TechSci Research’s report titled “Automotive Machine Vision Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027” predicts that the global market for automotive machine vision will experience significant growth during the forecast period of 2023-2027. This growth is expected due to the increasing demand for technological automation in the automotive industry. The deployment of autonomous vehicles, along with the advancement of SAE Level 3 and 4 technologies, will further contribute to the growth of the global automotive machine vision market over the next five years. Additionally, growing concerns for driver safety and a shift towards safety-critical functions being performed by the vehicle itself will also support market growth during this period. The introduction of technological advancements such as Light Detection and Ranging (LiDAR) sensors and advanced driver assistance software (ADAS) will further substantiate the growth of the global automotive machine vision market over the next five years.
The rising trend of 3D machine vision, which provides precise and real-time information to improve performance in applications, is also contributing to the growth of the market. This technology is capable of detecting objects regardless of their position, enabling robots to react appropriately to what is in front of them. Additionally, the environmental awareness of this technology adds value to self-driving vehicles, which will further facilitate the growth of the global automotive machine vision market in the forecast period up to 2027.
Furthermore, automotive machine vision systems enable the dimensional gauging of precision-machined components such as fasteners, transmissions, and other sub-assemblies like IVS-ASAi. These systems are programmable for further evolution, allowing for the addition of new features and capabilities, which will contribute to the growth of the global automotive machine vision market during 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.
The market is categorized into hardware and software based on components. Hardware systems are expected to have the largest revenue shares and dominate the market segment in the next five years due to the development and adoption of AI-based cameras. These systems offer safety features such as adaptive cruise control, adaptive headlamp control, traffic sign recognition, forward collision warning, pedestrian detection, and automated braking. They also offer cost efficiency, the integration of technologies for reliable safety, and a highly compact form factor. The software segment is expected to have significant revenue shares due to the growing advancement in technologies.
The market is divided into passenger cars and commercial vehicles based on vehicle type. Passenger cars are expected to have the largest revenue shares and dominate the market segment in the next five years due to higher sales. The growing demand for electric vehicles and technologically enhanced self-driving vehicles also contributes to market growth. Furthermore, the demand for driver safety in a self-driving vehicle also adds to the growth of the market.
Based on vehicle autonomy, the market is divided into level 1, level 2, level 3, and level 4/5. The regional segmentation includes the 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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