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Voice Recognition System Market for Automotive by Technology, Application, End-User, Fuel Type, Level of Autonomous Driving And Region - Global Forecast to 2025

Voice Recognition System Market: Global Forecast until 2025

  • January 2018
  • 150 pages
  • ID: 5281355
In this report:
The hybrid voice recognition system market in Asia Pacific is expected to grow from an estimated ##,##.## thousand units in 2017 to a projected ##,##.## thousand units by 2025, at a CAGR of ##.##%, during the forecast period.
The South African semi-autonomous vehicle segment is expected to register the highest CAGR of ##.##%, in terms of volume, and is estimated to grow from ##.## thousand units in 2017 to ##.## thousand units by 2025.

Summary

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Extended use of smartphones environment in cars and increase in trend of connected vehicles are likely to fuel the market demand for voice recognition system

The voice recognition system market for automotive is forecasted to be $941.00M in 2017 and is expected to grow at a compound annual growth rate (CAGR) of 19.41% during the forecast horizon to attain a market size of $3890.30M by 2025.

The majority of consumers are now demanding advanced comfort and convenience features, which largely influence their purchase decisions. The growing trend of premium vehicles equipped with advanced convenience features is also an important factor to be considered for the increase of voice recognition system market. Nevertheless, the high cost of high-end voice recognition system is anticipated to inhibit the increase of the market.

The hybrid technology is envisaged to be the most important increasing segment of the voice recognition system market in terms of quantity

The hybrid technology is planned to be the biggest increasing segment, by quantity, of the voice recognition system market for automotive from 2017 to 2025. The increase of this segment can be accredited to the growth in trend of integrating technology to support centralized function in vehicles.

The voice recognition system helps in accessing infotainment features including navigation, music, and can link smartphones to the central function of the vehicle. Therefore, the advancement of infotainment functions is anticipated to fuel the rise of voice recognition system market. The emerging markets including India and China (CN) are forecasted to witness steady increase of voice recognition system market due to gradual progress of automotive market.

The Battery Electric Vehicles is the quickest increasing segment of voice recognition system market

The BEV segment is intended to be the fastest-growing segment, by volume as well as value, of the voice recognition system market during the outlook period. The increase environmental concerns, increasing fossil fuel prices, and stringent government regulations for emission have accelerated the rise of the BEV market. The market players including Tesla, Waymo, BMW, Volvo, GM, Toyota, and Renault-Nissan Corporation have already introduced several BEVs in the industry and are consistently improving their technology with strong focus on Research and development

Asia-Pac (APAC) is intended to be the most important voice recognition system market for automotive in terms of volume and value by 2025

APAC is forecasted to be the largest industry for voice recognition system market for automotive by 2025. Rise in disposable income in developing countries including India and China (CN) and increasing demand for premium cars as well as comfort features in the vehicles are the top increase factors for the sector in this area.

Presently, North American area is forecasted to be the biggest market for voice recognition system. With one of the biggest industries for premium segment vehicles, North America continent is forecasted to dominate the voice recognition system market in 2017. Also, the industry demand for additional safety and convenience features in mid variant vehicles is growing exponentially in the area. These factors are anticipated to fuel the increase of the voice recognition system market in the North American area.

Key players' distribution profiles:

The market research includes industry insights specified by different market experts, ranging from voice recognition software providers to Tier-1 firms and Original equipment manufacturers. The break-up of the primaries is like:

• By Company category: Tier-1 - 40.0 percent, Tier-2 - 38.0 percent, and Tier 3 - 22.0 percent

• By Description: C-suite - 43.0 percent, D-suite - 26.0 percent, Others - 31.0 percent

• By Area: North America (NA) - 41.0 percent, EU - 31.0 percent, Asia-Pac - 21.0 percent, RoW - 7.0 percent

Segment Research

The study includes the voice recognition system market for automotive based on Area (North America continent, Europe (EU), Asia Pacific (APAC), and Rest of World), application (AI and non-AI), technology (embedded and hybrid), level of autonomous driving (autonomous, conventional, and semi-autonomous), Fuel type (BEV, ICE, and Others, and end-user (economy, mid-priced, and luxury).

Why Purchasing This Study Can Help You:

The analysis offers business insights into the following parts:

• business entry: The market research offers Exhaustive information on voice recognition system market and the top actors in the sector.

• Market Development: The industry report offers highlighted information on several technologies of voice recognition system. The study examines the industries for different voice recognition system technologies across distinct countries.

• industry diversification: The analysis offers complete information about emerging technologies, recent evolutions, and market investments in the overall voice recognition system market.

• opposing assessment: The market research affords an detailed assessment of strategies, services, and manufacturing competences of key players in the overall voice recognition system market.

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