Increasing adoption of ADAS in vehicles along with increasing global vehicle fleet to drive the global automotive camera market through 2027.
According to TechSci Research report, “Automotive Camera Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, Global Automotive Camera Market is anticipated to reach USD 10.345 billion at a CAGR of 17.21% by 2027 because of rapidly expanding vehicle production and advancement in technology, which is promoting the adoption of ADAS. Automotive cameras are used in parking assist, blind spot detection, surround view system, and traffic sign detection, etc. Furthermore, as per EU regulations, ADAS features will make front facing camera and radars as standard equipment by 2024. According to the Governors Highway Safety Association (GHSA), pedestrians are at risk especially in dark environment where more than 70% fatalities occur. Thermal cameras can be reliable and safe ADAS feature during night which has increased the growth of the segment. Owing to rise in standard of living and shift toward technologically advanced features, automotive camera market is expected to grow significantly to reach USD 10.345 billion by 2027. Currently, China has largest market due to huge vehicle production, but the US will overtake China by 2027 as penetration rate is higher in the US compared to China. Automotive camera being an essential part of image capturing and image processing algorithm in ADAS, the number of cameras per vehicle will increase as technology improves, resulting in considerable growth in the global automotive camera market. However, during the COVID-19 pandemic, many industries including automobile industry faced global crisis which led to reduction in production & sales of automobiles in 2020 even though automotive camera market showed positive growth due to the globally increasing number of cameras per vehicle and camera penetration rate. Although the future of ADAS remains bright, it is clouded by the pandemic's aftermath. This ambiguity has a negative impact on the adoption of ADAS in several nations, such as the United States.
In terms of technology type, the global automotive camera market is segmented into digital cameras and thermal cameras. Over time, the sales of digital camera have increased in many countries as many automotive manufacturers are taking steps to increase the number of cameras per car as they are useful in reducing the risk of accident.
Browse more than 196 market data Figures spread through 110 Pages and an in-depth TOC on "Global Automotive Camera Market "
Global Automotive Camera Market can be segmented based on camera type, vehicle type, camera class, application, technology, region, and competition. Based on camera type, monocular cameras currently hold an 85% share of the global automotive camera market, but as technology progresses, demand for stereo cameras is increasing, indicating gradual but consistent development. Based on vehicle type, automotive cameras are most common in passenger vehicles as they offer more luxury features and comfort followed by light commercial vehicle and then heavy commercial vehicle. Based on camera class, medium class segment dominates the market with close to 50% of total market share. Currently premium class segment is available in high-end models. Based on application, ADAS is one of the fastest growing segments in automobile and it will be a common feature in vehicles in upcoming years. Europe will have highest penetration rate of ADAS in new vehicles sold. Digital cameras are widely employed in automobiles due to technological advances, while thermal cameras are developing at a slower rate due to their complexity in image processing.
“In 2021, Europe accounted for the largest market share i.e., 36.93% in the global automotive camera market. The Europe region is expected to maintain its dominance over the next five years with a market share of 35.45%. There are many benefits of having a camera in a car such as capturing of first-hand accident evidence, record surroundings of a parked vehicle, and submit dash cam footage to insurance companies etc., said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Magna International Inc., Autoliv Inc., Robert Bosch GmbH, Continental AG, Aptiv Plc (Delphi Automotive Plc), Denso Corporation, Aei Inc., Gentex Corporation, Omni Vision Technologies Inc., Valeo SA, and ZF Friedrichshafen etc. are the key players in developing advanced technologies and launching new products to stay competitive in the market. Apart from these companies, local unorganized car dealers are also increasing their marketing activities and enriching their product portfolio in many countries to increase their customer outreach. Other competitive strategies include mergers with tech firms, new product developments, and marketing activities to increase their customer outreach.
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“The global automotive camera market appears to be one of the fastest expanding categories in the vehicle industry. Passenger vehicles accounted for the highest share of the Global Automotive Camera Market, with around 75% of total market and are likely to continue dominating throughout the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Automotive Camera Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027, Segmented By Camera Type (Monocular Camera, Stereo Camera), By Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), By Camera Class (Entry Level, Medium, Premium), By Application (Rear View Assist, ADAS), By Technology (Digital Cameras, Thermal Cameras), By Region” has evaluated the future growth potential of global automotive camera market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global automotive camera market.
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