Global Night Vision System (NVS) Market Size, Forecast, and Trend Highlights Over 2021 - 2031
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Base Year |
2021 |
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Forecast Year |
2022-2031 |
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CAGR |
14.17% |
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Base Year Market Size (2021) |
USD 2,969.1 Million |
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Forecast Year Market Size (2031) |
USD 10,811.3 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 by growing at a CAGR of 14.17% over the forecast period, i.e., 2022 - 2031. Further, the market generated a revenue of USD 2,969.1 Million in the year 2021. The growth of the market can be attributed to the rising number of road accidents. According to statistics released by the National Safety Council, 50% of traffic fatalities occur at night.
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Night vison is a technology which provides some vision to the user in total darkness. Hence they are extensively used while night driving. Further, the ongoing research and development activities related to automatic emergency braking is expected to boost the market for night vision system (NVS). The National Highway Traffic Safety Administration of the U.S. Department of Transportation provided an update on the status of 20 automakers' efforts to produce new passenger vehicles with low-speed automatic emergency braking systems in 2019.
Global Night Vision System (NVS) Market: Growth Driver and Challenges
Growth Drivers
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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.
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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.
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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.
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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.
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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
- High Cost of Night Vision System
- Not Suitable in Too Much Darkness
- The Road Needs to be Clear from Fog or Obstacles
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.
Global Night Vision System (NVS) Market Regional Synopsis
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).
Market Segmentation
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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By Sales Channel |
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Key Companies Dominating the Global Night Vision System (NVS) Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global night vision system (NVS) market that are included in our report are 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.
