Dublin, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The "Global Automotive Night Vision System Market, By Component Type; By Product; By Technology Type; By Display Type -Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Automotive Night Vision System market, valued at US$ 4.5 Bn in 2022, is projected to reach US$ 8.17 Bn by 2030, registering a Compound Annual Growth Rate (CAGR) of 8.27%. The market volume is also set to grow at a CAGR of 14.04%.
The growth of the Global Automotive Night Vision System market is influenced by several key factors. Firstly, the increasing awareness regarding road safety among both consumers and regulators has spurred a demand for advanced safety systems, such as night vision systems, that can significantly improve road safety during low visibility conditions. This has acted as a key driver propelling the market forward.
Secondly, technological advancements have made automotive night vision systems more sophisticated, efficient, and precise. Progress in sensor technology and image processing algorithms has bolstered the capabilities and performance of these systems, which in turn has made them more appealing to consumers, thus driving the market growth.
However, challenges such as the high costs associated with these systems may deter potential buyers, serving as a potential hindrance to market expansion. Additionally, not all night vision systems are suitable for all types of vehicles, which somewhat limits their applicability and reach.
Despite these obstacles, the emergence of autonomous driving technology represents a promising opportunity for growth. As the automotive industry steadily transitions towards autonomous vehicles, the demand for advanced safety features like night vision systems is expected to skyrocket. These systems are pivotal for autonomous vehicles to navigate safely during night-time or low visibility conditions.
Moreover, the trend of integrating night vision technology into Advanced Driver-Assistance Systems (ADAS) has been gaining traction. This fusion can enhance driver safety by providing superior visibility and more accurate detection of obstacles during night-time driving, a factor that is anticipated to further fuel market growth.
Given these growth influencers, manufacturers and stakeholders in the automotive night vision system market can strategize to capitalize on the opportunities and tackle the challenges present in the market landscape. With increasing safety awareness, technological advancements, and the rise of autonomous driving technologies, the market is expected to witness substantial growth over the forecast period.
Competitive Landscape:
The global Automotive Night Vision System market is competitive, with the four major players accounting for about 45% of the market share. These include Audi AG, Autoliv Inc, Bendix Commercial Vehicles Systems, Continental AG, Daimler AG, Delphi Automotive Plc., DENSO CORPORATION (recently announced a new standard vision sensor that detects pedestrians at night, cyclists, road signs, driving lanes and other road users), FLIR Systems, Inc., Omnivision Technologies Inc., Omron Corporation, Robert Bosch GmbH, and other prominent players.
Questions Addressed in the Report:
- What is the forecasted growth rate of the global Automotive Night Vision System market?
- What are the primary growth drivers and potential challenges?
- Which market segments are expected to see the most growth?
- Who are the key players in this market?
Market Influencers:
- Key growth drivers include increasing awareness regarding road safety and advancements in night vision systems.
- The high cost and lack of suitability for all cars represent significant restraints for the market.
- The emergence of autonomous driving technology offers exciting opportunities for market expansion, and new automotive night vision ADAS technology is trending in the market.
Report Insights:
- The global Automotive Night Vision System market is forecasted to grow at a CAGR of 8.27% from 2023 to 2030.
- Increasing road safety awareness and advancements in night vision systems drive the market growth.
- The Sensor component type and the Passive product segment are expected to witness significant growth.
- North America dominates the market, while other regions also contribute significantly.
Segment Highlights
- In terms of Component Type, the Sensor segment is the fastest growing with a CAGR of 9.29%.
- By Product, the Passive segment is expected to cross the US$ 5000 Mn revenue mark by 2030.
- In the Technology Type segment, Far Infrared (FIR) holds an opportunity of over US$ 2200 Mn for the period 2023-2031.
Company Profiles (Company Overview, Sales Composition Ratio, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
- Audi AG
- Autoliv Inc
- Bendix Commercial Vehicles Systems
- Continental AG
- Daimler AG
- Delphi Automotive Plc.
- Denso Corporation
- FLIR Systems, Inc.
- Omnivision Technologies Inc.
- Omron Corporation.
- Robert Bosch GmbH
Segment Overview:
By Component Type
- Thermal Imaging Camera
- Night Vision Controlling Unit
- Sensor
- Other Components
By Product
- Active
- Passive
By Technology Type
- Far Infrared (FIR)
- Near Infrared (NIR)
By Display Type
- Navigation System
- Instrument Cluster
- HUD
For more information about this report visit https://www.researchandmarkets.com/r/j1cmh
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