Night Vision System (NVS) Market is projected to increase at an impressive 13.9% CAGR, pushing the market size to US$ 1.2 Bn by 2032

The global night vision system market is expected to surpass a valuation of US$ 1.2 Bn by 2032, with sales growing at a 13.9% CAGR over the forecast period. Increasing sales of luxury cars, along with rising awareness regarding road safety is boosting the requirement for improved night visibility range and quality. This is expected to fuel sales in the market over the forecast period.
NIR (near infrared range) technology has progressed significantly during the last few years. In low-light or no-light situations, NIR technology produces photons, which aid in the detection of objects from a long distance.

For night vision systems, it is critical for eye-tracking and gesture control. Within a detecting range of fewer than 600 feet, the technology uses less power and can provide a crisp image in the dark. As a result, sales in the the global automotive night vision market are predicted to grow.

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More sensors are being integrated into automobiles to make them smarter and automated. Road sign recognition, collision avoidance systems, driver face detection, obstacle detection, and automated response are just a few of the emerging sensor-based technologies in the automotive night vision market. As a result of the integration of new-age technologies and enhanced sensors, demand is slated to surge at a considerable pace over the forecast period.

"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.

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 US$ 679.9 Mn.
• The U.S. is expected to account for 89.9% of the North America night vision market share, creating an absolute $ opportunity of US$ 143.3 Mn by 2032.
• Total sales in China will grow at a 13.4% CAGR, accounting for more than 68% of the East Asia night vision market share in 2022.

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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.

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About FMI - Automotive and Transportation
The Automotive and Transportation division of FMI provides exclusive coverage and actionable insights about the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders' right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behavior.

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.