Automotive Camera Market to Grow at over 10% until 2028
Published | 02 March 2022
The automotive camera market is growing at a high CAGR because of the rising disposable income of consumers along with expanding manufacturing and production operations with rising investments by automobile OEMs…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the automotive camera market was worth USD 6.5 billion in the year 2021. It is forecast to grow at a CAGR of over 10%, with revenues reaching USD 12.7 billion by the end of 2028. The market is flourishing at a high rate owing to the increasing demand for passenger cars and other vehicles owing to the rising disposable income of consumers along with expanding manufacturing and production operations with rising investments by automobile OEMs. Furthermore, stringent government regulations to ensure maximum safety of the riders, as well as people in the vehicle environment, also boost the installation of the automotive camera market in the forecast period. However, the high installation costs of automotive cameras may act as a huge restraint for the market growth.
Automotive Camera Market - By Application
Based on application, the automotive camera market is segmented into park assist and ADAS. The advanced driver assistance systems (ADAS) hold the largest market share. This segment is further classified into lane departure warning systems, blind-spot warning, driver monitoring systems, rear-view cameras, and others. The rear-view cameras sub-segment holds the largest share in the market. This type of camera eliminates the blind zone, thus preventing the vehicles from collision, especially during parking as well as aid in parallel parking and reducing traffic stress.
Automotive Camera Market - By View Type
Based on view type, the automotive camera market is segmented into mono cameras, surround-view cameras, and rear-view cameras. The surround-view cameras hold the largest market share owing to their surging application in electric vehicles. The stereo cameras are used for surround-view which provides accurate, real-time depth perception to the driver, offering enhanced safety. Therefore, major automobile OEMs invest in surround-view cameras that can accurately detect obstacles from the vehicle’s surroundings and alert the driver.
Automotive Camera Market - By Vehicle Type
Based on vehicle type, the automotive camera market is segmented into passenger cars, and light commercial vehicles. The passenger cars segment accounts for the largest market share owing to the rising vehicle ownership in different parts of the world. The number of passenger vehicle ownership is estimated to exceed one billion units around the world, as reported by Worldometer in March 2018. The manufacturers are also significantly investing in expanding their production activities to meet the rising global demand, which is projected to fuel the growth of the automotive camera market.
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Automotive Camera Market - Regional Insights
Geographically, the automotive camera market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the automotive camera market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. Certain Asian countries such as China, India, Japan, South Korea, are emerging as leading automotive markets and are home to some of the biggest automobile manufacturers in the world such as Toyota, Hyundai, Maruti Suzuki, BYD, etc. Among these, automobile production in China and India is among the highest in the world. Due to these factors, the demand for automotive cameras is also increasing in the Asia-Pacific region.
Impact of COVID-19 on Automotive Camera Market
The unprecedented COVID-19 outbreak significantly halted the growth of the automotive camera market. The restrictions on the manufacturing and production activities in the automotive industry resulted in a sharp decline in the demand for automotive cameras, incurring huge losses to the OEMs. Furthermore, the temporary mobility restrictions on mobility and imports and export activities halted the supply chain of raw materials and components for the production of automotive cameras. This created a huge demand and supply gap even in the post lockdown period when manufacturing activities resume.
The leading market players of the automotive camera market are Gentex Corporation, Ricoh, Continental AG, Panasonic Corporation, Autoliv Inc., ZF Friedrichshafen AG, Hella KGaA Hueck & Co., Magna International Inc., Bosch Mobility Solutions, Valeo SA, Ambarella, Omnivision Technologies Inc., Denso Corporation, Delphi Automotive PLC, Mobileye, Veoneer, Robert Bosch GmbH, TRW Automotive, and other prominent players.
The market is highly fragmented with the presence of several multinational as well as regional industry players. The companies offer a wide range of products to grab a larger market share and constantly launch new products embedded with advanced technologies. They also significantly invest in R&D activities to innovate their offerings and gain a competitive edge. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the automotive camera market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the automotive camera market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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