Automotive Camera Market to Perceive Radical Growth by 2023. Automotive Camera Market, Camera Type (Infrared, Thermal and Digital), Vehicle Type (Passenger car, Commercial) and Application Type (Lane Departure Warning, Adaptive Cruise Control, Blind Spot Detection, Park Assist System) – Global Forecast 2023.
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Some of the eminent players leading the market include Allied Vision Technologies (Germany), ADA-ES Inc. (US), Balluf (Germany), Autoliv, Inc (Sweden), Basler AG (Germany), Delhi Automotive PLC (UK), Robert Bosch GmBH (Germany), Denso Corporation (Japan), TRW Automotive (US), and Valeo S.A. (France).
The global automotive camera market is growing pervasively; mainly due to the augmenting demand for improved safety and visibility driven by the growing rates of accidents occurring due to the limited vision of drivers. Also, the increasing demand for sleeker looks and improved fuel efficiency of vehicles will foster the market growth. Simultaneously, the increasing per capita income is escalating the market to the ascended heights, bringing up more technological advancements.
Acknowledging the increasing size of the market, the research firm, Market Research Future (MRFR) in its recently published study report asserts that the already booming, global automotive camera market will reach approximately 19 Bn. USD by 2023 with a 19% CAGR over the forecast period(2017-2023).
Additional factors such as the growing influence of new car assessment program (NCAP) and the rising demand for luxury vehicles will substantiate the market growth further. The widening scope of application of sensing cameras in the advanced driver assistance systems will propel the market growth.
On the other hand, the rising prices of vehicles along with the high costs incurred in the design & testing phase is projected to impede the market growth over the anticipated period. Nevertheless, the dominant demand for these cameras in the overall automotive market is expected to fuel the growth of the market.
Global Automotive Camera Market – Segmentation
The MRFR analysis is segmented into four key dynamics for the convenience of understanding;
By Camera Types: Comprises Infrared, Thermal and Digital among others.
By Application Types: Adaptive Cruise Control, Lane Departure Warning, Blind Spot Detection, Night Vision, Park Assist System, Pedestrian Detection, Driver Monitoring, andRoad Sign Recognition among others.
By Vehicle Type: Passenger car, Commercial, and Heavy Vehicles among others.
By Regions: North America, Europe, APAC, and the Rest-of-the-World.
Global Automotive Camera Market – Geographical Analysis
The North America region is projected to retain its hegemony over the global automotive camera market followed by Europe region. This growth attributes to the high standard of living of people in the region.
Europe is also a prominent market for the product and will show immense growth in the installation of safety technologies. The growing passenger cars markets in Germany, the UK, France, and Italy will majorly support the market growth in the region.
The automotive camera market in the Asia Pacific region will witness significant growth emerging as a promising market in terms of size. Additionally, the rising disposable income will propel the growth of automotive camera market in the APAC, improving the standard of living of the consumers.
In light of rapid industrialization, the increasing number of automobile production mainly in China, India, Japan, Thailand, Malaysia, and South Korea will provide impetus to the market growth.
Global Automotive Camera Market – Competitive Landscape
The highly competitive automotive camera market is driven by the increase in automotive production and is totally dependent on automobile sales. With more cameras entering the market, the competitive nature of this market will intensify further.
In the wake of increased government regulations and consumer demand for automotive safety and advanced features, market players are emphasizing upon new product development initiatives and geographical expansion. The market is expected to witness constant innovations and development of new products.
September 12, 2018: Lexus (Japan), the luxury vehicle division of automaker, Toyota announced the launch of digital outer mirrors (camera-based mirrors), calling it the world’s first application of such kind. These camera-based mirrors will replace the traditional side mirrors with sleek digital cameras which will improve safety, visibility, and cabin solitude.
The idea has long been proposed by stylists and engineers wanting sleeker looks and improved safety; this will also improve a vehicle’s fuel efficiency because the camera setups have lower wind resistance. Releasing these camera-based mirrors in Japan on the ES model, the automaker will review the market feedback before determining to the expansion of the system to the nameplates.
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