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Subject: MRR

USD 4.02 Billion Growth in Automotive Voice Recognition System Market Size - Industry Analysis, Market Trends, Market Growth, Opportunities


NEW YORK, June 6, 2023 /PRNewswire/ -- As per Facts and Factors study, the global automotive voice recognition system market size was valued at USD 2.09 billion in 2022 and is anticipated to reach USD 4.02 billion between 2023- 2030.

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Automotive Voice Recognition System Market: Overview

Automotive voice recognition system refers to the concept of using speech recognition technology in vehicles. The technology is gaining traction among consumers across the globe due to its growing advancements in recognition algorithms. Manufacturers have developed these algorithms by considering the user's safety while navigating the vehicle. Many studies had concluded that the distraction level of drivers was comparatively much higher when people were using touch screen elements. The percentage decreased when people adopted voice command recognition systems.

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Key Insights:

Facts and Factors published the latest report titled "Automotive Voice Recognition System Market Size, Share, Growth Analysis Report By Level Of Autonomous Driving (Semi-Autonomous, Conventional, And Autonomous), By Technology (Hybrid And Embedded), By End-user (Luxury Vehicles, Mid-Priced Vehicles, And Economy Vehicles), By Fuel Type (ICE, BE, And Others), By Application (AI-Based And Non-AI-Based), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 ? 2030" into their research database.

Industry Dynamics:

Global Automotive Voice Recognition System Market: Growth Drivers

Youth today are more willing to buy vehicles that have high connectivity features because of the need for convenience and comfort more than the torque or the power figures. The trend is likely to gear up, particularly in the markets like Asia Pacific and Europe, which are currently facing demand for diverse features like in-built voice recognition systems.

For example, 13 million passenger vehicles featuring a voice recognition system were sold in China in 2021. The figure marked an increase of 13% in one year. Consumers are more inclined towards autonomous and connected vehicles for the enhanced assurance of the safety of these vehicles. Another trend marking the growth of the global Automotive Voice Recognition System Market is the launch of vehicles featuring voice recognition technology with our vernacular languages.

For example, the SUV launched by Hyundai Venue offers a voice recognition feature supporting 10 Indian languages other than Hindi and English. Also, the growing adoption of digital technologies among all age groups globally is further likely to drive the growth of the global Automotive Voice Recognition System Market. The tech advancements in voice recognition technology are further likely to foster the demand for automotive voice recognition systems.

Global Automotive Voice Recognition System Market: Restraints

Automobile manufacturers are constantly striving hard to improve the voice recognition system in automobiles to offer better usability and improved in-car experience. As a result, deploying these features in cars mark them as luxury vehicles, thereby increasing the installation cost. Therefore, such a landscape is expected to limit the growth of the global automotive voice recognition industry in the forthcoming years. However, the growing demand for cars is majorly from the mid and low-priced categories due to the fact that most people in developing countries fall under the middle-class income group. Therefore, such a landscape is anticipated to limit the voice recognition system in the market during the predicted period.

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Automotive Voice Recognition System Market: Opportunities

There has been a significant spike in the production and sales of automobiles in recent years due to the surging income level of end users across the globe. Increasing disposable income and consumers' growing desire for comfort and luxury services are further likely to offer many lucrative growth opportunities in the global Automotive Voice Recognition System Market.

The growing desire for infotainment, high-end technology services well equipped with AI, demand for the latest connectivity features among youth, and growing number of middle-income people are also likely to expand the global market scope during the predicted period.

Automotive Voice Recognition System Market: Challenges

With the growth in voice technology, there come several hindrances, like technical words, speaker identification, fluency, accent, punctuation, background noise, etc., in offering seamless performance to customers. According to a report in 2021, around 21.2% and 30.4% of people registered concern about the dialect and accent, respectively. Therefore, overcoming the breakthrough in offering accuracies for different languages is one of the major challenges in the growth of the automotive voice recognition industry.

Global Automotive Voice Recognition System Market: Segmentation

By level of autonomous driving, the market can be segmented into semi-autonomous, conventional, and autonomous. The semi-autonomous segment accounts for the largest share of the global market. The primary driver for the growth of the segment is the constant upgradation in the infotainment field along with the growing automation of driving functions. However, the conventional segment is also expected to be the fastest-growing segment in the global market due to the high demand for these vehicles as compared to others.

By technology, the automotive voice recognition industry can be segmented into hybrid and embedded. The embedded segment is likely to register the highest revenue in the global market due to the diverse features offered by it. Embedded technology offers ease of installation to the manufacturers, thereby lowering the level of complexity. Also, the earlier adoption of this technology by manufacturers is likely to offer more advanced features like hands-free access to the customers, which in turn is expected to propel the growth of the segment.

By end users, the market can be segmented into luxury vehicles, mid-priced vehicles, and economy vehicles. The luxury vehicle segment is estimated to dominate the global market.

By fuel type, the Automotive Voice Recognition System Market can be segmented into ICE, BEV, and others. The battery electric vehicles (BEV) segment is estimated to hold the largest market share of the global market.

By application, the market can be segmented into AI-based and non-AI-based. The market for non-AI-based applications is estimated to be the fastest-growing segment.

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List of Key Players in Automotive Voice Recognition System Market:

Key questions answered in this report:

Report Scope:

Report Attribute

Details

Market size value in 2022

USD 2.09 Billion

Revenue forecast in 2030

USD 4.02 Billion

Growth Rate

CAGR of almost 8.09% 2023-2030

Base Year

2022

Historic Years

2016 ? 2021

Forecast Years

2023-2030

Segments Covered

By Level Of Autonomous Driving, Technology, End User, Fuel Type, Application, and Region

Forecast Units

Value (USD Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2030

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Companies Covered

Nuance, Sensory, Alphabet, VoiceBox, Microsoft, Apple, Harman, JStar, International Business Machines Corporation, BioTrust ID, Anhui USTC iFlytek, Agnitio, and others.

Report Coverage

Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Customization Scope

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Regional Dominance:

In terms of market revenue and share, North America is likely to dominate the global Automotive Voice Recognition System Market in the forthcoming years. The high disposable income of people has thrived the demand for luxury products and services. Therefore, the region is likely to see a significant surge in the demand for automotive recognition systems.

Also, the increase in the requirement for personal vehicles due to the growing issues with public transport is likely to support the growth of the regional market. Furthermore, the growing technology and increased research studies are expected to positively impact the growth of the regional market during the predicted period.

Asia Pacific is expected to grow significantly in the global market due to the rapidly growing urban population and increasing disposable income of the people in the region. Additionally, the developing infrastructure and increasing foreign direct investments are further likely to widen the scope of the regional market.

Global Automotive Voice Recognition System Market is segmented as follows:

Automotive Voice Recognition System Market: By Level Of Autonomous Driving Outlook (2023-2030)

Automotive Voice Recognition System Market: By Technology Outlook (2023-2030)

Automotive Voice Recognition System Market: By End User Outlook (2023-2030)

Automotive Voice Recognition System Market: By Fuel Type Outlook (2023-2030)

Automotive Voice Recognition System Market: By Application Outlook (2023-2030)

Automotive Voice Recognition System Market: By Region Outlook (2023-2030)

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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