According to TechSci Research report, “Automotive Machine Vision Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”. Global automotive machine vision market is anticipated to register an impressive growth with a CAGR during the forecast period, 2023-2027, due to higher demands for technological automations in the automotives. Growing deployment of the autonomous vehicles coupled with advancing features of SAE Level 3 and 4 technologies further drive the growth of the global automotive machine vision market in the upcoming five years. Higher concerns for the driver’s safety, along with complete shift in safety critical functions to the vehicle also supports the growth of the global automotive machine vision market in the next five years. Technological advancements like Light Detection and Ranging (LiDAR) sensors and advanced driver’s assistance software (ADAS) also substantiate the growth of the global automotive machine vision market in the future five years. 3D machine vision is a rising trend that delivers precise and real-time information to improve performance in applications. It detects objects irrespective of position. 3D vision allows robots to know what is in front of them and react appropriately. Environmental awareness in the technology further adds to the value of the self-driving vehicles thereby facilitating the growth of the global automotive machine vision market in the forecast years through 2027F.
Machine vision enables the dimensional gauging of precision-machined components, such as fasteners, transmissions, and other sub-assemblies such as IVS-ASAi. With dimensional gauging measures lines, angles, diameters, and tolerances the automotive machine vision systems are programmable for further evolution that would add to the growth of the global automotive machine vision market in the forecast period.
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The global automotive machine vision market segmentation is based on component, vehicle type, vehicle autonomy, regional distribution, and competitive landscape. Based on component, the market is differentiated between hardware and software. Moreover, hardware systems are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the ground of development and adoptions of AI-based cameras as these systems offer safety features, such as adaptive cruise control, adaptive headlamp control, traffic sign recognition, forward collision warning, pedestrian detection, and automated braking. The systems adds privileges like cost efficiency, and amalgamation of technologies for reliable safety, and highly compact form factor. Software segment is anticipated to hold the significant revenue shares of the market on the account of growing advancement in the technologies.
By vehicle type, the market is fragmented between passenger cars and commercial vehicles. Passenger cars are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the ground of higher sales of the passenger cars. Growing demand for the electric vehicles and technologically enhanced self-driving vehicles further adds to the growth of the market. Moreover, demand for the driver’s safety in a self-driving vehicle also adds to the growth of the market.
Based on vehicle autonomy, the market is bifurcated into level 1, level 2, level 3, and level4/5. The market analysis also studies the regional segmentation, divided among Asia-Pacific region, North American region, European & CIS region, South American region, and Middle East & African region.
Some of the market players, dominating the global automotive machine vision market are :
- CXV Global Ltd.
- Stemmer Imaging AG
- Keyence Corporation
- Mech-Mind Robotics Technologies Ltd.
- AlwaysAI, Inc.
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“Asia Pacific region is anticipated to hold the largest revenue shares of the market and dominate the regional segment of the market in the upcoming five years. Growing demand for the safe, efficient, and convenient driving experience facilitates the market growth in the region. Also, availability of the multiple market players highly invested in the development of the technological advancement and actively investing in the segment also add to the growth of the global automotive machine vision market in the future five years. Rising population in the countries like China, India, South Korea, incorporated with the demands for the ownership of the personal vehicles also substantiate the growth of the global automotive machine vision market in the future five years. New market players may focus on research and product development. Technological advancement in the automotive machine visions to enhance their performance would allow them to establish their brands in the market and support the market growth in future too,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Automotive machine vision Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Engine Type (Turbofan, Piston, Turboprop, Turboshaft), By Aircraft Type (Narrow Body, Rotocrafts, Business Aircrafts, Fighter Aircrafts, Wide Body Aircrafts, Regional Aircrafts), By Platform (Fixed Wing and Rotary Wing), By Application (Commercial, Military), By Region”, has evaluated the future growth potential of global automotive machine vision and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global automotive machine vision market.
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