Night Vision System Market Size

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.

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are rise in adoption of luxury vehicle, growing awareness regarding road safety, increase in R&D for development of new product, and others.

The market is anticipated to attain a CAGR of 14.17% over the forecast period, i.e., 2022 â€“ 2031.

High cost of night vision system, not suitable in too much darkness, and the road needs to clear from fog or obstacles are some of the major factors expected to hinder the growth of the market.

The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.

The major players in the market are Veoneer HoldCo, LLC., Aptiv, Continental AG, Robert Bosch GmbH, Valeo, Magna International Inc., and more.

Night Vision System Market Size