The global vision and navigation system industry for autonomous vehicle done by BIS Research depict the market is expected witness a CAGR of 26.78%, during the forecast period from 2019 to 2024. The growth of the automotive industry since the last century has been rapid owing to the high technological advancements and developments from original equipment manufacturers (OEMs), tier 1 manufacturers, and tier 2 manufacturers. In particular, the increasing number of passenger and commercial vehicles on the road reflects the progress made by OEMs and other manufacturers. However, the rising number of vehicles on the road also creates immense opportunity for vision and navigation system providers to integrate advanced safety driver-assistance systems (ADAS) features in the vehicle to increase road safety and provide secure movement of goods via commercial vehicles.

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Owing to the rapid integration of ADAS features in a vehicle, the automotive industry is on the crest of technological advancement, which is expected to increase in the coming years further, thereby providing improved and enhanced safety features in Level 3, 4, and 5 vehicles. The progressive evolution of the automotive industry is attributed to the increasing focus of manufacturers toward the road safety, government regulations, and changing consumer preferences, which has led to the deployment of vehicles from Level 1 to Level 3. This evolution has resulted in the advancement of vehicles in terms of vehicle performance, communication capabilities, passenger safety, and driving comfort, among others. Consequently, the advancement and improvement in on-road vehicle performance have created a surge in demand for vehicles, thereby raising the need for safer and advanced features in it.

The global market for the vision and navigation system for autonomous vehicles is driven by the growth of deep learning for image processing, impending demand for highly autonomous vehicles (Level 3-Level 5) and emphasis toward road safety, and various governments’ role in developing infrastructure for connected and autonomous vehicles. The autonomous vehicle technology has emerged as a safe, cheap, and fast mode of transportation. The use of autonomous vehicles greatly reduces the traffic congestion and vehicle ownership costs, which, in turn, decreases the environmental impacts caused due to vehicular emissions.

Additionally, the growth of an autonomous vehicle is expected to reduce human intervention by automatically controlling the steering, thereby allowing the driver to sit back and relax. This growth can be attained by the use of advanced sensors such as LiDARs, which enhances the sensing ability of the vehicle, as compared to other sensing components such as radars, infrared sensors, or cameras, which are used in Level 4 and Level 5 autonomous vehicles.

Autonomous driving components of a vehicle include various sensors such as cameras, LiDARs, radars, and ultrasonic sensors. These sensors work together and give a detailed 3D analysis of the surrounding, revealing both dynamic and static objects such as cyclists, pedestrians, and traffic light. Since the past decade, a high surge in demand for these sensors has been witnessed owing to the need for more enhanced features in a vehicle. In addition to this, rising safety concerns of the driver and the regulations imposed by government authorities are further fueling the growth of this market.

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The market size of the vision and navigation system for an autonomous vehicle has been valued by components (camera, LiDAR, radar, ultrasonic sensors, GPS, and IMU) and software in terms of value. Components play a significant role in the working of an autonomous vehicle. In order to meet the complex requirements of an autonomous vehicle, the components including camera and LiDAR allow the vehicle to see 360 degrees, working in both daytime and night. Cameras form an integral component of the vision system by providing a 360-degree field of view rather than a 120-degree view of human drivers. At present, cameras are being used for object detection, night vision, rearview enhancement, traffic sign recognition, and path detection, among other necessary applications for a safe movement of highly automated vehicles.

The major players were identified based on their revenue generation, regional presence, and product coverage. The key developers in the global vision and navigation system market for the autonomous vehicle include TomTom NV, Here Technologies, Waymo, and Continental AG, among others. These players adopt various strategies such as agreements, new product launches, contracts, partnerships, and mergers and acquisitions to create a customer base, thereby enhancing their market share. The company profiles section also includes the company information, their past three years’ financials, and the SWOT analysis.

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