According to the TechSci Research report titled “Automotive Machine Vision Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027,” the global automotive machine vision market is expected to witness impressive growth with a CAGR during the forecast period of 2023-2027. The increasing demand for technological automation in the automotive industry is a key driver for this growth. Additionally, the deployment of autonomous vehicles and the advancements in SAE Level 3 and 4 technologies contribute to the expansion of the global automotive machine vision market over the next five years. Concerns regarding driver safety and the shift of safety critical functions to the vehicle further support market growth. Technological advancements like Light Detection and Ranging (LiDAR) sensors and advanced driver assistance software (ADAS) also contribute to the market’s growth in the future. The rising trend of 3D machine vision, which provides precise and real-time information to improve performance in various applications, is expected to add value to self-driving vehicles and drive market growth through 2027.
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Machine Vision Enhancing Precision in Automotive Components
Machine vision plays a crucial role in dimensional gauging of precision-machined components, including fasteners, transmissions, and sub-assemblies like IVS-ASAi. These systems enable precise measurement of lines, angles, diameters, and tolerances. The programmability of automotive machine vision systems allows for further evolution, contributing to the growth of the global automotive machine vision market in the forecast period.
Segmentation of the Global Automotive Machine Vision Market
The global automotive machine vision market is segmented based on component, vehicle type, vehicle autonomy, regional distribution, and competitive landscape.
Hardware Dominates the Component Segment
The market is divided into hardware and software components. Hardware systems are expected to hold the largest revenue shares and dominate the market segment in the next five years. This is due to the development and adoption of AI-based cameras that offer safety features such as adaptive cruise control, adaptive headlamp control, traffic sign recognition, forward collision warning, pedestrian detection, and automated braking. These systems provide cost efficiency, reliable safety, and highly compact form factors. The software segment is projected to hold significant revenue shares, driven by advancements in technology.
Passenger Cars Lead the Vehicle Type Segment
In terms of vehicle type, the market is divided into passenger cars and commercial vehicles. Passenger cars are expected to hold the largest revenue shares and dominate the market segment in the upcoming five years. This growth is attributed to the high sales of passenger cars and the increasing demand for electric vehicles and technologically enhanced self-driving vehicles. The focus on driver safety in self-driving vehicles also contributes to market growth.
Bifurcation of Vehicle Autonomy
The market is bifurcated into level 1, level 2, level 3, and level 4/5 based on vehicle autonomy. These levels represent different degrees of automation in vehicles. The analysis also includes regional segmentation, covering the Asia-Pacific region, North America, Europe & CIS region, South America, and the Middle East & Africa.
The global automotive machine vision market is expected to experience significant growth driven by the demand for technological automation and advancements in autonomous vehicles. The dimensional gauging capabilities of machine vision systems in precision-machined components further contribute to market expansion. The market’s segmentation based on component, vehicle type, vehicle autonomy, and region provides valuable insights for industry players. Understanding these segments is crucial for identifying growth opportunities and making informed decisions in the evolving automotive machine vision market.
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.
“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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