Automotive Vision Systems Market $15.79 Billion in 2020, Real-Time Image Processing, APAC is Expected to Record the Highest Market Share During the Forecast Period
NEW YORK, NY, USA, May 2, 2022 /EINPresswire.com/ — Government initiatives related to vehicle safety features, technological advancements in ADAS will propel the automotive vision system market at a high CAGR during the forecast period.
Automotive Vision Systems Market was valued at USD 15.79 Billion in 2020 and is projected to reach USD 44.69 Billion by 2028, at a CAGR of 13.80% CAGR during the forecast period (2020-2020). 2028). The global automotive vision systems market is driven by factors such as an increase in the number of automated and connected vehicles and a decrease in the manufacturing costs of instruments – camera, LiDAR, radar systems. However, the high costs associated with the use of expensive components in these systems, such as laser scanners, a navigation system, and high-resolution 3D camera systems, might hamper the growth of the market. Conversely, an increase in the number of autonomous and connected cars is expected to provide various opportunities for new products in the market and drive the market growth.
Modern automobiles are in their initial phase of the autonomous vehicle (AV) era. Autonomous vehicles require a variety of sensors, including radar, camera and LiDAR, which detect the environment around the vehicle. The average number of vision system sensors or instruments in a vehicle is likely to increase with increasing level of autonomy. According to NXP, cars with Level 3 autonomy will use 3-6 cameras along with other sensors. In addition, nowadays vehicles are equipped with a multi-camera system that detects all surrounding aspects of the vehicle. These instruments are useful for collecting huge amount of data to implement the machine learning algorithms in the computer system of the car. With the help of artificial intelligence, predictive analytics, cognitive computing, automotive OEMs and automotive accessories as well as non-automotive technology players are going to make AV a possibility. Thus, automotive vision systems that can provide several advanced features have an attractive market due to the growing trend of autonomous vehicles.
Road safety is strongly emphasized by several governments as well as by automotive suppliers. Automotive OEMs and auxiliaries are prone to add multiple safety features with strong R&D activities. The emergence of ADAS is an important factor in driving the growth of automotive vision systems markets. Additionally, AV vehicles need to implement these systems to ensure safe driving, which is also expected to play a crucial role in propelling the growth of the market.
Autoliv, Inc. (Veoneer Inc.), Denso Corporation, Mobileye, ZF Friedrichshafen, Magna International, Omnivision Technologies Inc., Continental AG, Aptiv, Robert Bosch GmbH, Omron Corporation and others operate in the automotive vision systems market .
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Other key findings from the report suggest
• Driver monitoring system is expected to dominate the car vision market over the forecast period
o In 2017, according to the National Highway Traffic Safety Administration (NHTSA), an estimated 3,166 people were killed by distracted driving. To increase the driver’s attention while driving a car, car manufacturers are integrating driver assistance systems and driver fatigue monitoring systems.
• APAC region is expected to be one of the key regions for automotive vision systems market. The presence of a large number of manufacturing plants in the region, especially in China, and the growing demand for luxury vehicles are major factors contributing to the growth of the automotive vision system market. China is a major automotive manufacturer and one of the largest automotive markets in the world. The country is seeing a growing demand for luxury cars
o 2016, Audi recorded a 34.3% year-on-month sales increase in December 2017 compared to December 2016
• AV vehicles are connected IoT vehicles, which are powered by artificial intelligence (AI). AI operates various systems in parallel, generating data continuously. All data is provided by LiDAR, cameras, in-car sensors and in raw format which requires additional processing for AI to make decisions
• Demand for automotive fusion sensors can be attributed to continuous processing of data by AI system for decision making
• In accordance with government mandates related to backup cameras in North America, governments in several countries may issue mandates supporting vision functions in the near future
To identify key industry trends, click on the link below: https://www.reportsanddata.com/report-detail/automotive-vision-systems-market
For the purposes of this study, the reports and data have segmented the industry by instrument, applications, vehicle type and region:
Automotive Vision Systems Market by Instrument (Revenue, USD Million; 2020-2028)
• Speed cameras
Automotive Vision Systems Market by Applications (Revenue, USD Million; 2020-2028)
• Adaptive cruise control
• Adaptive front lighting
• Automatic emergency braking
• Blind spot detection
• Cross traffic alert
• Driver and passenger monitoring system
• Forward Collision Warning
• Intelligent parking assistance
• Lane departure assistance
• Night vision system
• Pedestrian detection system
• Recognition of road signs
• Traffic jam assistance
• Lane Keeping Assist System
Automotive Vision Systems Market by Vehicle Type (Revenue, USD Million; 2020-2028)
• Tourism vehicle
• Light commercial vehicle (VUL)
• Heavy Utility Vehicle (HCV)
Automotive Vision Systems Market by Region (Revenue, USD Million; 2020-2028)
• North America
• Asia Pacific
• Middle East and Africa
• Latin America
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Key Benefits of Automotive Vision Systems Report:
• Identification and analysis of market size and competition
• Qualitative and quantitative analysis of market data
• Data validated by industry experts after extensive primary and secondary research
• In-depth regional analysis of the Automotive Vision Systems industry
• Profiling of key players with their company overview, business strategies, agreements and partnerships, and product portfolio
• SWOT analysis and Porter’s five forces for an in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, constraints, challenges, risks and limitations
In conclusion, all aspects of the Automotive Vision Systems Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.
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