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.
However, the market growth may be hampered by the high costs associated with using expensive components such as laser scanners, navigation systems, and high-resolution 3D cameras. Despite this, the rise in the number of autonomous and connected cars is expected to create various opportunities for new products in the market and boost its growth.
Autonomous vehicles require a variety of sensors, including radar, camera, and LiDAR, to sense the environment around the vehicle. The number of sensors or vision system instruments in a vehicle is likely to increase with the increase in the level of autonomy. For example, cars with level 3 autonomy are expected to use 3-6 cameras along with other sensors.
Furthermore, the automotive vision systems market is expected to benefit from the growth of artificial intelligence, predictive analysis, and cognitive computing, which will enable automotive OEMs, auto-ancillaries, and non-automotive-technology players to make autonomous vehicles a reality.
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The automotive industry has seen a growing promotion of camera and LiDAR systems by original equipment manufacturers (OEMs) due to their advanced technology and benefits. One example is the Honda City, a C-segment mid-priced car, which offers a rear parking camera in its top two variants in India. Other automotive OEMs are also incorporating rear camera parking technologies in similar product categories.
Government mandates related to backup cameras, particularly in North America, are also influencing the adoption of vision functions in automotive systems. Several countries may issue mandates in support of vision functions in the near future, which will significantly contribute to the growth of the automotive vision system market.
In Europe, radar systems are expected to experience strong growth. The European government mandated the use of Advanced Emergency Braking System (AEBS) and Electronic Stability Control (ESC) for commercial vehicles (CVs) weighing over 3.5 tons starting from November 2015. These systems are anticipated to be equipped in all new CVs falling into that weight category. Additionally, according to the latest Euro NCAP rating, models equipped with AEB and other advanced driver assistance system (ADAS) features such as Forward Collision Warning (FCW) and Adaptive Cruise Control (ACC) receive higher safety ratings. This regulatory move is expected to further drive the RADAR-based ADAS market.
some leading companies operating in the global Keyword 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
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The global market is further segmented into type and application:
Automotive Vision Systems Market by Instrument (Revenue, USD Million; 2020–2028)
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
Automotive Vision Systems Market by Vehicle Type (Revenue, USD Million; 2020–2028)
- Passenger Vehicle
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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