Automotive Camera Market Market Outlook:
The global automotive camera market was valued at USD 6,435.8 million in 2020 and is projected to reach USD 13,288.7 million by 2028, expanding at a CAGR of 10.6% during the forecast period. The automotive camera market is anticipated to grow substantially during the forecast period, owing to factors such as Increasing vehicle production, government safety norms, consumer demand for safer vehicles and rising sales of EVs are likely to fuel the demand of automotive camera market. The Automotive camera market is segmented into types, applications, sales channels, and regions.
An increasing number of strategies such as mergers & acquisitions, agreements, partnerships, and product launches among companies to establish themselves as providers of automotive camera are anticipated to create lucrative opportunities in the market in the near future. The rising adoption of various strategies by market players to increase their presence and share in the market is expected to create growth opportunities in the market.
Scope of Automotive Camera Market report:
The report on automotive camera market includes an assessment of the market, size, share, trends, segments, and country markets. Overview and dynamics have been included in the report.
Attributes
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Details
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Report Title
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Automotive Camera Market
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Base Year
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2020
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Historic Data
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2018 & 2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Side View Camera, Rear View Camera, AVMS Camera, Driving Recorder, Others), Applications (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), Sales Channels (Original Equipment Manufacturer, Aftermarket)
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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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
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Macro-economic Factors
Technological Advancement
Development of the advanced driver assistance system has surged the demand for automotive cameras. The applications of automotive cameras for lane detection systems and blind spot detection system have widened owing to technological developments in the automotive industry. Latest market trends such as innovative intelligence safety systems have significantly driven the automotive camera market.
Government Regulations
Governments are attempting to improve passenger safety, which is expected to create new business opportunities. Growing per capita income in the coming years is expected to boost the sale of passenger cars, which subsequently increase the integration of automotive cameras. Need for 360-degree cameras for proper driver assistance and the implementation of favorable government initiatives and stringent regulations are expected to drive the global automotive camera market.
Automotive Industry
Several countries around the globe are investing in improving their automotive infrastructure. Rising development of automotive infrastructure is expected to drive the market. Growing investments in product development and advancement by various companies is propelling the market.
Coronavirus
COVID-19 has negatively impacted on the market due to COVID-19 pandemic it had a severe impact on the global automotive industry. This is witnessed in terms of the supply chain disruptions of part exports from China, large-scale manufacturing interruptions across Europe, and closure of assembly plants in the US and other major countries, such as India and Brazil, where the automotive sector highly contributes to the GDP.
The suspension of vehicle production and supply disruptions brought the automotive industry to a halt. However, the automotive camera market is expected to witness a significant boost from 2022, owing to the mandates by different countries. The reduced vehicle sales and abrupt stoppage in developing new automotive technologies are expected to result in sluggish growth of the automotive camera market.
Market Dynamics
Market Driver- Government initiatives related to vehicle safety features
Governments of various countries are making safety features mandatory for vehicle and pedestrians to prevent road accidents. For instance, the US Government has voluntary contracts with many manufacturers to fit autonomous emergency breaking (AEB) by 2022, Japan’s NASVA is encouraging the development of ADAS features. As of 2018, NASVA had marketed damage mitigation brake system, adaptive lane keep assist and cruise control.
Additionally, governments in Europe are focusing on mandating ADAS, such as emergency braking and lane departure warning, in vehicles. Implementation of regulations by governments is expected to surge the demand for automotive cameras.
Market Driver- Increased Disposable Income
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.
Market Restraint- High cost of multi-camera systems
The multi-camera system consists of several cameras such as front view, rear view, side view, and the entire system is attached to the interior display system. Thus, the entire system includes complex networks and amplified wiring with electronics systems. The installation of such systems includes the additional installation of components resulting in an increased overall cost of vehicles.
Vehicle manufacturers are inclined to offer advanced and effective safety features at a minimum price, which in turn restricts a large number of OEMs around the world from offering technologically-advanced safety features in their vehicles.
Market Opportunity- Increasing development for autonomous systems
Leading vehicle manufacturers are concentrating on incorporating autonomous features in vehicles to increase luxury and safety. Automotive cameras can be used for multiple applications. The number of cameras is growing with the introduction of new driving assistance features in vehicles. Surge in the use of these semi-autonomous features in vehicles is creating opportunities in the market.
Various major automakers are expected to launch autonomous vehicles post 2022. OEMs and automotive Tier I suppliers and non-automotive players are anticipated to developing autonomous vehicles. Thus, creating lucrative opportunities in the automotive camera systems market.
Automotive Camera Market Segmental Outlook
Based on types, the market is classified into Side view camera, rear view camera, AVMS camera, driving recorder camera, and others. The rear-view camera segment is anticipated to expand at a considerable CAGR during the forecast period, owing to the increasing technological advancements in camera-based driver assistant sensors.
On the basis of applications, the market is segregated into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicle segment is anticipated to hold a significant share of the automotive camera market during the forecast period, owing to increasing sales of automotive.
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 market, owing to high consumption of OEM product from car manufacturers.
Automotive Camera Market Regional Outlook
Based on regions, the market is classified as North America, Europe, Asia Pacific, Latin America, Middle East & Africa. The market in Asia Pacific is anticipated to expand substantially during the forecast period, owing to Vehicle hybridization and electrification, increasing production of electric vehicles, and increasing sales of passenger vehicles are the key factors driving the Automotive Camera Market in the Asia Pacific region.
The market in North America is anticipated to hold a significant share of the market during the forecast period, owing to safety regulations imposed by government.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Automotive Camera Market
- Historical, Current and Projected Market Size in terms of Value and Volume
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints, and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Automotive Camera Market Performance
Segments
By Types
- Side View Camera
- Rear View Camera
- AVMS Camera
- Driving Recorder
- Others
By Applications
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Distribution Channels
- Original Equipment Manufacturer
- Aftermarket
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
Competitive Landscape
- 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 based on their revenue, research & development (R&D) activities, presence, and value chain management system.
- Market Players are pursuing key strategies such as acquisitions, collaborations, and geographic expansion where a potential opportunity arises for the automotive camera market.