Research Nester published a report titled “Night Vision System (NVS) Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global night vision system (NVS) market in terms of market segmentation by vehicle type, technology, sales channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global night vision system (NVS) market is anticipated to grow with a CAGR of 14.17% over the forecast period, i.e., 2022-2031. The market is segmented by vehicle type into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. Out of these segments, the passenger vehicle segment is anticipated to garner the largest revenue of USD 7,463.0 Million by the end of 2031. Further in the year 2021, the segment generated revenue of USD 1,964.6 Million.
The global night vision system (NVS) market is estimated to garner a revenue of USD 10,811.3 Million by the end of 2031, up from a revenue of USD 2,969.1 Million in the year 2021. Rise in adoption of luxury vehicles, growing awareness regarding road safety, and increase in R&D for development of new product are some of the major factors expected to drive the market growth.
Geographically, the global night vision system (NVS) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Amongst these regions, the market in Asia Pacific is anticipated to hold the largest revenue of USD 4,070.5 Million by the end of 2031. Additionally, the market in this region generated a revenue of USD 1,038.6 Million in the year 2021.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rise in Adoption of Luxury Vehicles to Boost Market Growth
The United States' most popular luxury car brand, BMW, sold more than 33 million cars in 2021.
In such a luxurious car, night vision technology is incorporated. Through the use of this technology, their user could see in the dark beyond the range of their headlights. The driver will be able to see people and huge animals more easily and avoid collisions as a result. As a result, it is predicted that the night vision system (NVS) market would expand further.
However, high cost of night vision system, not suitable in too much darkness, and the road needs to be clear from fog or obstacles which are expected to operate as key restraint to the growth of global night vision system (NVS) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global night vision system (NVS) market which includes company profiling of Veoneer HoldCo, LLC., Aptiv, Continental AG, Robert Bosch GmbH, Valeo, Magna International Inc., Texas Instruments Incorporated, NXP Semiconductors, AGC Inc., DENSO CORPORATION, OMNIVISION, ZF Friedrichshafen AG, Teledyne FLIR LLC., Samsung Semiconductor, and HELLA GmbH & Co. KGaA. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global night vision system (NVS) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.