The global passenger vehicle voice recognition market is expected to grow at a CAGR of 20% during the forecast period of 2024 to 2032. Passenger vehicle voice recognition as technology aids easy commands to vehicles such as facilitating infotainment, directions, and so on. The voice recognition operations are available in single language and multi-language, the passenger vehicle includes sedan cars, hatchback cars, and SUV cars. Factors such as change in lifestyle, increase in disposable income, and adoption of technology ensure market growth. An estimate of passenger vehicle sales revenues reached US $1.6 billion in 2020. Some of the key trends in the market are the adoption of cloud-based data storage, hybrid solutions, demand for safety features, and upgrading the navigation features. The application of car voice recognition includes navigation, access to media, voice search and use for commands. The technology ensures safety along with easy access to devices.

Technological Advancements Widening the Market for Voice Recognition 

There are about 30-60 new launches in the U.S. automobile industry each year. New launch includes sophisticated technologies such as cloud storage, AI assistant, and so on. Key stakeholders such as mobile virtual network operators (MVNO) are significantly active in this segment as it promises emerging opportunities in the vehicle voice recognition market. MVNOs are actively collaborating with feasible partners to leverage the infrastructure and technical expertise. This also signifies the rising demand of various technological solutions at enterprise level. With respect to technology 5G and IoT deployment have been the maximum. For instance, KDDI and AT&T are to connect Toyota and Lexus Vehicles. Such technological advancements are integrating various features and operations that can be controlled through voice recognition technology. Consumers expect continuous innovation and feature enhancement, therefore, there is constant need to update the technology.

North America Leads

North America accounted for the largest share of passenger vehicle voice recognition market that reached US $590 million in 2020, due to increased innovation and adoption of technology and significant sales of high end vehicles.  Asia Pacific is an emerging market and is expected to grow at a CAGR of 24% during the forecast period of 2024 to 2032. Increasing innovation has stimulated the application of voice recognition technology. Emerging economies are illustrating wide opportunities due to economic growth, increase in per-capita income, disposable income and change in lifestyle. However, software lag and slow processing time are the biggest hindrances, additionally accessibility to internet services in remote areas in still a challenge in many geographies. Key market players are focusing on mitigating these market challenges through technological innovation. For instance, background noise reduction filters are expected to increase the call clarity in in-vehicle audio and video conferencing while in driving.

Covid- 19 had an Adverse Impact on The Market

The car sales was around 4.7 million units in 2019 fell to 3.4 million units in 2020 in the U.S. The growth of automobile industry was hampered as some of the leading companies just managed to sustain the business due to pandemic led lockdowns. Major operations such as the manufacturing process, transport facilities and employment were restricted. The market is however, expected to recover by the end of 2023.

Key Players

Key players in this market include Cerence, LumenVox, Microsoft, Alphabet, Amazon.com, Nuance Communications, Apple Inc, Daimler AG, BMW AG, Ford Motor Company, Sensory Inc, Harman, Inago, Vocalzoom. The key strategies of these companies include research and innovation, through effective collaboration with different stake holders to leverage competitive benefits. 

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Passenger Vehicle Voice Recognition market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Passenger Vehicle Voice Recognition market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Passenger Vehicle Voice Recognition market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Passenger Vehicle Voice Recognition market?
• Which is the largest regional market for Passenger Vehicle Voice Recognition market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Passenger Vehicle Voice Recognition market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Passenger Vehicle Voice Recognition market worldwide?