Acknowledging the increasing size of the market, the research firm, Market Research Future (MRFR) in its recently published study report asserts that the already booming, global automotive camera market will reach approximately 19 Bn. USD by 2023 with a 19% CAGR over the forecast period(2017-2023).
The global automotive camera market is growing pervasively; mainly due to the augmenting demand for improved safety and visibility driven by the growing rates of accidents occurring due to the limited vision of drivers. Also, the increasing demand for sleeker looks and improved fuel efficiency of vehicles will foster the market growth. Simultaneously, the increasing per capita income is escalating the market to the ascended heights, bringing up more technological advancements.
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Global Automotive Camera Market Competitive Landscape
The global automotive camera market comprises a host of key players. This includes names like ADA-ES Inc. (US), Delhi Automotive PLC (UK), TRW Automotive (US), Allied Vision Technologies (Germany), Robert Bosch GmBH (Germany), Balluf (Germany), Basler AG (Germany), Autoliv, Inc. (Sweden), Valeo S.A. (France), Denso Corporation (Japan), and others.
Global Automotive Camera Market Segmentation
The MRFR analysis is segmented into four key dynamics for the convenience of understanding;
By Camera Types : Comprises Infrared, Thermal and Digital among others.
By Application Types : Adaptive Cruise Control, Lane Departure Warning, Blind Spot Detection, Night Vision, Park Assist System, Pedestrian Detection, Driver Monitoring, andRoad Sign Recognition among others.
By Vehicle Types : Passenger car, Commercial, and Heavy Vehicles among others.
By Regions : North America, Europe, APAC, and the Rest-of-the-World.
Automotive Camera Market Scenario:
Automotive camera is a camera installed at front side, rear side, or inside a vehicle for safety purposes. Camera modules contain image sensors that are coupled with electronic components in vehicles. The factors propelling the growth of the market are growing influence of new car assessment program (NCAP), increasing demand for luxury vehicles, and demand for safety measures.
The market is segmented on the basis of camera type, vehicle type, application and geographically. The vehicle type comprises of passengers cars, commercial vehicles among others. The market for sensing cameras is expected to grow at a faster rate during the forecasted period. This could be accounted to the higher scope of application of these cameras in the advanced driver assistance systems. The market for cameras in passenger cars dominated the overall automotive market. High requirement of the product primarily in the passenger cars is expected to improve industry size.
Rising prices of vehicles along with high costs incurred at the design & testing phase is expected to act as key challenge for the automotive camera market growth.
The global automotive camera market is expected to grow at approx. USD 19 Billion by 2023, at 19% of CAGR between 2017 and 2023.
Global Automotive Camera Market Geographical Analysis
The North America region is projected to retain its hegemony over the global automotive camera market followed by Europe region. This growth attributes to the high standard of living of people in the region.
Europe is also the prominent market for the product and will show immense growth in the installation of safety technologies. The growing passenger cars markets in Germany, the UK, France, and Italy will majorly support the market growth in the region.
The automotive camera market in the Asia Pacific region will witness significant growth emerging as a promising market in terms of size. Additionally, the rising disposable income will propel the growth of automotive camera market in the APAC, improving the standard of living of the consumers.
In light of rapid industrialization, the increasing number of automobile production mainly in China, India, Japan, Thailand, Malaysia, and South Korea will provide impetus to the market growth.
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Industry/Innovation/Related News:
September 12, 2018: Lexus (Japan), the luxury vehicle division of automaker, Toyota announced the launch of digital outer mirrors (camera-based mirrors), calling it the world’s first application of such kind. These camera-based mirrors will replace the traditional side mirrors with sleek digital cameras which will improve safety, visibility, and cabin solitude.
The idea has long been proposed by stylists and engineers wanting sleeker looks and improved safety; this will also improve a vehicle’s fuel efficiency because the camera setups have lower wind resistance. Releasing these camera-based mirrors in Japan on the ES model, the automaker will review the market feedback before determining to the expansion of the system to the nameplates.
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