Backed by growing demand for connected vehicles, the global automotive voice recognition system market is projected to grow at a CAGR of around 20% and reach $ 34 billion by 2024
Global Automotive Voice Recognition System Market, By Vehicle Type (Battery Electric Vehicle (BEV), Internal Combustion Engine (ICE) & Hybrid Vehicles), By End-User (Economy Vehicles, Mid-Price Vehicles & Luxury Vehicles), By Region, Competition, Forecast & Opportunities, 2024
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NEW YORK, Dec. 2, 2019 /PRNewswire/ -- Backed by growing demand for connected vehicles, the global automotive voice recognition system market is projected to grow at a CAGR of around 20% and reach $ 34 billion by 2024. With continuous innovation in automotive technologies due to huge investment in research and development activities by OEMs and auto-tech companies, the adoption of voice recognition systems is expected to grow during the forecast period.
Based on vehicle type, the ICE segment is expected to remain the largest segment through 2024, however, the BEV segment is expected to witness the fastest growth in the coming years.Global automotive voice recognition system market is further categorized into end user segments - Economy Vehicles, Mid-Price Vehicles and Luxury Vehicles.
Among these, mid-size vehicle segment accounts for majority of the market share as most of the vehicles equipped with voice recognition systems fall into mid-price category of $ 30,000 to $ 60,000. Moreover, integration of new technologies and rise in demand for enhanced comfort & convenience features is expected to continue driving the automotive voice recognition system market.
Globally, automotive voice recognition system market is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and Middle East & Africa.North America is anticipated to continue its dominance in the global automotive voice recognition system market during the forecast period, owing to rising demand for connected vehicle in the US and Canada.
Major players operating in the global automotive voice recognition market include Nuance Communications, Sound Hound, Harman, Inago, Vocalzoom, among others.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
• To assess the demand-supply scenario of automotive voice recognition system which covers production, demand and supply of automotive voice recognition systems, globally.
• To analyze and forecast the market size of automotive voice recognition system market, globally.
• To classify and forecast global automotive voice recognition system based on vehicle type, end-user and regional distribution.
• To identify drivers and challenges for global automotive voice recognition system market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global automotive voice recognition system market.
• To identify and analyze the profile of leading players involved in the manufacturing of global automotive voice recognition systems.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of manufacturers across the globe.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include the manufacturers which could not be identified due to the limitations of secondary research. The analyst examined manufacturers, distribution channels and presence of all major manufacturers across the globe.
The analyst calculated global automotive voice recognition system market size using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
• Automotive voice recognition system manufacturers and other stkeholders
• Automobile OEMS
• Government bodies such as regulating authorities and policy makers
• Associations, organizations, forums and alliances related to voice recognition systems
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as manufacturers, partners and end users. The report also provides useful insights about which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth opportunities.
Report Scope:
In this report, global automotive voice recognition system market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Market, by Vehicle Type:
o Battery Electric Vehicle (BEV)
o Internal Combustion Engine (ICE)
o Hybrid Vehicles
• Market, by End-User:
o Economy Vehicles
o Mid-Price Vehicles
o Luxury Vehicles
• Market, by Region:
o North America
United States
Canada
Mexico
o Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
o Europe & CIS
France
Germany
United Kingdom
Italy
Poland
Turkey
o South America
Brazil
Argentina
Colombia
o Middle East and Africa
South Africa
Saudi Arabia
UAE
Qatar
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global automotive voice recognition market.
Available Customizations:
With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
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