Night Vision System (NVS) Market Analysis by Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle); by Technology (Ultrasonic Sensor, Lidar Sensor, Radar Sensor, Camera Sensor, Infrared Sensor, and Pressure Sensor); and by Sales Channel (OEM, and Aftermarket) – Global Supply & Demand Analysis & Opportunity Outlook 2021 – 2031
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Regionally, the global night vision system (NVS) market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these regions, the market in Asia Pacific is projected to hold the largest market share of USD 4,070.5 Million by the end of 2031, up from a revenue of USD 1,038.6 Million in the year 2021. Moreover, the market is Asia Pacific is estimated to grow with a CAGR of 15.01% over the forecast period, backed by the launch of new products with new technology by market players following by merges, acquisition, partnership, and collaboration is estimated to boost the market growth in this region. Hanwha Systems Co., a major South Korean defence contractor, has partnered with vehicle-related sensor producer Truwin Co. to develop car sensors and semiconductors to assist autonomous driving technologies.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, 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).
Growth Drivers
Rise in Adoption of Luxury Vehicles- BMW recorded sales of more than 33 million units in 2021, making it the most popular luxury automobile brand in United States.
The night vision technology is installed in such luxurious car. This technology in their vehicles provides an infrared night vision image of the region lit beyond a vehicle's headlamps. This will make it easier for the driver to spot people or large animals and prevent accidents. Hence owing to this the night vision system (NVS) market is estimated to grow further.
Growing Awareness Regarding Road Safety - To end fatalities and serious injuries on European roads, the EU has chosen the Vision Zero and Safe System approach. This method reframes the discussion of road safety policy by emphasising the averting of fatalities and severe injuries.
Increase in R&D for Development of New Product- The new Opel Grandland (CAR), which was introduced in January 2022, features cutting-edge technologies and support systems that improve comfort, ease of use, and most importantly, safety while driving.
Increasing Demand for Digitalization in Automobiles- Audi equipped the e-Tron GT Quattro's LED headlights with dynamic turn signals as standard equipment in March 2022.
Integration of AI and Cloud-Based Technologies- In order to take full-color images even in total darkness, scientists at the University of California, Irvine created a camera system in April 2022 that combines artificial intelligence (AI) and an infrared camera.
Challenges
Implementation of advanced technologies which includes ultrasonic sensors, radar sensors, infrared sensors, and more is expected to fuel the price for night vision system. Hence this could be the biggest factor expected to restrain the growth of the global night vision system (NVS) market.
The global night vision system (NVS) market is segmented and analyzed for demand and supply 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, growing at a CAGR of 14.65% over the forecast period. Further, the segment generated revenue of USD 1,964.6 Million in the year 2021. To combat the issue of road accidents manufacturers equipped night vision in the passenger vehicle. Owing to which there is huge demand for passenger vehicle which is estimated to boost the market further. The OICA estimates that the global sales of passenger vehicles were 5,63,98,471 in 2021 and are anticipated to increase rapidly.
Our in-depth analysis of the global night vision system (NVS) market includes the following segments:
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By Vehicle Type |
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By Technology |
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Ans: The major factors driving the growth of the market are rise in adoption of luxury vehicle, growing awareness regarding road safety, increase in R&D for development of new product, and others.
Ans: The market is anticipated to attain a CAGR of 14.17% over the forecast period, i.e., 2022 – 2031.
Ans: High cost of night vision system, not suitable in too much darkness, and the road needs to clear from fog or obstacles are some of the major factors expected to hinder the growth of the market.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are Veoneer HoldCo, LLC., Aptiv, Continental AG, Robert Bosch GmbH, Valeo, Magna International Inc., and more.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by vehicle type, technology, sales channel, and by region.
Ans: The passenger vehicle is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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