Backed by growing demand for connected vehicles, the global automotive voice recognition system market is projected to grow at a CAGR of around 20% by 2026 that valued over USD13 billion in 2019. 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 2026, 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: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
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 ystems,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.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed manufacturers, distribution channels and presence of all major manufacturers across the globe.
TechSci Research 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. TechSci Research 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 TechSci Research.
Global automotive voice recognition system market can be segmented based on vehicle type, end user and by technology. Mid-price vehicle is the dominant segment in the voice recognition system market, owing to their high sales volume. In terms of vehicle type, the market is segmented into Internal Combustion Engine (ICE), (Battery Electric Vehicle (BEV) and Hybrid Vehicles, of which, the ICE segment dominates the market and the trend is likely to continue during the forecast period.
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.
Nuance Communications, Sound Hound, Harman, Inago, Vocalzoom, etc., are the leading players operating in the global automotive voice recognition market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their market penetration. “Surging popularity of connected vehicles is pushing the companies to focus on improving the functionality of vehicles, which is positively influencing the global automotive voice recognition market. The market is dominated by North America and the region is expected to lead the pack in the coming years as well. Nevertheless, APAC is forecast to witness robust growth in adoption of automotive voice recognition systems through 2024 ”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Press Release : https://www.techsciresearch.com/news/4408-automotive-voice-recognition-system-market-to-grow-at-20-until-2024.html
“Global Automotive Voice Recognition System Market By Vehicle Type, Internal Combustion Engine, By End-User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of automotive voice recognition system market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global automotive voice recognition system market.
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