Automotive Night Vision System Market to Witness a Growth Trajectory US$ 8,788.7 Million By 2031 | Astute Analytica

CHICAGO, UNITED STATES, September 19, 2023/ -- The Global automotive night vision system market size was US$ 4,508.1 million in 2022 and is projected to attain a valuation of US$ 8,788.7 million by 2031, growing at a CAGR of 7.7% during the forecast period from 2023 to 2031.

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Due to the large number of vehicle accidents that occur at night, the automotive night vision system market is expected to have significant growth during the forecast period from 2023 to 2031. In 2022, the ANVS market was dominated by North America and Europe, with respective shares of about 38.6% and 28.4%.

The alarmingly increasing number of nighttime traffic accidents and the ensuing focus on improving driving safety are the main drivers of the global market. For instance, despite only 25% of driving taking place at night, it causes over 50% of road fatalities, according to a study by the National Highway Road Safety Administration (NHTSA). According to the Insurance Institute for Highway Safety (IIHS), vehicles with night vision systems can cut the involvement rate in crashes by up to 35%. This information has encouraged automakers to incorporate ANVS into vehicles, leading to a market value projection of $8.1 billion by 2030.

The scope and capabilities of the market for automobile night vision systems are growing along with technological advancement. The use of AI with these systems is a growing trend in the automotive night vision system market. According to a survey by Astute Analytica, up to 17% of all cars on the road by 2030 may include AI-integrated technologies, such as ANVS. This prediction was supported by the same study, which also found that the market for AI in the automotive sector is likely to increase from US$ 2.7 billion in 2022 to an estimated $15 billion by 2027. A sizeable portion of the money is set aside for AI-based ANVS and other intelligent driving technologies.

The global automotive market has clearly shifted in recent years toward cars with Advanced Driver-Assistance Systems (ADAS). The demand from consumers for cars with safety features like ANVS has soared. The Global New Car Assessment Programme (NCAP) highlights the fact that ADAS-equipped vehicles have lower accident rates, which helps to increase demand. In the present day, more than 73% of prospective automobile buyers are prepared to spend more for improved safety features, especially for systems like ANVS. Furthermore, rules pertaining to car safety have been stricter in markets like Europe and Asia-Pacific. For instance, European rules have set goals to cut traffic fatalities by 50% by 2030, pressuring automakers to include more safety systems and giving the automotive night vision system market a significant boost.

Thermal Imaging Camera Accounted for 36% of Market Revenue Share

With a substantial 36.1% market share as of 2022, the thermal imaging camera dominates the market globally. Their market dominance is due to the technological expertise and the increased accessibility provided by falling manufacturing costs. Additionally, their market reach is growing as more mid-tier car models now feature these cameras, which were previously only seen in premium cars.

As technology advances quickly, especially with microbolometers, which are essential to these camerasโ€”shrewd Analytica industry analysts forecast that prices will continue to fall. This market will expand significantly over the next few years, making it a crucial area for investment and innovation.

Far-Infrared Technology Contributed More Than Half of the Revenue Share

In 2022, the far-infrared technology segment generated about 62.2% of the market revenue share due to its capacity to provide sharper images even in challenging circumstances due to its longer wavelengths.

This guarantees that drivers, despite difficult environmental circumstances, have a clearer view of the road ahead. The importance of far-infrared technology in night vision systems is growing due to the rise in demand for improved driving safety measures. A 2022 survey found that over 68% of new car purchasers considered ANVS to be a "desirable" or "must-have" feature for their next car. This trend indicates that there is a growing demand for safety technologies in automobiles. Night-vision technology is no longer just available in high-end vehicles as it becomes more widely available.

North America to Capture 41% of Market Revenue Share

With its technological strength and preference for premium automobiles, North America has emerged as the industry with the largest market share for automotive night vision systems. The region currently holds a 38.1% revenue share of this market, and according to industry predictions, this percentage is expected to surpass 41% by 2030.

A growing number of important players with expertise in night vision technology are present in the area. Innovative startups and well-established tech companies, largely situated in Silicon Valley and other tech hubs, are continuously pushing the boundaries to include cutting-edge night vision technology in autos.

There is a clear preference for luxury vehicles in nations like the US and Canada. To put things in perspective, in 2022, the US sold about 18% of cars that were considered to be luxury cars. Due to the rising prevalence of night vision systems in high-end automobiles, the market for night vision systems will expand more rapidly as a result of this preference for luxury vehicles.

The rising safety issues are further propelling the global market growth in North America. For instance, over 38,000 traffic fatalities were reported in the US in 2021, which is the largest contributor to traffic fatalities in North America. The need for improved car safety systems has increased as a result of these dismal statistics, with automotive night vision systems being the main focus. As a result, this component fuels market expansion in the area.

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Competitive Landscape

Major competitors, including DENSO Corporation, Valeo, Autoliv Inc., Daimler AG, and Hella have a significant amount of market share. In order to obtain a competitive edge in the industry, the major competitors are proactively focused on new product innovations and releases.

Prominent Players in the Global Market
โ€ข Audi AG
โ€ข Autoliv Inc
โ€ข Bendix Commercial Vehicles Systems
โ€ข Continental AG
โ€ข Daimler AG
โ€ข Delphi Automotive Plc.
โ€ข Denso Corporation
โ€ข FLIR Systems, Inc.
โ€ข Omnivision Technologies Inc.
โ€ข Omron Corporation.
โ€ข Robert Bosch GmbH
โ€ข Other Prominent Players

Segmentation Outline

The global automotive night vision system market segmentation focuses on Component Type, Product, Technology Type, Display Type, and Region.

By Component Type
โ€ข Thermal Imaging Camera
โ€ข Night Vision Controlling Unit
โ€ข Sensor
โ€ข Other Components
By Product
โ€ข Active
โ€ข Passive
By Technology Type
โ€ข Far Infrared (FIR)
โ€ข Near Infrared (NIR)
By Display Type
โ€ข Navigation System
โ€ข Instrument Cluster
โ€ข HUD
By Region
โ€ข North America
o The U.S.
o Canada
o Mexico
โ€ข Europe
โ€ข Western Europe
๏‚ง The UK
๏‚ง Germany
๏‚ง France
๏‚ง Italy
๏‚ง Spain
o Rest of Western Europe
โ€ข Eastern Europe
๏‚ง Poland
๏‚ง Russia
o Rest of Eastern Europe
โ€ข Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o South Korea
o Rest of Asia Pacific
โ€ข Middle East & Africa (MEA)
o Saudi Arabia
o South Africa
o Rest of MEA
โ€ข South America
o Argentina
o Brazil
o Rest of South America

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Aamir Beg
Astute Analytica
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