Night Vision System Market Set for Expansion, Expected to Reach USD 12,418.2 Million by 2034 with an 11.8% CAGR
Night Vision System Market Set for Expansion, Expected to Reach USD 12,418.2 Million by 2034 with an 11.8% CAGR
Blog Article
The global night vision system (NVS) market is expected to surpass USD 12,418.2 million by 2034, with sales growing at a CAGR of 13.9% during the forecast period. The increasing demand for luxury vehicles and heightened awareness of road safety are key factors driving the need for improved night visibility, which is anticipated to fuel market growth.
Recent advancements in near-infrared (NIR) technology have also gained momentum, as the photons generated by NIR help detect distant objects in low-light conditions.
Night vision systems play a crucial role in features like eye tracking and gesture control, using minimal energy while providing clear images in darkness, with a detection range of up to 600 feet. This is expected to drive global demand for vehicle night vision systems.
To make vehicles smarter and more autonomous, additional sensors are being integrated, and the market is seeing the rise of sensor-based technologies like automated responses, driver face detection, obstacle detection, and traffic sign recognition. As these advanced technologies and sensors become more widely incorporated, demand for automotive night vision systems is expected to rise significantly during the forecast period.
Discover the Future of Night Vision System Market with Our Sample Report
Key Takeaways:
- By technology type, infrared sensor sales are expected to grow at a CAGR of 13.6%during the forecast period.
- Based on vehicle type, the passenger vehicle segment is anticipated to dominate the market, accounting for about 69%of the total market share.
- In terms of sales channel, the OEM segment is projected to create an absolute dollar opportunity worth USD 679.9 Million.
- The U.S. is expected to account for 9%of the North America night vision market share, creating an absolute $ opportunity of USD 143.3 Million by 2032.
- Total sales in China will grow at a 4% CAGR, accounting for more than 68% of the East Asia night vision market share in 2022.
“Increasing autonomous vehicle fleet coupled with growing road safety awareness, particularly at night will continue driving the market over the forecast period,” says an FMI analyst.
Competitive Landscape
Some of the leading players operating in the market include Continental AG, Robert Bosch GmbH, Mobileye, Veoneer Inc., Valeo SA, Magna International, and others.
Manufacturers are strategically collaborating with technology partners for long supply relations and to instigate a central control unit for different ADAS technologies.
Key Segments Covered in Night Vision System Industry Analysis
Technology:
- Ultrasonic Sensor
- Lidar Sensor
- Radar Sensor
- Camera Sensor
- Infrared Sensor
- Pressure Sensor
Sales Channel:
- OEM
- Aftermarket
Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa