Press Release

The Global Automotive Thermal Imaging Market to Accelerate at a CAGR of Around 2.8% During 2024-30

The Global Automotive Thermal Imaging Market is projected to grow at a CAGR of about 2.8% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The growth of the thermal imaging industry is attributed to the stringent government regulation by authorities and organizations worldwide. The constant efforts towards mitigating road traffic injuries and accidents are leading organizations to mandate the use of advanced technologies and driver assistance systems for consumers, propelling the adoption of thermal imaging systems.

Moreover, consumers in countries with high disposable incomes, such as the US, Germany, etc., are increasingly looking for comfort and security, which is why they are adopting thermal imaging technologies in their vehicles to ensure safety and security. Additionally, the ability of these systems to provide information via sensors even in dark areas, in dust, and with minimum visibility further surges their adoption among consumers.

The proliferation of electric vehicle manufacturing is another factor that is leading to the increasing adoption of thermal imaging systems. The increased number of electric vehicles has inbuilt automotive thermal imaging systems according to government regulations and safety standards. This, in turn, surges the demand for automotive thermal imaging systems, ultimately augmenting their demand in OEMs. The manufacturing of electric vehicles is surging in countries like Thailand, China, Japan, etc. With the increasing manufacturing of EVs, the demand for automotive thermal imaging systems is also surging. Additionally, increasing demand for luxury vehicles equipped with technologically advanced and efficient safety and convenience features further drives the adoption of thermal imaging technology in passenger vehicles, augmenting market growth.

In addition, rising consumer awareness regarding thermal imaging systems owing to their ability to detect obstacles beyond the range of headlights is further driving their adoption globally. The increasing innovation and technological advancements in thermal imaging sensors and components further propel its market growth, further states the research report, “Global Automotive Thermal Imaging Market Analysis, 2024.”

Segmentation Analysis

Uncooled Segment Expected to Hold Major Market Share

Based on technology, the market is bifurcated into uncooled and cooled segments. Out of them, the uncooled segment is poised to experience significant market share in the forecast period, driven by its ability to see in dusty, cloudy, and foggy areas. Moreover, the longer shelf life, less requirement for maintenance, and easy-to-repair parts draw consumer attention towards these systems, propelling their market growth globally.

Furthermore, the lower production costs of uncooled sensors make them a more economically viable option for consumers and also lead to their increased adoption in automotive manufacturing in mass production. Thus, based on these factors, the uncooled segment is expected to witness a substantial market share and is anticipated to drive the growth of the Automotive Thermal Imaging Industry globally in the coming years.

Asia-Pacific to Lead the Global Automotive Thermal Imaging Industry

Asia-Pacific is anticipated to account for a considerable market share due to the high urban population and rising purchasing power in the region. Countries like China, India, Thailand, etc. have a burgeoning demand for automobiles, which is leading to the surged integration of thermal imaging systems as well. Moreover, the Asia-Pacific has a vast manufacturing industry for automobiles, which generates an effective demand for thermal imaging systems from various automotive manufacturing companies. Brands like Toyota, Honda, BMW, etc. manufacture and export a large number of passenger cars that are equipped with thermal imaging systems, proliferating their growth in the region. Furthermore, the increased demand for luxury vehicles with improved cabin spaces and comfort is leading to the incorporation of various automotive thermal imaging systems, boosting market growth.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Seek Thermal, Inc., Testo SE & Co. KGaA, Zhejiang Dali Technology Co., Ltd., FLIR Systems, Inc., Fluke Corporation, Leonardo S.p.A., Xenics NV, Thermoteknix Systems, Owl AI, and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across various regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?