Smart Visor Market - Forecast(2023 - 2028)

The Smart Visor market is forecast to reach $XX million by 2025, growing at a CAGR of XX% in the period 2019-2025. The smart visor market is driven primarily by factors such as the implementation of advanced features in vehicles and rise in number of car accidents. Developments in software has reduced the chances of road accidents using the smart visor. AI tracks those facial landmarks, along with the sun relative position in the vehicle environment. Analysing faces and shadows the system works essentially backward, figuring out where the light is entering the vehicle, no matter in which direction car is headed thereby resulting in significant decrease in accidents and contributing to the growth of the market.

The increase in car crashes when the sun glare is high has led to thousands of accidents every year which seems to dominate the smart visor market in North America.

The virtual visor, a smart visor that uses a camera, a transparent screen and artificial intelligence to be able to block the sun when it shines on drivers face automatically seem to drive its growth in the market.

Increased urbanization and the growing need of passenger cars along with their safety and advancement of software are further enhancing market growth.

The smart visor market by type is segmented into hardware and software. By type segment the hardware consist of LCD and Camera and the software comprises AI. The factors driving the growth of smart visor in the global market are growing sales and production of autonomous vehicles, cars across the globe and growing demand for the safety of the drivers. Moreover the growing demand of cars and vehicles with well-equipped smart visor will have a significant impact on global market via increase sales. Software is one the key component in smart visor which uses Artificial Intelligence and Tracing software to determine where the occupant’s faces especially their eyes, nose and mouth to determine whether the sun might be glaring into driver’s vision.

In January 2020, Bosch Virtual Visor used a Driving facing camera and a smart flip down to digitally block sun glare. In the smart visor the transparent LCD screen paired with a small in-cabin RGB camera used to track the sun shining on the drivers face.

Although the sun visors are employed in heavy commercial vehicles and light commercial vehicles. Rise in demand for safety of passengers is likely to drive the sun visor market during the forecast period. As the smart visor is still largely under development it will mainly be used in self-driving vehicles, including passenger cars, in applications such as the ‘See me’ or Self View which allows the users to see themselves in digital camera on the smart sun visor and allows the users to take photos and video and share on other social networking sites. ’The Rear Passenger View’ also allows the user to view the passenger in the rear seat of the vehicles on the digital screen of the smart sun visor without turning back again and again. A ‘Polarized Front View would normally show the view which is blocked by the deployed sun visor, allowing the user to ultimately view traffic lights. These applications will dominate the global market in passenger car market over the upcoming years due to such advanced features.

APAC holds the largest market share in 2019 followed by North America. APAC is anticipated to hold a significant market growth owing to its large manufacturing in automotive. China is expected to dominate the region owing to the increase of sales with the increase in demand of passenger car. Moreover, Beijing an investment of over 11.9 billion will be used to expand the Mercedes-Benz vehicle production in the country .In 6th January 2020, reports from the ‘U.S.’ National Traffic Safety Administration indicating sun glare is responsible for thousands of accidents every year which is contributing the increase of smart visor in the market. 

The increasing awareness towards safety features by consumers is expected to drive the market. The smart visor helps the driver to have a clear view of everything outside which gives a sense of safety to the drivers. Moreover the sun glare causes many accidents as any other weather related condition due to temporary blindness. Globally reports stated that the risk of car crash is 16% higher during bright sunlight. In 20th February 2020, the ‘Smart Visor’ received award for the best innovation in the category of vehicle entertainment and safety system. In addition to it the Smart Visor not only block dangerous sun glare, discomfort for drivers and risk of accidents it also increases the visibility, comfort and safety of drivers.

Smart visor uses AI to protect drivers vision. Major manufacturers such as Bosch have stated that one of the core area of expertise will be industrial application of artificial intelligence. AI can also make the driver assistant system even more efficient and intelligent since cameras embedded with AI function according to the rays of the sun. Hence, these are the factors which will led to a significant growth of AI in the market.

The ever increasing cost of smart visors is posing hindrances in the market growth. Since the smart visor consists of a screen, camera and advanced technology such as AI, the overall product cost is high, which is a major challenge for the smart visor market. Instead of an opaque panel that completely blocks driver view, a hexagonal opaque LCD that functions like a well-placed hand blocking only between the sun and drivers eyes. Technological advancement along with use of smart visor in luxurious vehicles increases cost and thereby prohibiting its growth in the market.

Partnerships and acquisitions along with product launches are the key strategies of the players in the Smart Visor Market. As of 2018, the market for smart visor is consolidated with the top 10 players accounting for approximately XX% of the market share. The major players in the Smart Visor Market include Bosch, Sun Visors India Private Limited, Irvine Automotive Products, Visor AR, Weetect.