Virtual Visor Market Size was valued at USD 0.2 Billion in 2022. The virtual visor market industry is projected to grow from USD 0.26 Billion in 2023 to USD 1.578 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 24.80% during the forecast period (2023 - 2032). The primary market drivers contributing to the robust revenue growth of the automotive industry are the rising number of car accidents and road incidents, the growing worries about automotive safety, the quick integration of high-tech safety systems in cars, and the quick uptake of passenger and commercial vehicles on a global scale.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The development of virtual visor solutions has been greatly aided by advances in augmented reality (AR) technology. Virtual visors may overlay digital information effortlessly onto the driver's field of view without blocking visibility due to advancements in augmented reality display technologies, such as transparent and high-resolution displays. Furthermore, virtual visors can also closely track the driver's face and eyes due to improved sensor technologies as gesture recognition sensors and high-definition cameras. This makes it possible to monitor variables like gaze direction and eye movement in real-time, which enables the virtual visor to dynamically modify the shade in response to the demands of the driver and the environment. Moreover, the incorporation of artificial intelligence (AI) algorithms into virtual visor improves their capacity to examine external elements, such as the sun's location and possible sources of glare. The virtual visor's clever processing allows it to self-adjust its shade features, giving you the best possible protection from glare without sacrificing your ability to see the road.
The growing popularity of connected cars has an impact on the virtual visor market since these visors can interface with other automotive systems to enhance functionality. The market is expanding as a result of customers' growing knowledge of the advantages of augmented reality applications for vehicle safety. The virtual visor market is further propelled by partnerships between automobile manufacturers and technology companies to provide innovative solutions, which encourage innovation and acceptance in the automotive industry. Furthermore, modern cars with powerful communication systems enable data sharing and interaction between many parts of the vehicle. By being a part of this networked ecosystem, virtual visor can use information from other car systems to function better. For instance, the Virtual Visor can communicate with sensors that measure ambient light, GPS information, and internal car systems to intelligently modify shading according on the driving conditions. Additionally, they can get real-time information and updates thanks to the Virtual Visors' connectivity into the connected automobile environment. Thus, driving the virtual visor market revenue.
The Virtual Visor Market segmentation, based on type includes LED and LCD. The LED segment dominated the market. LEDs allow for the free modification of both the color and intensity of the light output. Virtual visors with LEDs installed can provide personalized shading by dynamically modifying the lighting to suit the driver's preferences and the environment.
The Virtual Visor Market segmentation, based on application, includes Passenger Vehicle and Commercial Vehicle. The passenger vehicle category generated the most income. Major reasons propelling this segment's robust expansion on a global scale include the growing demand for luxury and autonomous automobiles with the best safety features and solutions, as well as the rapid adoption of virtual visors for improved road visibility and driver safety.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American virtual visor market area will dominate this market. Major factors supporting North America market growth include the quick adoption of cutting-edge automotive technologies, the rising demand for electric and driverless vehicles, and growing concerns about automobile safety.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe virtual visor market accounts for the second-largest market share. The development of automotive technology has been spearheaded by Europe, which is also home to many globally renowned tech businesses, such Bosch, a market leader in virtual visor technology. The Europe market's revenue growth is therefore attributed to factors like as strong consumer spending power, a rise in the sales of high-end electrified and luxury automotive models, and stringent government rules on driver and passenger safety. Further, the German virtual visor market held the largest market share, and the UK virtual visor market was the fastest growing market in the European region
The Asia-Pacific Virtual Visor Market is expected to grow at the fastest CAGR from 2023 to 2032. There's been a surge in demand for cutting-edge in-car technologies, such virtual visors, in the region due to growing road safety awareness and increased automobile production. Large participants in the automobile sector, such as China, Japan, and South Korea, make substantial contributions to this market. Moreover, China’s virtual visor market held the largest market share, and the Indian virtual visor market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the virtual visor market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, virtual visor industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global virtual visor industry to benefit clients and increase the market sector. In recent years, the virtual visor industry has offered some of the most significant advantages to medicine. Major players in the virtual visor market are attempting to increase market demand by investing in research and development operations includes Robert Bosch GmbH, Weetect, Visor-AR, Sunvisors India Private Limited, Irvine Automotive Products, Kasai Kygo Co. Ltd., KÖBO GmbH & Co. KG, and Atlas Holdings.
Bosch is a technology and services provider. It is a division of Robert Bosch Stiftung GmbH. Automotive components and accessories, e-bike systems, security systems, solar inverters, packaging technology, home appliances, automotive technology, and business process management solutions are just a few of the many goods and services that the company provides. In the Americas, Europe, Asia Pacific, and Africa, the company serves customers in the consumer electronics, automotive, and business process outsourcing (BPO) sectors, in conjunction with sales and service partners, subsidiaries, and regional businesses.
Vehicle supplies are provided by Irvin Automotive Products Inc. The company sells injection-molded parts as well as seat trim, armrests, cargo blinds, sun visors, and barrier nets. Serving the US automotive industry is the mission of Irvin Automotive Products. It's also well known that Irvin provides OEMs all over the world with a comprehensive range of premium interior trim components. Seat covers, cargo shades, headrests, armrests, and sun visors are among the items sold by Irvin.
January 2020: The revolutionary Virtual Visor technology was developed by world-renowned engineering and technology company Robert Bosch GmbH to replace traditional car sun visors. The new gadget was introduced by the German tech major during the 2020 CES (International Consumer Electronics Show). The transparent LCD display and built-in camera visor make up the AI-powered virtual visor, which blocks out specific sunlight regions to provide the driver a sharper, more defined perspective.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.2 Billion |
| Market Size 2023 | USD 0.26 Billion |
| Market Size 2032 | USD 1.578 Billion |
| Compound Annual Growth Rate (CAGR) | 24.80% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Robert Bosch GmbH, Weetect, Visor-AR, Sunvisors India Private Limited, Irvine Automotive Products, Kasai Kygo Co. Ltd., KÖBO GmbH & Co. KG, and Atlas Holdings |
| Key Market Opportunities | ·      Rising demand for more effective sun glare solutions in cars |
| Key Market Dynamics | ·      Technological developments in augmented reality ·      Growing desire for connected cars |
Frequently Asked Questions (FAQ) :
Virtual Visor Market size was valued at USD 0.2 Billion in 2022.
The global market is projected to grow at a CAGR of 24.80% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Robert Bosch GmbH, Weetect, Visor-AR, Sunvisors India Private Limited, Irvine Automotive Products, Kasai Kygo Co. Ltd., KÖBO GmbH & Co. KG, and Atlas Holdings.
The LED category dominated the market in 2022.
The passenger vehicle category had the largest share in the global market.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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