Automotive Surround-view Systems Market Size, Trends [2031]

Report Description

Automotive Surround-view Systems Market Outlook 2031

The global automotive surround-view systems market size was valued at USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX % during 2023 – 2031. The market's growth is attributed to increasing demand for luxury cars.

Growing demand for luxury cars is projected to drive the market. Surround-view systems are installed in luxury cars to enhance maneuverability, safety, and the overall driving experience. It offers blind spot features, which increase its adoption in luxury vehicles. Therefore, the rising adoption of luxury cars is propelling the market. For instance,

• The luxury cars sector was valued at USD 20,650 million in 2023 and is expected to reach USD 22,940 million by 2027 at a CAGR of 2.66%.

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The adoption of surround view systems is rapidly rising in passenger and commercial vehicles as it minimizes blind spots, provides a comprehensive view of the vehicle's surroundings, and assists drivers with tasks such as parking, maneuvering in tight spaces, and navigating through complex traffic situations. It also detects moving objects around the vehicle and warns the driver, which increases its demand in automobiles.

The COVID-19 pandemic hampered the demand for the automotive surround-view systems. Governments across the world imposed lockdowns and social distancing seeing the severity of COVID-19 infection, which impeded international trade and created a shortage of manpower, hindering the production of surround-view systems. In addition, the sales and production of commercial and passenger vehicles rapidly declined during the pandemic, impeding the demand for surround-view systems, as these systems are installed in automobiles to enhance safety and the driving experience. For instance,

• As per a report published by the International Organization of Motor Vehicle Manufacturers, a 16% decline was seen in the production of automobiles in 2020.

Impact of Artificial Intelligence (AI) on Automotive Surround-view Systems

The growing technological advancements in automotive and the introduction of artificial intelligence create an immense opportunity in the market. AI-enabled surround-view systems enhance the safety of passengers and vehicles by tracking everything from driver attentiveness to what’s outside the car. AI-enabled surround-view systems can substantially reduce accidents and improve vehicle efficiency. Artificial intelligence in surround-view systems can preserve any recordings it captures. Manufacturers of automotive surround view systems deploy AI in manufacturing as it accelerates routine processes, eliminating the need for time-consuming and error-prone human inspections.

Automotive Surround-view Systems Market Dynamics

Major Drivers

Increasing production of automobiles is expected to boost the demand for automotive surround-view systems. These systems are installed in automobiles to help or support drivers while parking in narrow spaces. It also minimizes blind spots and enhances the safety of passengers and drivers, which increases its adoption in automobiles. Thus, the rising manufacturing of motor vehicles is propelling the market. For instance,

• As per the report published by the European Automobile Manufacturers Association, 85.4 million motor vehicles were produced around the world in 2022, an increase of 5.7% compared to 2021.

Rising trend of autonomous or driverless cars is projected to drive the market. Surround-view systems are placed in autonomous vehicles to improve the accuracy and precision of the vehicle's navigation system. It also supports other sensors of autonomous vehicles to avoid obstructions, which enhances its adoption in autonomous cars. Therefore, the increasing adoption of autonomous vehicles is enlarging the market. For instance,

• According to a report, there are currently more than 30 million driverless cars in the world, and the number is expected to grow in the coming future.

Existing Restraints

High installation costs associated with automotive surround-view systems are expected to restrict the market. Surround-view systems are expensive as they include several cameras and complex software to produce the surround-view image, which encourages consumers to lessen their adoption. Moreover, the surround view system may not operate normally if the camera lens is covered with dirt, which is estimated to hamper the market.

Emerging Opportunities

Increasing investment in R&D activities by key players in the market to develop and introduce new surround-view systems to enhance safety, comfort, and convenience for vehicle owners creates an immense opportunity in the market. Companies are introducing using next-generation cameras and electronic control units to develop new surround-view systems. For instance,

• On May 4, 2022, Magna International Inc. a leading global automotive supplier announced the launch of a new surround-view system for the all-new Toyota Tundra. The new system aims to enhance safety, comfort, and convenience for vehicle owners and is equipped with next-generation cameras and electronic control units.

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Scope of the Automotive Surround-view Systems Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Vehicle Type Segment Analysis

Based on vehicle type, the automotive surround-view systems market is bifurcated into passenger vehicles and commercial vehicles. The passenger vehicles segment dominated the market and is projected to continue its dominance throughout the projection period owing to growing sales and production of passenger cars in emerging nations and the rising need for improved safety in vehicles. Surround-view systems are widely installed in passenger vehicles to provide better visibility and orientation 360 degrees around the vehicle. It also mitigates collisions, and vehicle damages during lane change, parking, and maneuvering, which enhances its adoption in passenger vehicles.

Number of Camera Segment Analysis

In terms of number of cameras, the global market is categorized into 4 cameras, 5 cameras, 6 cameras, and others. The 4 cameras segment held a large share of the market in 2022 due to its ability to accurately create a top-down view of the car and its surroundings. 4 cameras are used in surround-view systems as they monitor the vehicle's surroundings and record incidents, providing valuable evidence of a collision or accident. It also serves as a deterrent to reckless driving, helping to reduce the risk of accidents.

The 6 cameras segment is expected to grow at a robust pace during the assessment period owing to growing technological advancement in automobiles. 6 cameras provide a standard safety feature in vehicles as they keep an eye on the overall surroundings of the vehicles. 6 cameras offer an extra layer of protection against theft, vandalism, and incidents on the road, which enhances its adoption in automotive surround-view systems.

Component Segment Analysis

Based on components, the automotive surround-view systems market is segregated into sensors, cameras, and ECUs. The cameras segment registered significant growth due to its potential to provide input to the ECU which creates a real-time 360° view of the vehicle in a single image. Cameras provide realistic 3D surrounding visualization of the vehicle, which helps drivers make decisions when merging into traffic, changing lanes, or navigating confined locations. It also warns the driver to support safe maneuvers by detecting moving objects around the vehicle, which increases its adoption in automotive surround-view systems.

The electronic control unit (ECU) segment is projected to grow at a quick pace during the forecast period owing to increasing demand for advanced safety and comfort features in vehicles. ECU is a vital component of the automotive surround view system as it creates and draws images of the area underneath the vehicle using images taken previously by the camera. It also supports drivers in understanding what is going on underneath the vehicle, including the surrounding obstacles and the position of the tires, which are not normally visible on the camera. This increases the demand for ECU in automotive surround-view systems.

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Regional Outlook

In terms of region, the automotive surround-view systems market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a major share of the market in 2022 due to growing advancements in the automotive industry and the presence of established market players such as BorgWarner Inc., Texas Instruments Incorporated, OMNIVISION, and Magna International Inc. Moreover, the rising production of automobiles in the region is propelling the demand for automotive surround-view systems as these systems are installed in automobiles to enhance the driving experience and safety of the passengers. For instance,

• According to a report, the auto industry in the US produced approximately 10.06 million motor vehicles in 2022.

The market in Asia Pacific is anticipated to expand at a high CAGR in the coming years owing to increasing disposable income, rising awareness regarding vehicle safety, and growing automotive industry. Moreover, increasing production and sales of passenger cars in the region is estimated to boost the demand for automotive surround-view systems these systems are widely used in passenger cars to eliminate blind spots and provide a complete view of the car's surroundings. For instance,

• 23 million passenger cars were sold in China in 2022, making it the largest market in the Asia-Pacific region, while India sold 3.8 million passenger cars.

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