The Latin America automotive camera market size was valued at USD billion in 2020 and is projected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing hybridization & electrification of the vehicles, growing demand for automobiles, and rising consumer demand for safer vehicles.
Automotive camera is an onboard camera that is designed to capture the highest quality video to extend visibility. The automotive camera is used for enhancing the safety of the driver. The automotive cameras are majorly used to assist the driver for parking, monitoring vehicle performance, providing night vision, and gathering critical evidence. The automotive cameras are embedded with advanced computer vision algorithms that play a crucial role in advanced driver assistance systems (ADAS).The computer vision algorithms extract meaningful data from the captured images and assist the driver for various purposes. The automotive camera systems are used in most recent applications like Forward Collision Warning System (FCWS), Lane Departure Warning Systems (LWDS), and Blind Spot Warning (BSW). The most commonly used automotive cameras include rear view camera, surround view camera, e-mirror, and driver monitoring system. The autonomous driving systems and driving assistance need to be able to operate even in conditions of low visibility or complete darkness. The high resolution thermal camera proved to be advantageous in such situations due to its thermal sensors that are independent from ambient light levels. Therefore, the high resolution thermal cameras are used with other sensors to enable accurate detection, classification of surrounding objects, and improvement in reliability & redundancy for self-driving cars.
The COVID-19 pandemic had dramatically affected almost every industry to a notable degree including automotive & transportation industry. The outbreak of coronavirus witnessed the implication of stringent regulations and world-wide lockdown conditions. The pandemic situation disrupted the global automotive supply chain, production, and transportation activities. The reduction in vehicle sales and abrupt stoppage in the development of new automotive technologies restricted the growth of the automotive camera market.
Market Trends, Drivers, Restraints and Opportunities
- Rising consumer awareness for safety and government safety norms are the major factor propelling the market expansion during the projected period.
- Increasing advanced innovations and rising adoption of advanced driver-assistance systems are expected to spur the market expansion in the next few years.
- Availability of low-cost parking cameras and sensors is expected to support the growth of this market during the forecast period.
- High cost associated with driver-assistance system module and implementations of multi-camera system are some of the factors expected to hamper the market growth during the forecast period.
- Increasing industrial investments and growing demand for advanced security innovations are expected to create numerous opportunities for the market growth in the long run.
Scope of the Report
The report on the Latin America automotive camera market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Automotive Camera Market - Latin America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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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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Vehicle Types (Commercial Vehicles and Passenger Vehicles), Types (Sensing Camera and Viewing Camera), and Applications (Parking and Advanced Driver Assistance Systems)
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Geographical Scope
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Brazil, Mexico, Colombia, Argentina, and Rest of South America
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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 in the Report
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Panasonic Corporation; Garmin Ltd; Continental AG; Bosch Mobility Solutions; and Magna International Inc
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Latin America Automotive Camera Market Segment Insights
Passenger vehicles segment is projected to expand at a robust CAGR
On the basis vehicle types, the market is segregated into commercial vehicles and passenger vehicles. The passenger vehicles segment is projected to expand at a robust CAGR during the forecast period owing to the increasing sales of automobiles and advancement of sensors used in cameras. Moreover, the increasing number of road fatalities and growing demand for advanced automotive cameras are expected to boost the regional growth of the market segment in the coming years. On the other hand, the commercial vehicles segment is anticipated to hold a significant market share during the forecast period owing to the increasing number of e-commerce activities and rising demand for secure transportation.
Sensing camera segment is expected to hold a significant market share
Based on types, the market is bifurcated into sensing camera and viewing camera. The sensing camera segment is expected to hold a significant market share during the forecast period due to high demand for remote sensing devices and advanced active safety systems in vehicles. Moreover, the higher level of performance than general-purpose driving cameras and automotive quality standards as cost-effective solutions associated with the sensing camera are expected to propel the growth of the market segment in the coming years. However, the viewing camera segment is anticipated to expand at a considerable pace owing to the technological shift from analog video surveillance systems to network camera solutions.
Advanced driver assistance systems segment is estimated to dominate the market
On the basis of applications, the market is segmented into parking and advanced driver assistance systems. The advanced driver assistance systems segment is estimated to dominate the market during the forecast period owing to the rising compliance with safety mandates and increasing demand for semi-autonomous. Furthermore, increasing penetration of advanced driver assistance systems owing to surge in demand for components such as ultrasonic sensors, cameras, radar sensors, and LiDAR is anticipated to expand the market segment in the coming years. Moreover, the region is expected to continue its dominance in the market due to the decreasing component costs due to extensive application of cameras and radars. On the other hand, the parking segment is expected to grow at a significant rate during the forecast period due to increasing demand for advanced driving, parking, and night vision assistance systems. Moreover, rising demand of passenger cars incorporated with increasing awareness of the people toward safety is projected to encourage the growth of the market segment in the coming years.
Mexico is anticipated to constitute a key market share
In terms of geography, the market is classified as Brazil, Mexico, Colombia, Argentina, and Rest of South America. Mexico is anticipated to constitute a key share of the market during the projected period owing to the faster adoption rate for automotive products among the customers. Moreover, the growing adoption of parking assistance systems and presence of a large number of equipment manufacturers are the major reasons behind the rapid expansion of the market in the country. However, the market in Brazil is anticipated to exhibit a robust CAGR during the forecast period due to the growing focus on connected vehicle features and mandatory government regulations. Furthermore, the increasing production of electric vehicles and growing sales of passenger vehicles are expected to fuel the growth of the market in the country.
Segments
Segments Covered in the Report
The Latin America automotive camera market has been segmented on the basis of
Vehicle Types
- Commercial Vehicles
- Passenger Vehicles
Types
- Sensing Camera
- Viewing Camera
Applications
- Parking
- Advanced Driver Assistance Systems
Geography
- Brazil
- Mexico
- Colombia
- Argentina
- Rest of North America
Key Players
- Panasonic Corporation
- Garmin Ltd
- Continental AG
- Bosch Mobility Solutions
- Magna International Inc
Competitive Landscape
Key players competing in the Latin America automotive camera market are Panasonic Corporation; Garmin Ltd; Continental AG; Bosch Mobility Solutions; and Magna International Inc. Companies are focusing on marketing strategies, product launches, acquisitions, and strategic collaborative initiatives to expand their market shares and profitability.
In January 2021, Panasonic Corporation made a historic shift to an all-digital format by bringing its latest smart mobility & automotive products and solutions to the world inside the Panasonic CES 2021 digital experience. The company launched a new wireless “Wi-Fi Camera” that combines best-in-class video resolution, ruggedness, and connectivity. The automotive camera is capable to ease the burden of navigating trailer hook-ups, lane changes, positioning, and monitoring cargo for millions of recreational trailer and camper owners.
In November 2020, Magna International Inc offered industry-leading driver assistance features across a larger portion of its vehicle lineup. The company brought a Mobileye EyeQ5-based system to the market. The EyeQ5-based system has forward-facing camera and related software that are contained in a single assembly. The benefits of the camera system include lower cost, simplified installation on the assembly line, and ability to be applied to a wider range of an automaker’s lineup. The system is capable of providing drivers with safety and convenience features such as adaptive cruise control, pedestrian detection, and automatic emergency braking.
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