The global automotive camera market is estimated to garner a sizeable revenue and grow at a CAGR of ~12% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rapidly increasing vehicle production across the globe, and growing sales of electric vehicles worldwide. According to the International Organization of Motor Vehicle Manufacturers, 97.302 million vehicles were produced in the year 2017, which grew by 2.36 percent from the previous year. Along with these, rising imposition of stringent vehicles safety regulations by government and escalating demand for driver assistance features are also expected to drive the market growth in the upcoming years. Furthermore, increase in the production of autonomous cars in order to enhance vehicle safety and luxury is a crucial factor projected to offer abundant opportunities for market growth in the near future.
market is segmented by application into advanced driver assistant systems, park assist and others, out of which, the advanced driver assistant systems (ADAS) segment is anticipated to witness the highest growth in the global automotive camera market. This can be accounted to the improvement of safety systems, automated adaptation and presence of adaptive features provided by ADAS. Additionally, on the basis of vehicle type, the passenger vehicles segment is predicted to occupy the largest share over the forecast period owing to the rising adoption of automotive safety systems in the mid and economy segment passenger cars. Apart from these, governments of several developed and developing nations are planning to mandate ADAS systems in passenger cars, which in turn is assessed to boost the market segment growth in the future. CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global automotive camera market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing sales and production of electric vehicles, rapid surge in population, and deployment of government policies supporting industrial growth. In the year 2020, more than 1.2 million electric vehicles were sold in China. The sales witness a year-on-year growth of about 8 percent in the country. Moreover, the market in North America is projected to gather a significant share during the forecast period, which can be credited to the increasing demand for luxury vehicles in the U.S. and Canada, and growing installation of ADAS in passenger and commercial vehicles. In addition, strong presence of top autonomous vehicle camera manufacturers in the region is also anticipated to fuel market growth in the future.
The global automotive camera market is further classified on the basis of region as follows:
Our in-depth analysis of the global automotive camera market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rapidly increasing vehicle production across the globe and growing sales of electric vehicles.
The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 – 2030.
Limitations in real-time image processing in surround view systems are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing sales and production of electric vehicles, and rapid surge in population in the region.
The major players in the market are Robert Bosch GmbH, Continental AG, Denso Corporation, Magna International Inc., Mobileye N.V., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by vehicle type, application, technology, and by region.
The passenger vehicles segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
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