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Automotive Camera Market Size to Reach US$ 27.3 Billion in 2028 growing at a CAGR of 8.6%, according to Emerge Research

Submitted by HarryKons on Mon, 11/28/2022 - 23:02

A recent report issued by Reports & Insights titled “Automotive Camera Market: Opportunity Analysis and Future Assessment 2022-2030” outlines the market size, potential and deep understanding of the statistics geared towards the development of the respective market in an absolute meticulous and thorough manner. The base year considered for the study is 2021, and the market size is projected from 2022-2030. To make it more intriguing, the report further mentions extensive know-how of the market, conceptual framework, and prevailing trends of the market along with the precise textual and graphical representation over the forecast period 2022-2030, developed by the acknowledged market expertise using verified research methodologies and proven analytical approaches.

The global automotive camera market is estimated to reach at a value of US$ 14.1 Bn by the end of 2020 and expected to reach at a value of US$ 27.3 Bn by 2028 with a significant CAGR of 8.6%

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Automotive Camera Introduction

Since the time vehicles have been developed, the distress with respect to safe transport on roads has only escalated. Automobile manufacturers, in several years, have made myriad efforts to synthesize new technologies in vehicles so, in the matter of an emergency, the harm can be kept to a minimum. At the most primary level, when one considers the security mechanisms in cars, airbags and seatbelts strike in mind. Having said that, technological advancements have made progress way ahead in present times, owing to which innovative technologies, including advanced driver assistance systems (ADAS) have been established. ADAS is a vehicle-mounted intelligent system that has the potential to improve road safety in the context of crash intensity mitigation, security and post-crash phases, as well as crash prevention. One of the crucial components of ADAS are automotive cameras, which serve its utility in object discovery, reconnoitering texture, creating a 3D design of the area all around the car, and identifying signs. These cameras are generally employed for assisting the driver in manoeuvring, parking, and examining the performance of the vehicle.

Automotive Camera Market Dynamics

In recent times, automobiles are integrated with a number of automotive cameras such as exterior cameras installed at the front, rear and sides of the body, as well as interior cameras. These automotive cameras are used for the application of an automatic parking assist, around view monitor, driver monitoring system for ADAS (Advanced Driver Assistance System), drive recorder, as well as AD (Autonomous Driving). These advanced technologies are majorly used as camera monitoring systems in order to enhance the vehicle quality and performance to assist consumers for more comfortable and more secure driving. Owing to which, automotive cameras are gaining enormous traction in the global markets, thus projected to boost the growth of the global automotive camera market in the forthcoming years.

Along with majorly assisting the driver of the vehicle in parking, manoeuvring, and examining the performance of the vehicle, these automotive camera systems holds a crucial role in other essential applications like Forward Collision Warning System (FCWS), Lane Departure Warning Systems (LWDS), and Blind Spot Warning (BSW). attributing to which, the automotive cameras are expected to observe rapid growth in demand in the near future, ultimately accelerating the growth of the global automotive camera market over the forecast period.

In other respects, the growth in sales of automobiles all across the world in conjunction with numerous technological advancements in the cameras as well as in the automotive industry is also playing a positive role in propelling the growth of the global automotive camera market in the near future.

However, the sudden strike of COVID-19 global crisis has severely hampered the global growth of the automotive camera market as it encountered the pressure of a significant fall in the production and sales of vehicles. In addition, the continuing wave of COVID-19 cases along with stringent restrictions is further estimated to inhibit the growth of the global automotive camera market over the forecast period.

Nevertheless, governments, all across the world, are imposing strict regulations for installing automotive cameras in vehicles in order to avoid increasing count of road accidents worldwide. Attributing to which, the global automotive camera market is expected to witness significant growth over the coming years.

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Automotive Camera Market Segmentation

The global automotive camera market is segmented on the basis of application, view type, technology, vehicle type and class, electric vehicle, level of autonomy and regions.

On the basis of application, the automotive camera market is segmented into Park Assists and ADAS. On the basis of view type, the market is categorized into a single view system and multi camera system.

Further, the automotive camera market is segmented on the basis of technology into infrared camera, thermal camera and digital camera. On the basis of vehicle type and class, the market is segmented into passenger cars and commercial cars. The passenger cars are further bifurcated into economy vehicles, mid-priced vehicles, and luxury vehicles. Also, the commercial cars segment is further divided into light commercial vehicles and heavy commercial vehicles. Then, the market is segmented on the basis of electric vehicles into BEV, FCEV, HEV, and PHEV. Furthermore, the market is segmented on the basis of level of autonomy into L1, L2 & L3, L4 and L5.

The research report classifies the global automotive camera market based on application, view type, technology, vehicle type and class, electric vehicle, level of autonomy and regions.

By Application

  • Park Assists
  • ADAS

By View Type

  • Single View System
  • Multi-Camera System

By Technology

  • Infrared Camera
  • Thermal Camera
  • Digital Camera

By Vehicle Type and Class

  • Passenger Cars
  • Economy Vehicle
  • Mid-Priced Vehicle
  • Luxury Vehicle
  • Commercial Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

By Electric Vehicle

  • BEV
  • FCEV
  • HEV
  • PHEV

By Level of Autonomy

  • L1
  • L2 & L3
  • L4
  • L5

By Region

  • North America
  • Latin America
  • Africa
  • Europe
  • Asia Pacific
  • Middle East

Automotive Camera Market Key Players

The global automotive camera market is dominated by Robert Bosch, Continental AG, ZF Friedrichshafen, Denso, Aptiv, Ficosa, and Magna International, among others.

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