Increasing Adoption of Advanced Driver Assistance Systems (ADAS) in the Automotive Vision Systems Market 2028

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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

 

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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In conclusion, the automotive vision systems market has an attractive growth potential owing to the growing trend of autonomous vehicles, and the market players need to focus on developing innovative and cost-effective solutions to stay ahead of the competition.

The ICT sector consists of several sections, software, hardware, telecommunications and other services. Factors such as increasing demand for advanced ICT services in BFSI, agriculture, retail, hospital and healthcare, rapid adoption of digitalization, rising number of internet users and high demand of advanced services and devices are expected to drive global market revenue growth during the forecast period. Other factors such as increasing need for managing large data base, rising concerns about data security and increasing investments in RD activities are expected to boost market growth during the forecast period.

Competitive Landscape:

Competitive landscape of global Keyword market is quite fragmented with regional and global key players. These market players are involved in various strategies including mergers and acquisitions, collaborations, new product launches or corporate deals to retain their market position and expand their product portfolio.

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)

  • 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)

 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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