The global automotive clear vision system market is expected to expand at 5.5% CAGR and generate a market valuation of US$ 35.7 Bn by the end of 2032, as per detailed industry analysis by Fact.MR – a market research and competitive intelligence provider.
An automotive clear vision system is the core system of passenger and commercial vehicles that aids the driver to maneuver the vehicle well without any hindrance. Increasing adoption of ADAS in the automotive industry is driving demand for clear vision systems, which is likely to boost overall market growth over the coming years.
To address growing concerns about public and personal safety-related to automotive use, various types of sensor washing technologies are being developed across the sector. To alleviate basic safety worries about reverse parking brake sensors along with complicated safety concerns in autonomous vehicles, the sensors in use must be thoroughly cleaned. The safety requirement works as a positive factor for the growth of the vehicle clear vision market.
Further, there is increasing demand for passenger vehicles across the globe, especially in the Asian and European regions. Being the core system of a vehicle, demand for a clear vision systems is mounting significantly. Washer fluid fill & storage systems are the largest market shareholder at nearly one-third of the market share.
Leading market players are focusing on expanding their presence across the.
- For example, in December 2020, Trico Products Corp.’s First Brands Group acquired Centric Parts, leading to an increase in their market share through their diversified portfolio.
Key Takeaways from Market Study
- The automotive clear vision system market is anticipated to add 1.7X value by 2032.
- The reservoirs segment, under washer fluid fill & storage systems, accounts for nearly two-fifths of the global market share.
- Among the offerings, washer fluid management systems has been the fastest-growing segment at 9% CAGR.
- The East Asia automotive clear vision system market is set to dominate market revenue in 2022, where China is set to acquire more than 70% market share and generate significant revenue over the assessment period.
- India is expected to dominate the South Asia and Oceania region with more than one-third market share, owing to a large volume of automotive sales.
“Development of technologically-advanced products through robust R&D will offer a competitive edge for automotive clear vision system manufacturers over the forecast years,” says a Fact.MR analyst.
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Leading players have been spending on R&D to bring in innovative products that can provide better support to ADAS-based cars. Companies also focusing on developing AI-based components that can easily detect dirt, mud, or bird droppings, and clean the same without any issue. These improvements will drive demand for automotive clear vision systems in the medium- to long-term forecast period.
Moreover, market participants are entering into constructive partnerships with leading automotive manufactures to create consistency in supply and streamline their supply chains. As the automotive industry has limited margins on components, competitive pricing stands out to be the go-to strategy for players in order to capture more market share.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive clear vision system market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of offering (washer fluid fill & storage systems (reservoirs, inlets, and filler tubes, fluid level sensors, reservoir heating systems), washer fluid management systems (screen cleaning pumps, headlamp cleaning pumps, ADAS cleaning pumps, other accessories (hose, connectors)), surface cleaning systems (screen wash nozzles, headlamp wash nozzles, ADAS wash nozzles, heated wash nozzles)), vehicle type (passenger cars (mid-size, compact, luxury, SUVs), commercial vehicles (LCVs, HCVs, coaches & buses), and distribution channel (OEM, aftermarket), across key regions namely (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA)
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automotive 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 analyzed the automotive 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.
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