According to a recent market study published by Growth Market Reports, titled, “Global Automotive Camera Market by type, by application, by sales channels, and by Region: Size, Share, Trends and Opportunity Analysis, 2018-2028”, the market was valued at US$ 6,435.8 Million in 2020 and is anticipated to grow at a growth rate of 10.6% by the year 2028.

An automotive camera is a rear-view device, which makes reversing of the vehicle safe and easy. Camera monitors provide real-time images of the surroundings and suggest the steering angles for the wheel to turn. It makes vehicle parking easy. These cameras are deliberately designed to capture the highest quality of videos and images to improve driver safety. These cameras can be installed on the rear and front side of the vehicle. They can also be installed inside the vehicle for safety purposes. Cameras mounted on the front external side of the vehicles help maintain a safe distance from the leading vehicle, avoid pedestrians, and track the road edges.

Key factors that are anticipated to fuel the demand for Global Automotive camera during the forecast period are rising adoption of automotive camera in automotive, growth in the automobile industry increases the demand for automotive camera as an automotive safety solution, and the rising demand for passenger cars with high-end technologies is expected to drive the market for automotive camera.

However, due to covid-19 pandemic the closure of manufacturing unit and decline in demand for automotive camera from end user is expected to hamper the market. Conversely, high cost of multi-camera systems is likely to restrain the market. Increasing investment in product development is creating opportunities in the market.

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As per Growth Market Reports industry analyst Divyanka Sankhe, “The Global Automotive Camera Market is expected to witness substantial growth during the forecast period 2021-2028. Rising adoption of automotive camera for safety as well as luxury features is expected to boost the automotive market. The COVID-19 outbreak led to the closure of manufacturing units all the production were halted due to government guidelines which impacted the market.

However, post-covid the market is likely to grow and the per capita number of vehicles is growing rapidly in developed and developed countries, which is fueling competition among automobile manufacturing companies. These companies are trying to include new technology into their vehicles to attract more people. This has increased the demand for technology such as ADAS and HUD, which in turn, propels the demand for automotive cameras.

 The demand for automotive camera is driven by increasing disposable income across developing economies. Implementation of safety regulations and to stay updated as per the trend many people are increasingly opting for automotive cameras. Factors such as rapid growth in economy, rise in standard of living, and increase in the adoption of safe lifestyle are propelling the demand for automotive camera.

Manufacturers of automotive camera cameras are focusing on R&D activities to improve product offerings and features of these cameras, thus driving the demand for these cameras. Hence, growing need of automotive camera is anticipated to drive the automotive camera market during the forecast period.” Growing demand for automotive Camera is increasing in regions like North America, Europe, and Asia Pacific.

The automotive camera market in the Asia Pacific is expected to constitute a significant share of the market, owing to countries such as South East Asia are registering high growth due to the increased demand for passenger cars and heavy commercial vehicles are expected to have a huge impact on the growth of the market. The automotive camera market in the Europe is projected to be a highly competitive space, due to stringent road safety regulation by European Union."

COVID-19 has negatively impacted on the market due to the closure of manufacturing units and decline in demand for automotive camera from end user. The outbreak of the COVID-19 pandemic has led to the halt in manufacture of automotive camera during the pandemic, due to restrictions and closure of global industries. Import and export of automotive reduced or halted, due to transport restrictions globally.

The pandemic led to supply chain disruptions in exports, large scale manufacturing disruptions, and closing of assembly plants. These, in turn, impeded the growth of the market. The Global Automotive Camera value chain includes activities such as strategy, product development, scoping, user documentation, marketing, implementation, training and certification, maintenance and support, licensing, and operation.

Key Takeaways from the Study

  • Key players operating in the Global Automotive camera market include ZF Friedrichshafen AG, Robert Bosch GmbH, LG Electronics, Leopold Kostal GmbH & Co. KG, Valeo, HELLA GmbH & Co. KGaA, Continental AG, STMicroelectronics, Panasonic Corporation of North America, HYUNDAI MOBIS, and Others. These companies are considered as key developers of automotive camera market, based on their revenue, research & development (R&D) activities, presence, and supply chain management system hold a major market share of Global Automotive Camera market in year 2020.
  • Based on types, the market is classified into Side view camera, rear view camera, AVMS camera, driving recorder, and others. The rear-view camera segment is projected to gain traction during the forecast period, owing to increasing technological advancements in camera-based driver assistant sensors.
  • On the basis of applications, the market is segregated into passenger vehicle, light commercial vehicle, heavy commercial vehicle. The passenger vehicle segment is anticipated to hold a significant share of the market, owing to increasing demand for passenger cars among population.
  • In terms of sales channels, the market is bifurcated into original equipment manufacturer and aftermarket. The OEM segment is anticipated to hold a significant share of the automotive camera market during the forecast period, owing to increasing demand of automotive camera from car manufacturer.
  • Based on region, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to expand at exponential CAGR during the forecast period, owing to rising demand of cost-effective Asian manufactured components in North America and Europe

Report Scope

Report Metric

Details

Market Value in 2020

US$ 6,435.8 Million

Market Growth Rate (from 2020 to 2028)

10.6 %

Historical Data

2018 & 2019

Base Year

2020

Forecast Period

2021 - 2028

Units Considered

Value (US$ Million)

Market Segments

By Type, By Application, By Sales Channels, and By Region

Key Companies Profiled

ZF Friedrichshafen AG, Robert Bosch GmbH, LG Electronics, Leopold Kostal GmbH & Co. KG, Valeo, HELLA GmbH & Co. KGaA, Continental AG, STMicroelectronics, Panasonic Corporation of North America, HYUNDAI MOBIS, and Others

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: Manufacturers and distributors
  • Demand Side: Automobile manufacturers, Automobile owners
  • Regulatory Side: Concerned government authorities, and other regulatory bodies.