The automotive industry is on the verge of a revolution with the gradual development of self-driven vehicles. Over the past decade, OEMs, tier 1 manufacturers, and tier 2 manufacturers have been constantly developing new and advanced safety features to make a vehicle more autonomous, which is further leading to high purchases of such vehicles. Considering the current scenario, the increasing number of passenger and commercial vehicle sales has led to an increase in number of on-road accidents. In order to reduce these accidents, the automotive players are working toward the development of advanced safety features such as adaptive cruise control, lane departure warning, and parking assist, which involve minimum human interaction.
The services of safety features offered in a vehicle are direct work of sensors and camera installed within it. At present, most of the vehicles running on the road are of Level 1 and Level 2 autonomy. In all the vehicles, the data collected from sensors is processed via software present inside the complex electronic system. With each higher level of autonomy, the role of software is further going to increase owing to more advanced features in each level and high processing power needed to incorporate self-driving features.
According to the latest report titled ‘Global Vision and Navigation System Market for Autonomous Vehicle – Analysis and Forecast (2019-2024)’, the global vision and navigation system market for autonomous vehicle is expected to witness a significant growth during the forecast period (2019-2024) registering a CAGR of 26.78%. This growth in the vision and navigation system market is due to the increasing sales of passenger and commercial vehicles and consumers’ growing emphasis toward road safety. Additionally, increasing adoption of autonomous components based on different levels of autonomy, and high growth rate of semiconductor companies and component manufacturers is further going to drive the market.
“The vision and navigation system market for autonomous vehicle is witnessing a high growth rate due to the consumer inclination toward safety and automated features in a vehicle. Moreover, the demand for software is further going to increase in the coming years owing to the launch of Level 3, Level 4, and Level 5 vehicles, which require more automated features. Further, the growth of vision and navigation system market for an autonomous vehicle in North America is the highest, due to strong economic growth, high disposable income, and the presence of major OEMs. The vision and navigation system market for autonomous vehicle in this region is expected to grow at a significant CAGR, during the forecast period (2019-2024).”
The vision and navigation system market for autonomous vehicle has been tracked along the lines of components (camera, LiDAR, radar, ultrasonic sensor, GPS, and IMU), software, level of autonomy, vehicle type, and regions (North America, Europe, Asia-Pacific, and Rest-of-the-World). Revenue generated from different levels of autonomy (Level 1, Level 2, Level 3, Level 4, and Level 5) and vehicle types (passenger vehicle and commercial vehicle) have also been analyzed. The report also covers the vision and navigation system market on a global scale and consequently provides revenue data of the key regions. A separate segment specifically has been dedicated to the key global regions: North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW).
Based on components, the global vision and navigation system market for autonomous vehicle is segmented into camera, LiDAR, radar, ultrasonic sensor, GPS, and IMU. The GPS segment is the highest revenue generating segment among all the components of vision and navigation system market, whereas LiDAR is expected to grow at the highest rate during the forecast period. The high growth rate of LiDAR sensor is attributed to the oncoming of Level 3, Level 4 and Level 5 vehicles in the future, which is expected to use these sensors for providing better safety and automated features. Apart from components, the report also provides the overall revenue generated from the software which is going to increase at a significant rate in the coming future owing to the rise of more automated features to be used in Level 3, Level 4, and Level 5 vehicles.
For the full version of this report, please visit the Research & Markets website.