Global Side View Camera System Market Witnessing Exemplary Growth: Projected to Grow at a CAGR of 18.6% during the Forecast Period
Published | 02 August 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global side view camera system market was worth USD 76.3 million in the year 2020. The data generated by the report further reveals that the market is estimated to grow at a CAGR of 18.6%, earning revenue of around USD 302.4 million by the end of 2027.The growing demand for passenger and commercial vehicles has led to the rapid substitution of rearview mirrors for side view cameras. This trend is due in part to increased automobile production and a new focus on safety. Furthermore, the increasing technological advancements and the increasing competition among automobile industry players to develop hi-tech products are influencing the growth of the side view camera system market.
Favorable Regulatory Policies in Several Countries Boosting the Global Side View Camera System Market
In terms of safety, side view cameras surpass the use of mirrors in vehicles. Because of this, many countries mandate the use of side view cameras for vehicles as part of their safety regulations. For instance, as of 2018, the EU Commission ruled on 11 safety features, which included the use of reversing cameras, side view cameras, lane-keeping assistance, intelligent speed assistance, etc. It was brought into effect after the US federal government enacted a law that made it mandatory for the sale of new car models to have rearview cameras and video displays. Such favorable policies are anticipated to boost the overall global side view camera system market in the forecast period.
Growing Demand for Luxury and Premium Vehicles Is Projected to Influence the Growth of The Market During The Forecast Period
The demand for luxury and premium vehicles like Audi, Tesla, Porsche, Lexus, etc., has witnessed a significant spike over the past few years. The major factors influencing such demand are the increasing per capita income and changing lifestyle of the people. Due to this surge in luxury vehicle demand, side view camera system markets will enjoy a boost in demand. There is a lot of competition among luxury car brands, so they invest heavily in utilizing advanced technologies, which in turn is driving the growth of the global side view camera system market in the forecast period.
The Passenger Car Segment Is Estimated to Witness Highest CAGR In Global Side View Camera System Market
Based on vehicle type, the global side view camera system market is segmented into passenger cars and commercial vehicles. The passenger car segment accounts for the largest market share because of the high adoption of advanced technologies like side-view camera systems in the luxury car brands like BMW, Lexus, Audi, etc. The system offers more comfort to the driver by decreasing the need for left-right head movement. With this device, drivers don't have to check their rearview mirror anymore as a display is located directly in their line of vision. On the other hand, the commercial vehicle segment is also gaining ground as the use of sideview camera systems strengthens the safety of commercial vehicles.
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Global Side View Camera System Market - Regional Insights
Geographically, the global side view camera system market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, the Asia-Pacific region dominated the market in the year 2020 and is projected to witness the highest CAGR during the forecast period as well. However, Europe is also gaining substantial traction because of the favorable regulations for the adoption of side-view camera systems. With the boom in the European automobile industry, particularly in Germany, and with various automobile manufacturers introducing high-resolution camera systems accompanied by in-car monitors, it is expected that the European market will grow rapidly during the forecast period.
Impact of COVID-19 on Global Side View Camera System Market
The global side view camera system market was negatively affected by the COVID-19 pandemic. Consequently, several countries had to impose lockdown and social distancing protocols to curb the spread of the virus. Because of this, the production of automobiles halted, resulting in lower demand for the side view camera system. Moreover, because of the fluctuating demand for side view cameras, several countries had to impose import and export bans on the market. As the countries strive to achieve economic elevation and expand their production and manufacturing activities, side view camera systems are estimated to gain momentum once again in the post-COVID-19 era.
The leadingplayers in the global side view camera system market are Hyundai Mobis, Mitsubishi Electric Corporation, Continental AG, Samsung Electro-Mechanics, Valeo, Denso Corporation, Magna International, Stoneridge, Robert Bosch GmbH, Kyocera Corporation, SamvardhanaMotherson Group, Gentex Corporation, Panasonic Corporation, Murakami Corporation, Kappa Optronics GmbH, Omnivision Technologies Inc., ZF Friedrichshafen AG, Brigade Electronics Group PLC, Tokai Rika Co. Ltd., and other prominent players.
As a result of the presence of giants who hold a substantial share of the market, the market is highly concentrated and dense. The companies target contracts and agreements with global automobile manufacturers like Tesla, BMW, Toyota, Ford, etc., to expand their market revenue and maintain demand. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, product approvals, and launches is also very prominent among the market players.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global side view camera system market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global side view camera system 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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