Sales in AI Virtual Visor Market to Pick Up as Demand Grows in Automotive and Electronic Industries

NEW YORK, Oct. 25, 2021 /PRNewswire/ -- According to the latest Fact.MR analysis, the global AI virtual visor market is projected to register a positive CAGR during the forecast period, from 2021 to 2031. The growth of the market can be attributed to the increasing cases of car accidents, rising concerns pertaining to automotive safety, rapid integration of advanced features in vehicles, and increasing vehicle production.

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According to the World health Organization (WHO), around 1.3 million people die in road crash while 20 to 50 million suffer non-fatal injuries every year. Increasing cases of car accidents due to sun glare has compelled automotive manufacturers to incorporate new technologies in the vehicle setup. This is creating growth opportunities for the AI virtual visor market.

Adoption of AI virtual visor technology in automotive has reduced the chances of road accidents to a large extent. It offers various advantages over traditional ones. The visor links LCD screen with a driver-facing camera and electronic control unit (ECU) running an algorithm and AI program.

The camera detects a driver's face and the shadows created by sun on the face. AI tracks those facial landmarks, along with the sun's relative position in the vehicle environment. Analyzing faces and shadows, the system works essentially backward, figuring out where light is entering the vehicle, no matter in which direction the car is heading. This helps to reduce the car accidents.

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Fact.MR projects strong growth for the AI virtual visor market as demand from automotive and electronic industry continue to surge.

North America is projected to witness healthy growth during the forecast period with the U.S. leading at the forefront.  Growth in the region can be attributed to the increasing advancements in technologies, rising adoption of smart vehicles, and high incidence of car crashes.

"Increasing penetration of artificial intelligence (AI) in automotive industry will create lucrative growth opportunities for the AI virtual visor market players. Companies are likely to register maximum sales in the U.S., Europe, and China," says the Fact.MR analyst.

Key Takeaways from AI Virtual Visor Market Survey

  • With increasing adoption of smart cars and rise in car accidents, North America is projected to emerge as the most lucrative market for AI virtual visors.
  • Demand in the U.S. is expected to account for maximum sales in North America.
  • China, as the leading producer or automobile and electronic goods, will emerge as a highly lucrative market for AI virtual visor.
  • The Europe market will continue to register strong CAGR between 2021 and 2031 backed by demand in Germany and the U.K.

Key Drivers

  • Increase in car accidents coupled with rising focus on consumer safety fueling the demand for AI virtual visor in vehicles.
  • AI integration in vehicle design will create attractive prospects for growth.
  • Rising production and sales of passenger vehicles worldwide is positively impacting the market.

Key Restraints

  • Risk of technological failure can be considered as the biggest barrier in the adoption of AI virtual visors. Moreover, the failure of AI or the camera can lead to an un-recognized driver face, and eventually the product will fail to perform its basic operation.

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Competitive Landscape

Key companies operating in the AI virtual visor market are using various strategies such as research and development activities, mergers, acquisitions to develop and deploy new technologies and components in automotive and other electric products.

  • In January 2020, Robert Bosch GmbH, unveiled new smart visor for a safer driving experience by blocking out the glare from the sun.  Bosch's technology utilizes intelligent algorithms to intuitively block the sun's glare without blocking the view of the road ahead.
  • In 2018, EyeSight, a Tel Aviv, Israel-based artificial intelligence (AI) and hardware setup, raised US$ 15 Mn for AI-powered in car monitoring.

Some of the prominent players operating in the AI virtual visor market profiled by Fact.MR are:

  • Robert Bosch GmbH
  • Weetect
  • Visor-AR
  • Sunvisors India Private Limited
  • Irvine Automotive Products
  • KOBO GmbH & Co. KG
  • Atlas Holdings
  • Others

More Insights on the Global AI Virtual Visor Sales Outlook

Fact.MR provides an unbiased analysis of AI virtual visor market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for AI virtual visor with a detailed segmentation on the basis of:

Vehicle Type

  • Passenger
  • Compact
  • Mid
  • Premium
  • SUVs
  • Commercial
  • LCVs
  • HCVs
  • Busses & Coaches

Root to Market

  • OEMs
  • Aftermarket

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Oceania
  • Middle East & Africa

Key Questions Covered in the AI Virtual Visor Market Outlook Report

  • The report offers insight into AI virtual visor demand outlook for 2021-2031
  • The market study also highlights projected sales growth for AI virtual visor market between 2021 and 2031
  • AI virtual visor market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
  • AI virtual visor market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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