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3. Waymo (US) and BMW (Germany) are the Key Players in the Voice Recognition System Market

The voice recognition system market for automotive is projected to grow at a CAGR of 19.41% during the forecast period, to reach USD 3,890.3 Million by 2025. The rise in the trend of connected vehicles and level of autonomous driving along with integration of technology to support centralized function have led to increase in the demand of voice recognition system in the vehicles

The hybrid technology of voice recognition system is expected to have the largest market share owing to its higher adoption rate by the vehicle manufacturers. The consumer’s preference for connectivity features in the vehicles and the automation in the driving functions are creating the need for hybrid technology for voice recognition system. Hybrid technology operates through cloud-based services and works depending on databases. The smartphone connectivity is enabled in hybrid technology through which the voice recognition system accomplishes the functions and makes the infotainment features easily accessible for the driver. The development of semi-autonomous and autonomous vehicles would act as a catalyst for the growth of voice recognition system since these vehicles are expected to have advanced connectivity features.

The BEV segment is estimated to be the fastest growing segment, by volume as well as value, of the voice recognition system market during the forecast period. BEV is estimated to have the highest growth potential in the voice recognition system market across the globe. It is projected to grow at a promising CAGR from 2017 to 2025. The growing environmental concerns, rising fossil fuel prices, and stringent government regulations for emission have accelerated the growth of the BEV market. The market players such as Tesla (US), Waymo (US), BMW (Germany), Volvo (Sweden), GM (US), Toyota (Japan), and Renault-Nissan Corporation (The Netherlands) have already introduced various BEVs in the market and are consistently improving their technology with strong focus on R&D.

The economy priced vehicle segment is estimated to be the fastest growing market during the forecast period. This is because the reducing cost of components along with increasing competition among major players across the ecosystem has also helped to reduce the overall cost of voice recognition system. Also, strengthening economies of emerging countries have improved the lifestyle of consumers, which has increased the demand for economy priced vehicle. Rise in the consumer demand for comfort and convenience features has contributed to the growth of voice recognition market.

AI-based voice recognition system is expected to be the fastest growing segment for voice recognition system market, by application. The adoption of advanced technologies in the in-vehicle infotainment features is the major factor for rising demand for AI-based voice recognition system. The rise in trend of connected vehicles has played a crucial role for cloud-based services in automotive applications. Since AI-based voice recognition system uses cloud services, increasing demand for in-vehicle connectivity is likely to fuel the growth of AI-based voice recognition system market.

Related Reports:

Voice Recognition System Market for Automotive by Technology (Embedded and Hybrid), Application (AI and Non-AI), End-User (Eco, Mid, and Luxury), Fuel Type (ICE and BEV), Level of Autonomous Driving, and Region - Global Forecast to 2025

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