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Global Automotive Voice Recognition System Market to reach USD 3.74 billion by the end of 2029.

Global Automotive Voice Recognition System Market Size study & Forecast, by Vehicle Type (IC Engine, Electric) by Vehicle Price (Economy Vehicles, Mid-Priced Vehicles, Luxury Vehicles) and Regional Analysis, 2022-2029

Product Code: ALTAMC-23769574
Publish Date: 5-05-2023
Page: 200

Global Automotive Voice Recognition System Market is valued at approximately USD 2.01 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 8.07% over the forecast period 2022-2029. Automotive voice recognition systems are software applications and hardware components installed in cars that decode human speech to provide hands-free communications to reduce or eliminate driver distraction while operating the vehicle. The human voice is used to operate voice recognition systems in automobiles, allowing drivers to perform repetitive, boring tasks like turning on the air conditioning simply by speaking commands, as opposed to physically taking their hands off the wheel. The number of accidents caused by driver error has been seen to decrease significantly as a result of the use of automotive voice recognition systems. The increase in the trend of connected vehicles, the rapid development of the automotive sector, coupled with the rising use of the smartphone environment in cars are the key factors attributing to the market growth around the world.

Additionally, the global market expansion is significantly influenced by the rising production and sales of automobiles. According to Statista, the global car manufacturing industry is expected to generate revenues of over USD 2.5 billion in 2020, which are projected to increase to almost USD 2.8 billion in 2022. As a result, the strong growth of the automotive sector is directly related to the demand for automotive voice recognition systems, which in turn spurs the market’s expansion during the estimated years. Moreover, the rising development of infotainment and technology services, as well as the growing focus on automobiles equipped with the latest connectivity and AI features are presenting various lucrative opportunities over the forecasting years. However, the high cost of premium voice recognition systems is challenging the market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Automotive Voice Recognition System Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the market in terms of revenue, owing to the increasing technological developments in voice recognition, along with the rising penetration of the internet and increased demand for internet connectivity. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rise in the trend of connected vehicles, huge demand for hand-free technology, and growth of the automotive sector in the market space.

Major market players included in this report are:
Microsoft Corporation
Apple Inc.
Lumenvox
iNAGO Inc.
Alphabet Inc.
Harman Corporation
Nuance Communications Inc.
Sensory Inc.
Daimler AG
VoiceBox

Recent Developments in the Market:
Ø In September 2022, Dongfeng Forthing announced the introduction of the T5 SUV’s Mach variant to China. Some of the model’s variations come with a sunroof that can be opened, a 12.4-inch central infotainment panel, and voice recognition technology.
Ø In August 2022, Cerence Inc. and Microsoft Corp. declared that the companies entered into a collaborative agreement to use Cerence’s voice recognition capabilities in the cars to access all of Microsoft’s offerings, including Microsoft Teams. Both companies work together to market this new solution to automakers that want to include the newest speech recognition technology in their next models.

Global Automotive Voice Recognition System Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Vehicle Type, Vehicle Price, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Vehicle Type:
IC Engine
Electric
By Vehicle Price:
Economy Vehicles
Mid-Priced Vehicles
Luxury Vehicles

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Automotive Voice Recognition System Market, by Region, 2019-2029 (USD Billion)
1.2.2. Automotive Voice Recognition System Market, by Vehicle Type, 2019-2029 (USD Billion)
1.2.3. Automotive Voice Recognition System Market, by Vehicle Price, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Automotive Voice Recognition System Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Automotive Voice Recognition System Market Dynamics
3.1. Automotive Voice Recognition System Market Impact Analysis (2019-2029)
3.1.1. Market Drivers
3.1.1.1. Increase in the trend of connected vehicles
3.1.1.2. Rising use of smartphone environment in cars
3.1.2. Market Challenges
3.1.2.1. High cost of premium voice recognition system
3.1.3. Market Opportunities
3.1.3.1. Rising development of infotainment and technology services
3.1.3.2. Growing focus on automobiles equipped with the latest connectivity and AI features
Chapter 4. Global Automotive Voice Recognition System Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Automotive Voice Recognition System Market, by Vehicle Type
6.1. Market Snapshot
6.2. Global Automotive Voice Recognition System Market by Vehicle Type, Performance – Potential Analysis
6.3. Global Automotive Voice Recognition System Market Estimates & Forecasts by Vehicle Type 2019-2029 (USD Billion)
6.4. Automotive Voice Recognition System Market, Sub Segment Analysis
6.4.1. IC Engine
6.4.2. Electric
Chapter 7. Global Automotive Voice Recognition System Market, by Vehicle Price
7.1. Market Snapshot
7.2. Global Automotive Voice Recognition System Market by Vehicle Price, Performance – Potential Analysis
7.3. Global Automotive Voice Recognition System Market Estimates & Forecasts by Vehicle Price 2019-2029 (USD Billion)
7.4. Automotive Voice Recognition System Market, Sub Segment Analysis
7.4.1. Economy Vehicles
7.4.2. Mid-Priced Vehicles
7.4.3. Luxury Vehicles
Chapter 8. Global Automotive Voice Recognition System Market, Regional Analysis
8.1. Automotive Voice Recognition System Market, Regional Market Snapshot
8.2. North America Automotive Voice Recognition System Market
8.2.1. U.S. Automotive Voice Recognition System Market
8.2.1.1. Vehicle Type breakdown estimates & forecasts, 2019-2029
8.2.1.2. Vehicle Price breakdown estimates & forecasts, 2019-2029
8.2.2. Canada Automotive Voice Recognition System Market
8.3. Europe Automotive Voice Recognition System Market Snapshot
8.3.1. U.K. Automotive Voice Recognition System Market
8.3.2. Germany Automotive Voice Recognition System Market
8.3.3. France Automotive Voice Recognition System Market
8.3.4. Spain Automotive Voice Recognition System Market
8.3.5. Italy Automotive Voice Recognition System Market
8.3.6. Rest of Europe Automotive Voice Recognition System Market
8.4. Asia-Pacific Automotive Voice Recognition System Market Snapshot
8.4.1. China Automotive Voice Recognition System Market
8.4.2. India Automotive Voice Recognition System Market
8.4.3. Japan Automotive Voice Recognition System Market
8.4.4. Australia Automotive Voice Recognition System Market
8.4.5. South Korea Automotive Voice Recognition System Market
8.4.6. Rest of Asia Pacific Automotive Voice Recognition System Market
8.5. Latin America Automotive Voice Recognition System Market Snapshot
8.5.1. Brazil Automotive Voice Recognition System Market
8.5.2. Mexico Automotive Voice Recognition System Market
8.5.3. Rest of Latin America Automotive Voice Recognition System Market
8.6. Rest of The World Automotive Voice Recognition System Market

Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Microsoft Corporation
9.2.1.1. Key Information
9.2.1.2. Overview
9.2.1.3. Financial (Subject to Data Availability)
9.2.1.4. Product Summary
9.2.1.5. Recent Developments
9.2.2. Apple Inc.
9.2.3. Lumenvox
9.2.4. iNAGO Inc.
9.2.5. Alphabet Inc.
9.2.6. Harman Corporation
9.2.7. Nuance Communications Inc.
9.2.8. Sensory Inc.
9.2.9. Daimler AG
9.2.10. VoiceBox
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

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Data Collection:
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Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
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The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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