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Night Vision System (NVS) Market size was over USD 381.24 million in 2023 and is set to cross USD 2.04 billion by the end of 2036, growing at more than 13.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of night vision system is estimated at USD 423.33 million.
The growth of the market can be attributed to the rising number of road accidents. According to statistics released by the National Safety Council, 50% of traffic fatalities occur at night.
Night vison is a technology which provides some vision to the user in total darkness. Hence, they are extensively used while night driving. Further, the ongoing research and development activities related to automatic emergency braking is expected to boost the night vision system (NVS) market for night vision system (NVS). The National Highway Traffic Safety Administration of the U.S. Department of Transportation provided an update on the status of 20 automakers' efforts to produce new passenger vehicles with low-speed automatic emergency braking systems in 2019.
Growth Drivers
Challenges
Implementation of advanced technologies which includes ultrasonic sensors, radar sensors, infrared sensors, and more is expected to fuel the price for night vision system. Hence this could be the biggest factor expected to restrain the growth of the night vision system (NVS) market.
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
13.8% |
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Base Year Market Size (2023) |
USD 381.24 million |
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Forecast Year Market Size (2036) |
USD 2.04 billion |
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Regional Scope |
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The night vision system (NVS) market is segmented and analyzed for demand and supply by vehicle type into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. Out of these segments, the passenger vehicle segment is anticipated to garner the largest revenue share of 37% by the end of 2036, growing at a CAGR of 14.65% over the forecast period. Further, the segment generated revenue of USD 1,964.6 Million in the year 2021. To combat the issue of road accidents manufacturers equipped night vision in the passenger vehicle. Owing to which there is huge demand for passenger vehicle which is estimated to boost the night vision system (NVS) market further. The OICA estimates that the global sales of passenger vehicles were 5,63,98,471 in 2021 and are anticipated to increase rapidly.
Our in-depth analysis of the global market includes the following segments:
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By Vehicle Type |
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By Technology |
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By Sales Channel |
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Regionally, the night vision system (NVS) market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these regions, the market in Asia Pacific industry is poised to hold 37% revenue share by 2036, backed by launch of new products with new technology by key players following by merges, acquisition, partnership, and collaboration.is estimated to boost the market growth in this region. Hanwha Systems Co., a major South Korean defence contractor, has partnered with vehicle-related sensor producer Truwin Co. to develop car sensors and semiconductors to assist autonomous driving technologies.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the night vision system (NVS) market that are included in our report are
NXP Semiconductors, LG Electronics, and HELLA Aglaia have formed a strategic partnership to develop automotive vision applications. In order to encourage the best-in-class identification and categorization of vulnerable road users in order to save lives, the three automotive advanced driver assistance systems (ADAS) powerhouses have developed a new vision platform that will be made available to all automakers.
DENSO CORPORATION, one of the world's largest automotive suppliers, unveiled the development of a new standard vision sensor that identifies pedestrians at night, cyclists, road signs, driving lanes, and other road users. The new vision sensor enables vehicles to immediately activate emergency brakes when impediments are detected when they are detected by a millimeter-wave radar sensor, helping to decrease accidents and enhance overall vehicle safety.
Author Credits: Abhishek Verma
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