Automotive Camera Market size is expected to cross USD 46 Billion by the end of 2036, growing at a CAGR of 10% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of automotive camera was over USD 14 Billion. The industry growth is expected to be driven by growing safety concerns for passengers in cars around the world, as well as increasing technological progress on driver's assistance sensors based on cameras. For instance, over 80 million units of internal, side and rear cameras for cars were found to be shipped worldwide in 2020.
In addition, the use of car cameras is widespread in the advanced driver assistance systems ADAS. The demand for automotive camera is growing among auto users, which will lead to considerable revenue generation opportunities for the main players involved in the global market over the next few years as a result of recently developed technologies such as improved driver assistance systems.
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~ 10% |
|
Base Year Market Size (2023) |
~ USD 14 Billion |
|
Forecast Year Market Size (2036) |
~ USD 46 Billion |
|
Regional Scope |
|
Growth Drivers
Challenges
Vehicle Type (Passenger Cars, Commercial Vehicles)
The passenger cars segment in the automotive camera market is anticipated to hold 72% of the revenue share during the forecast period. With rising adoption of active safety systems leveraging camera-based ADAS applications in mid prices range cars. In view of improving road safety standards, supporting legislation, and consumer education, governments from developed and developing countries plan to mandate advanced driver assistance systems in passenger cars. Moreover, major developing countries such as China, India, Thailand and Brazil have witnessed an increase in their country's GDP per capita, growing disposable income and improving living standards. This has led to a growing demand for luxury vehicles, which are usually equipped with standard features of the ADA and parking assistance applications, from the lower grades onwards. China's luxury vehicle dealers sold 277,000 vehicles in April 2020 representing an increase of 11.1% compared to April 2019, according to a report by the Chinese association of car dealers. In April 2020, the sales of luxury cars accounted for 18.7% of the market, a growth of 3.6% compared to April 2019, and up slightly by 0.4% from March.
Technology (Mono Cameras, Stereo Cameras, Infrared Cameras)
The stereo cameras segment is anticipated to hold 38% share of the automotive camera market during the forecast period. Two cameras accurately measuring distances between obstacles and the vehicle are part of a stereo camera. The correct functioning of various advanced driver assistance systems applications, e.g. lane departure warnings, collision warning, and adaptive cruise control, is ensured by stereo cameras. Consequently, it is expected that their dominant position will be maintained during this forecast period by increasing the use of single camera systems in automated driver and collision detection devices.
Our in-depth analysis of the global market includes the following segments:
|
Camera Type |
|
|
Vehicle Type |
|
|
Technology |
|
|
Application |
|
|
Distribution Channel |
|
APAC Market Forecast
The Asia Pacific automotive camera market is anticipated to account for 35% of the revenue share during the forecast period. In terms of production and sales, the main contribution from passenger cars and motor vehicles is made in particular by countries like China, South Korea and Japan which have a dominant position on the global market. China's car industry is produced around 23.8 million passenger cars in 2022. In addition, foreign original equipment manufacturers operating in these countries have increased production capacity and are expected to start introducing their current and future vehicle models which enable the use of advanced car camera based systems. New markets are likely to be opened up by the growing number of people, per capita income and change in consumers' preferences for an increased use of advanced driver attention system technology in current vehicles in the region.
North American Market Statistics
The North America region is expected to account for 28% share of the global automotive camera market during the forecast period. Demand in this region is expected to increase during the forecast period as a result of rising demand for luxury vehicles in North America, Canada, and Mexico coupled with increasing ADAS installation in commercial vehicles and passenger cars. The growth of the market for automotive cameras, which in turn contributes to strengthening the target markets across the region, is another driving factor behind increasing consumer demand for active safety systems. For instance, as part of an effort to cope with a growing demand for digital cameras from customers, Magna set up its new USD 50 million manufacturing facility at Flint, Michigan during August 2019.
Author Credits: Harshita Srivastava, Saima Khursheed
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?