With the automotive industry shifting toward autonomous vehicles from conventional vehicles, several features that enhance the efficiency and functioning of autonomous vehicles are gaining popularity. One such feature, the market for which is projected to witness huge growth in the coming future, is vision and navigation system.
Vision and navigation systems come under the advanced safety driver-assistance systems (ADAS) and aim at enhancing road safety via features such as improved image processing, sensing ability of the vehicle, and automatic controlling of the steering.
The recent market intelligence report titled “Global Vision and Navigation System Market for Autonomous Vehicle – Analysis and Forecast (2019-2024)” published by BIS Research discusses the growth of the global market for vision and navigation systems in terms of the factors influencing its growth and the trends and opportunities expected to drive the market in future.
As per the report by BIS Research, the global vision and navigation system market potential are projected to reach $81.01 billion by 2024 from $17.00 billion in 2018. Further, in terms of growth rate, the market is anticipated to grow at 26.78% during the forecast period, 2019-2024.
The major components in a vision and navigation system include a camera, LiDAR, radar, ultrasonic sensor, GPS, and IMU. Cameras are the most crucial part of a vision and navigation system. They provide a 360-degree view to the vehicle, during any time of the day. Owing to advancements, cameras in vehicles today offer features such as object detection, night-view, rearview enhancement, traffic sign recognition, and path detection.
Apart from cameras, the two other components gaining popularity in the market are GPS and radar. In terms of market share, GPS is projected to lead the market in 2024 followed by radars. Radar sensors can easily detect objects in adverse weather conditions and at long distances that too in high resolution. Adaptive cruise control, blind-spot detection, rear collision warning, forward collision warning, and pre-crash warning are some of the extensive applications where radars are used.
Under the types of vehicle category, passenger autonomous vehicles are gaining more popularity in the market in comparison with the commercial autonomous vehicles, thus the use of vision and navigation system is also expected to be more in passenger vehicles than in commercial vehicles.
Further, in addition to the different segments of the vision and navigation system market, the report discusses the competitive landscape of the market and provides detailed analysis of the company profiles of the key market players. The leading companies in the market include Continental AG, Velodyne LiDAR Inc., Valeo Group, Garmin Ltd., Aptiv PLC, and Autoliv Inc., TomTom International NV, and HERE Technologies.
While product launches are the preferred strategy, other strategies such as partnerships, collaborations and agreements, and mergers and acquisitions are also gaining popularity in the market.
At present, in the automotive industry, mostly level 1 autonomous vehicles are used. However, in the future, the adoption of advanced levels of autonomous vehicles i.e. level 3 and 4 autonomous vehicles is expected to increase significantly and consequently give a boost to the global vision and navigation systems market.