Almost 52% of a Vehicle’s Total Cost Likely to be Accounted for by Electronic Components by 2031, States Fact.MR
Published : 12 Oct 2021 Industry: Technology
As per a new report published by Fact.MR, a market research and competitive intelligence provider, the number of vehicle displays is steadily increasing, and over the years, has increased almost 65% between 2016 and 2021. Fact.MR estimates that the automotive display market is likely to reach almost US$ 22 Bn by 2022.
The automotive industry is one of the key enablers of innovation and growth for big economies. With the introduction of AI virtual visors, Bosch has redefined and redesigned the century old sun visor technology. The new product now consists of Artificial Intelligence liquid crystal display and state-of-the art software for efficient operation. Fact.MR estimates that growth of high-speed Internet and stricter vehicle safety laws are likely to propel market expansion.
Life-threatening motor vehicle accidents are sometimes caused due to sunlight, and the risk of injury increases 16% more during bright sunlight compared to normal weather conditions. Bright sunlight during the day time create illusions that leads to judgement errors by drivers. As per estimates, every year, almost 1.3 Mn people die in road-related accidents and around 20 - 50 Mn people suffer non-fatal injuries. These road accidents cost around 3% loss of GDP to prominent economies.
Many of these accidents occur due to temporary blindness caused by sun glare. This can be reduced significantly by use of AI virtual visors. The technology uses Artificial Intelligence to recognize the driver’s face and landmarks such as the nose, eyes, etc., and also detect sun glare. After this, it darkens few cells of the LCD that cast a shadow on the driver’s eyes. Rest 90% of the LCD is transparent and this enhances driver visibility.
Rise in Internet penetration, autonomous vehicles, and electric vehicles, along with adoption of electronics in the automotive sector are drivers for this market. By 2040, 15% of new vehicles running on the road are likely to be fully autonomous, and by 2040, these vehicles will account for 65% of total passengers kilometers travelled. At present, the AV market is almost worth US$ 45 Bn, wherein, China, USA, and Europe are frontrunners. Similarly, emergence of high-speed Internet through 5G and satellite technology will make artificial intelligence in these systems function at their full potential.
Key Takeaways from Market Study
- Fact.MR estimates that global automotive display market is likely to reach US$ 22 Bn by 2022.
- As per Fact.MR, the global consumer electronics industry is likely to surpass US$ 2 trillion by 2031.
- Demand for AI virtual visors is likely to gain pace due to development of high-speed Internet services across all regions, and the premium car segment will be the early adopter of the technology.
- Commercial vehicle sales, which accounted for almost 27 Mn units in 2019, will be a lucrative segment for the sales of AI virtual visors.
“Advancing artificial intelligence and automotive electronics along with high-speed Internet are likely reasons to fuel the early adoption of AI virtual visors,” says a Fact.MR analyst.
Development of technology for premium and commercial vehicles will gain popularity as every product is becoming AI-integrated. Advanced development of prototypes can be commercialised and will be available at economic value for compact and medium vehicles.
For other manufacturers who all not into technological development, purchasing the patent is likely gain them higher profits in the future, because Fact.MR estimates that this technology is likely to gain popularity in a few years after its commercial launch and sales are expected to skyrocket due to mass adoption.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the AI virtual visor market, presenting forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of vehicle type (passenger (compact, medium, premium, and SUVs), commercial (LCVs, HCVs, and busses & coaches)) and root to market (OEMs and aftermarket), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
About the Technology Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Consultant – Technology Division