Major automotive night vision system market participants include ZF Friedrichshafen, Magna International, OmniVision Technologies Inc., Delphi Automotive, and others.
SELBYVILLE, Del., April 13, 2022 /PRNewswire/ — The automotive night vision system market is expected to surpass USD 6 billion by 2028, as reported in a research study by Global Market Insights Inc. The rising penetration of autonomous & semi-autonomous vehicles in the logistics & transportation industry is fueling the business growth.
Growing safety concerns and developments in automotive technology have encouraged governments around the world to adopt autonomous vehicles. The government stated that the use of ALKS would be limited to highways at speeds of less than 37 miles (60 km/h). Such efforts will propel the adoption of night vision systems in the automotive sector.
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The North America automotive night vision system market is growing on account of the proliferation of premium Battery Electric Vehicles (BEVs) and Plug-in Electric Vehicles (PHEVs) across the U.S. & Canada. Major automotive OEMs and governments are extensively investing in the modernization of existing automotive plants to increase EV production in the region. Several automobile manufacturers are focusing on developing partnerships with head-up display suppliers to increase their market presence.
The controlling unit segment growth is attributed to the increasing integration of automotive electronics in all types of vehicles. The control unit analyzes the data received from cameras and vision or thermal sensors in real-time. It has a built-in alarm system that warns drivers of pedestrians or animals in front of the vehicle and other possible hazards. Several market participants are focusing on developing a series of new products to address the automotive night vision system market demand. Companies are constantly focusing on new product launches and innovation efforts to obtain a competitive advantage in the market.
Some major findings of the automotive night vision system market report include:
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Increased vehicle safety regulations and the adoption of ADAS technology will boost market size. The expansion of government regulations and policies that are aimed at improving road and vehicle safety attributes to the market growth. Product adoption in ADAS subsystems, such as automatic high beam control, night vision, and front luminance, will spur the automotive night vision system market.
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The growing electrification and advancements in autonomous driving technology have created a high demand for automotive night vision systems.
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The rising demand for luxury and premium design vehicles with high-end features is also augmenting the market.
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The post-COVID-19 scenario has observed a steep increase in automotive production, further enhancing the market growth. Several car manufacturers are adopting numerous marketing strategies to expand their brand footprints while ensuring government COVID-19 norms. New supply chain strategies to serve the industry needs will also impact the market statistics.
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Asia Pacific is slated to witness the highest growth owing to continuous government efforts and investments to support regional autonomous driving technology research activities. This will accelerate the market adoption of automotive night vision systems.
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Automotive night vision system market players are heavily focusing on constant research & development operations and new product launches.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Automotive night vision system industry 360° synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Product trends
2.1.4 Display trends
2.1.5 Component trends
Chapter 3 Automotive Night Vision System Industry Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic on automotive
3.3 Impact of Russia–Ukraine war on the industry
3.4 Industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Growing demand for luxury vehicles in Asia Pacific
3.7.1.2 Increased awareness about road safety in developed nations
3.7.1.3 Technological advancements in automotive sector
3.7.1.4 Emergence of autonomous driving technology
3.7.1.5 Developments in thermal imaging
3.7.1.6 Decreasing prices of sensors
3.7.2 Industry pitfalls and challenges
3.7.2.1 High costs of night vision systems
3.7.2.2 Technological challenges
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
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SOURCE Global Market Insights Inc.