Government initiatives related to vehicle safety features, technological advancement in ADAS will drive the Automotive Vision System market at a high CAGR during the forecast period.

The Automotive Vision Systems market was valued at USD 15.79 Billion in 2020 and is expected to reach USD 44.69 Billion by the year 2028, at a CAGR of 13.80% CAGR during the forecast period (from 2020-2028).  The global automotive vision system, market is driven by factors such as an increase in the number of automated and connected vehicles and a decrease in manufacturing cost of instruments – camera, LiDAR, radar systems. However, high costs associated with the usage of expensive components in these systems, such as laser scanners, a navigation system, and high-resolution 3D cameras systems, might hamper the market growth. Conversely, a rise in a number of autonomous, and connected cars is expected to offer various opportunities for new products in the market and boost the market growth.

Modern automobiles are at their initial stage of the autonomous vehicle (AV) era. The autonomous vehicles require a variety of sensors, including radar, camera, and LiDAR, among others, which sense the environment around the vehicle. The average number of sensors or vision system instruments in a vehicle is likely to increase with the increase in the level of autonomy. According to NXP, cars with level 3 autonomy will use 3–6 cameras along with other sensors. Also, nowadays, vehicles are equipped with a multi-camera system that detects every surrounding aspect of the vehicle. These instruments are helpful in gathering a huge amount of data to implement the machine learning algorithms in the computer system of the car. With the help of artificial intelligence, predictive analysis, cognitive computing, automotive OEMs, and auto-ancillaries along with 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 owing to the growing trend of autonomous vehicles

On-road safety is being highly emphasized by several governments as well as automotive OEMs. The auto OEMs and ancillaries are inclined toward adding multiple features for safety with strong RD activities. The emergence of ADAS is an important factor boosting the growth of automotive vision system markets. Further, AVs need to implement these systems for ensuring safe driving, which is also expected to play a crucial role in propelling the market growth.

Autoliv, Inc. (Veoneer Inc.), Denso Corporation, Mobileye, ZF Friedrichshafen, Magna International, Omnivision Technologies Inc., Continental AG, Aptiv, Robert Bosch GmbH, Omron Corporation and others are operating in the Automotive Vision System marketplace

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Market Overview:

The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2020-2028. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.

The Automotive Vision Systems Markethas been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Automotive Vision Systems Market

Further key findings from the report suggest-

• Driver monitoring system is expected to lead the automotive vision market over the forecast period
• In 2017, as per the National Highway Traffic Safety Administration (NHTSA), approximately 3,166 people were killed by distracted driving. To increase driver’s attention while driving a car, auto OEM are incorporating driver assist systems and driver fatigue monitoring systems
• APAC region is anticipated to be one of the key regions for the automotive vision system market. The presence of a large number of manufacturing plants in the region particularly in China and growth in the demand for luxury vehicles are major factors contributing towards growth of the automotive vision systems market. China is a major manufacturer in the automobile sector and one of the largest auto markets globally. The country has been experiencing a growing demand for luxury cars
• 2016, Audi recorded an increase in year-on-year sales in one month by 34.3% in December 2017 compared to December 2016
• AVs are connected IoT vehicles, which are powered by Artificial Intelligence (AI). The AI operates various systems in parallel, generating data continuously. All the data is provided by LiDAR, cameras, sensors in automobile, and in raw format that needs further processing for AI to make decisions
• The demand for automotive fusion sensors can be attributed to continuous data processing by AI system for decision making
• In line with government mandates related to backup cameras in North America, the governments in several countries may issue mandates supporting vision functions in the near future

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For the purpose of this study, Reports and Data have segmented the industry by Instrument, by Applications, by Vehicle Type and by Region:

Automotive Vision Systems Market by Instrument (Revenue, USD Million; 2020–2028)

• Camera
• Infrared
• Thermal
• Digital
• LiDAR
• Radar
• Fusion

Automotive Vision Systems Market by Applications (Revenue, USD Million; 2020–2028)

• Adaptive Cruise Control
• Adaptive Front Light
• Automatic Emergency Braking
• Blind Spot Detection
• Cross Traffic Alert
• Driver and passenger Monitoring System
• Forward Collision Warning
• Intelligent Park Assistance
• Lane Departure Assistance
• Night Vision System
• Pedestrian Detection System
• Road Sign Recognition
• Traffic Jam Assist
• Lane keep assist system
• Others

Automotive Vision Systems Market by Vehicle Type (Revenue, USD Million; 2020–2028)

• Passenger Vehicle
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)

Automotive Vision Systems Market by Region (Revenue, USD Million; 2020–2028)

• North America
• US
• Canada
• Mexico
• Europe
• Germany
• France
• UK
• Spain
• Italy
• Benelux
• Rest of the Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Singapore
• Rest of Asia-Pacific
• Middle East and Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

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Key Advantages of Automotive Vision Systems MarketReport:

• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the Automotive Vision Systems industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, 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 on the basis of market drivers, limitations and its future prospects.

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