent on a single car manufacturer. Therefore, there is no high threat from suppliers.
The bargaining power of suppliers is LOW.
Bargaining Power of Buyer: Customers have high bargaining power, mainly because of the vast variety of the automotive voice command system products. The automotive voice command market provides consumers a variety of brands with hugely differing pricing, appearance and performance factor.
The bargaining power of the buyer is MEDIUM.
Threat of New Entrants: TheHighercost associated with Research &Developmentcoupled with brand equity provides less threat of entry from new players.
The threat of new entrants is MEDIUM.
Threat of Substitutes: The threat of substitutes/alternative products is high if it offers a value proposition that is highly different from the present service of the industry. However, no substitute provides accessibility and convenience provided by automotive voice command system players.
The threat of substitutes is LOW.
Competitive Rivalry in the Market: Automotive voice command system markethasnumerouslarge, small, medium, and established players. Leading enterprisessuch as Apple, Inc., Alhabet, and Microsoft are following business strategies and technological advancementsamong them, and this is a key factor for the high competitive rivalry in the global market.
The competitive rivalry in the industry isVERY HIGH.