The AI Virtual Visor Market Expects to Grow at A CAGR of Around 15% Between 2021 And 2031

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.

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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.

Market Segmentation

Fact.MR has studied the AI virtual visor market with detailed segmentation on the basis of vehicle type, root to market, and region.
By 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

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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.

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AI Virtual Visors: Breaking Conventional Technology to Reduce Road Fatalities
Artificial Intelligence has brought a structural shift in the automotive industry. It is been considered at every level, from manufacturing, supply chain management, to autonomous vehicles. In fact, almost every business vertical is exploiting the potential of AI for better customer experience, ease in operations, collecting data, and reaching a higher revenue bar.
It is expected that global AI spending is likely to increase two-fold over the next four years, rising form almost US$ 50 Bn in 2020 to US$ 100 Bn by 2024, with close to 15% CAGR for the next 5 years.
The automotive industry is among the pioneers in the development and adoption of artificial intelligence. Bosch has transformed the almost century-old conventional sun visor design to a top notch AI-based visor, making it one of its kind. The company believes that, "Some of the simplest innovations make the greatest impact, and virtual visor changes the way drivers see the world". They have stood true to their words by introducing the revolutionary virtual sun visor design at CES 2020 in Las Vegas.

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This release was published on openPR.