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.
Many of these accidents occur due to temporary blindness caused by sun glare. This can be reduced significantly by use of AI virtual visors. The technology uses Artificial Intelligence to recognize the driver’s face and landmarks such as the nose, eyes, etc., and also detect sun glare. After this, it darkens few cells of the LCD that cast a shadow on the driver’s eyes. Rest 90% of the LCD is transparent and this enhances driver visibility.
Rise in Internet penetration, autonomous vehicles, and electric vehicles, along with adoption of electronics in the automotive sector are drivers for this market. By 2040, 15% of new vehicles running on the road are likely to be fully autonomous, and by 2040, these vehicles will account for 65% of total passengers kilometers travelled. At present, the AV market is almost worth US$ 45 Bn, wherein, China, USA, and Europe are frontrunners. Similarly, emergence of high-speed Internet through 5G and satellite technology will make artificial intelligence in these systems function at their full potential.
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.
“Advancing artificial intelligence and automotive electronics along with high-speed Internet are likely reasons to fuel the early adoption of AI virtual visors,” says a Fact.MR analyst.
AI Virtual Visors: Hope or Hype in Addressing Road Safety and Economic Challenges?
A study published by the National Center for Biotechnology Information, U.S National Library of Medicine, clearly reveals data about how life-threatening motor vehicle accidents are caused during bright sunlight.
Bright sunlight during the day time is likely to create visual illusions that lead to errors of judgement by drivers. This includes error in feasible distance from an aerial perspective. It was found that the most common weather during accidents was bright sunlight. It is estimated that life-threatening crash risk was 16% higher during bright sunlight as compared to normal weather conditions.
According to the World health Organization (WHO), every year, approximately 1.3 Mn people die in road crashes. Similarly, more people, between 20-50 Mn, suffer non-fatal injuries, while many incurs a disability.
Life-threatening motor vehicle accidents are considered to be the most common cause for death and disability among all age groups. It is considered to be at the ninth place as a prominent reason for cause of death worldwide, and is anticipated to come at the seventh place by 2030. Fatalities and injuries caused due to road traffic accidents lead to considerable economics loss to both, countries and individual families.
For most countries, it is estimated that road traffic crashes cost around 3% of their gross domestic product. This leads to a huge chuck of loss, and thus, the problem requires to be addressed soon. Virtual visor technology is likely to benefit low-income countries most as well at the individual level.
For instance, economic implication of road-related accidents costs the U.S. around US$ 800 Bn a year, and the world is likely to lose around US$ 1.8 trillion due to road accidents between 2015 and 2030.