Automotive Vision Systems Market Driving Safety Solutions in Focus 2028
The global automotive vision systems market size was USD 10.73 Billion in 2022 and is expected to register a revenue CAGR of 19.2% over the forecast period, according to the latest report by Reports and Data.
Automobile manufacturers now place a high value on safety as traffic accidents increase throughout the world. Automotive vision systems, which include cameras and sensors, significantly improve driver and passenger safety. Consumer demand for these safety features is increasing, encouraging automakers to deploy novel safety technology and driving market revenue growth.
Furthermore, governments around the world are incorporating laws requiring the installation of ADAS in automobiles in practice to minimize accidents and fatalities. For example, the EU has stipulated that by 2022, all the latest vehicles must have advanced safety technologies such as lane departure warnings, autonomous emergency braking, and pedestrian detection. The incorporation of automotive vision systems in vehicles is being triggered by these laws, which is propelling market revenue growth.
Moreover, the demand for enhanced vision systems is fueled by the ongoing trend of driverless vehicles. To enable autonomous vehicles to perceive their surroundings and make informed decisions, a range of sensors including cameras, radar, and Light Detection and Ranging (LiDAR) are required. This increased adoption of advanced vision systems in vehicles contributes to the overall revenue growth of the market.
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The automotive industry has seen a growing promotion of camera and LiDAR systems by original equipment manufacturers (OEMs) due to their advanced technology and benefits. One example is the Honda City, a C-segment mid-priced car, which offers a rear parking camera in its top two variants in India. Other automotive OEMs are also incorporating rear camera parking technologies in similar product categories.
Government mandates related to backup cameras, particularly in North America, are also influencing the adoption of vision functions in automotive systems. Several countries may issue mandates in support of vision functions in the near future, which will significantly contribute to the growth of the automotive vision system market.
In Europe, radar systems are expected to experience strong growth. The European government mandated the use of Advanced Emergency Braking System (AEBS) and Electronic Stability Control (ESC) for commercial vehicles (CVs) weighing over 3.5 tons starting from November 2015. These systems are anticipated to be equipped in all new CVs falling into that weight category. Additionally, according to the latest Euro NCAP rating, models equipped with AEB and other advanced driver assistance system (ADAS) features such as Forward Collision Warning (FCW) and Adaptive Cruise Control (ACC) receive higher safety ratings. This regulatory move is expected to further drive the RADAR-based ADAS market.
some leading companies operating in the global Keyword market:
Autoliv, Inc. (Veoneer Inc.), Denso Corporation, Mobileye, ZF Friedrichshafen, Magna International, Omnivision Technologies Inc., Continental AG, Aptiv, Robert Bosch GmbH, Omron Corporation and others
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Some Key Highlights from the Report
- The camera segment is projected to capture a significant portion of the market revenue share. Camera-based technologies play a crucial role in advanced driving assistance systems (ADAS), including features like lane departure warning, automatic emergency braking, and adaptive cruise control. With increasing government regulations and public concerns regarding vehicle safety, the demand for camera-based systems is expected to witness substantial growth in the coming years. Furthermore, the utilization of advanced camera technologies such as infrared cameras and thermal cameras for enhanced visibility and night vision is anticipated to further drive the expansion of the market.
- The ADAS segment contributed considerably to revenue in 2021. ADAS leads to increased driving safety and a reduction in traffic accidents. It comprises features put into automobiles to assist drivers in driving safely, such as adaptive cruise control, lane departure warning, blind-spot detection, and collision avoidance systems. The increased concern about road safety, as well as the need to follow stringent regulatory regulations, are driving forces behind the growing demand for ADAS systems. Rising demand for premium automobiles and high-end features such as ADAS is also expected to propel market growth throughout the forecast period.
- In 2021, the Asia-Pacific market for automotive vision systems topped the other regional markets. The fast expansion of the automobile sector in countries such as China, Japan, South Korea, and India is a crucial component in the region’s growth. Increasing disposable income and a growing middle class in these countries are driving up demand for vehicles, strengthening the regional market for automotive vision systems. To increase safety, governments in countries such as China and Japan are mandating the installation of advanced driver assistance systems (ADAS), which is supporting industry growth.
- The North American market is expected to have the fastest revenue CAGR during the forecast period. The area is home to major manufacturers such as General Motors, Ford, and Tesla, among others, and increased demand for luxury automobiles and electric vehicles is driving the regional market for automotive vision systems. The demand for enhanced vision systems in vehicles in North America is spurred further by the government’s severe safety requirements and greater consumer awareness of road safety. Furthermore, it is expected that the incorporation of cutting-edge technologies such as artificial intelligence and machine learning in automotive vision systems will fuel market growth in the region.
The global market is further segmented into type and application:
Product Type Outlook (Revenue, USD Billion; 2022 – 2032)
- Camera-based
- Lidar-based
- Radar-based
Application Outlook (Revenue, USD Billion; 2022 – 2032)
- Advanced Driver Assistance Systems
- Autonomous Vehicles
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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