BANGALORE, India, Jan. 25, 2023 /PRNewswire/ -- Automotive camera Market is Segmented by Type - In-Vehicle Camera, Side View Camera, Rear View Camera, AVMS Camera, Driving Recorder, Others, by Application - OEMs, Aftermarket. Global Opportunity Analysis and Industry Forecast, 2023 - 2029. It is published in Valuates Reports under theAutomotive Industry Category.
The global Automotive Camera market was valued at USD 5477.2 million in 2022 and is anticipated to reach USD 32280 million by 2029, witnessing a CAGR of 28.5% during the forecast period 2023-2029.
MAJOR FACTORS DRIVING THE GROWTH OF THE AUTOMOTIVE CAMERA MARKET
The global automotive camera market is being boosted by the increase of ADAS (Advanced Driver Assistance System) features including blind spot detection, 360-degree surround view, night vision systems, and parking surround sound in passenger vehicles worldwide.
Sales of automotive cameras are increasing globally due to rising consumer demand for vehicle safety and the adoption of more stringent vehicle safety regulations. This factor is expected to further drive the Automotive Camera market growth.
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TRENDS INFLUENCING THE GROWTH OF AUTOMOTIVE CAMERA MARKET
The Automotive Camera market will be driven by a rise in demand for rear-view enhancement cameras. Due to the high demand for the use of cameras in dangerous scenarios, such as reversing the car, the rear-view improvement camera category is predicted to dominate the worldwide automotive camera market. Rear-view enhancement cameras give the driver a full view of their surroundings, which aids in improved decision-making and increases vehicle safety. Due to the increased use of interior-view cameras by law enforcement organizations, this market segment is likewise expanding quickly. Thus, it is anticipated that throughout the assessment period, demand for car security systems with cameras will increase significantly.
ADAS Systems in Vehicles to Boost the Automotive Camera market. The automotive camera market is also being driven by an increase in sales of vehicles equipped with ADAS systems, where automotive cameras are essential for providing the driver with image-based inputs. The preference for surround view cameras, which have the ability to image in 360 degrees from top to bottom, is also a factor in the rise in demand for vehicle vision systems. In established regions like North America and Europe, such as Level 4 and Level 5 (Full Automation) ADAS adoption is propelling the automotive camera business.
Internal combustion and fuel-fed engines are increasingly being phased out in favor of cars with electric, hybrid, and solar energy systems, respectively, as a result of technological advancements. The need for manual vehicle control has decreased as a result of the growth of ADAS systems and the development of autonomous technologies. The key reason for making this possible
has been the development of navigation systems put inside vehicles. Manufacturers are focusing more on the intricate software that controls new mobility technologies like ADAS and less on the actual hardware that makes up these systems.
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AUTOMOTIVE CAMERA MARKET SHARE ANALYSIS
With a 30% market share, China has the largest market for automotive cameras. The US holds a 20% market share, making it a follower.
This was mostly attributed to an increase in sales of automobiles with ADAS capabilities and a rise in young consumers' knowledge of vehicle safety in the area. Furthermore, the need for automobile driving cameras in Asia Pacific is being fueled by an increase in sales of high-end and luxury vehicles.
Bosch, ZF (TRW), Continental, Autoliv, Magna Electronics Holly, Mcnex, Panasonic, Aisin, Delphi, Valeo, Sekonix, SMK Electronics, Hella, AEi Boston, 3hvision, Pioneer Electronics, Leopold Kostal GmbH, Candid, Steelmate Co, Truly Semiconductors, Foryou Group, Whetron, etc. are some of the major players. The top 3 companies held 16% of the market.
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Market By Region
- North America
- Latin America
- Middle East & Africa
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- Continental AG
- LG Innotek
- ZF TRW
- Tung Thih
- China Automotive
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