Global Automotive Camera Market, By Application (Park Assists and ADAS), By View Type (Single View System and Multi Camera System), By Technology (Infrared Camera, Thermal Camera and Digital Camera), By Vehicle Type and Class (Passenger Cars (economy vehicles, mid-priced vehicles, and luxury vehicles), Commercial Cars (light commercial vehicles and heavy commercial vehicles)), By Electric Vehicle (BEV, FCEV, HEV, and PHEV), By Level of Autonomy (L1, L2 & L3, L4 and L5), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global automotive camera market in 2020 is estimated for more than US$ 14.1 Bn and expected to reach a value of US$ 27.3 Bn by 2028 with a significant CAGR of 8.6%.
Throughout history, the automotive industry has always been one of the most receptive industries to emerging technologies across the world. One of the major changes that has already taken place in the automotive industry in the wake of technology is that of autonomy.
The emerging technologies in the course of time have also redefined the way vehicles are manufactured, functioned and maintained. In the similar manner, new technologies like advanced driver assistance systems (ADAS) have been established in the automobiles which is an vehicle-mounted intelligent system which has the capability to improve road safety in context of crash intensity mitigation, security and post-crash phases, as well as crash prevention. One of the crucial components of ADAS, that is automotive cameras, are usually installed for assisting the driver in manoeuvring, parking, and examining the performance of the vehicle.
Although the automotive camera just not assists the driver in maneuvering but it also serves its utility in object discovery, reconnoitering texture, creating a 3D design of the area all around the car, and identifying signs. Owing to which, the automotive camera market is estimated to witness major breakthroughs in the further years to come.
Other than that, the stringent regulations implemented by the governments and the regulatory bodies across the world is also playing a considerable role in accelerating the adoption and installation of automotive cameras in both, light as well as heavy commercial vehicles, which is further anticipated to propel the growth in demand of automotive cameras in the global markets, thereby boosting the growth of the global automotive camera market in the forthcoming future.
Having said that, the unexpected outbreak of COVID-19 has slowed down the growth of the overall automotive industry, attributing to which the whole industry has encountered the pressure of a significant fall in the production and sales of vehicles. This has definitely had a negative impact on the demand of automotive cameras, which may restrict the growth of the global automotive camera market over the coming years.
MMC Study identifies some of the key participating players in the automotive camera market globally are Robert Bosch, Continental AG, ZF Friedrichshafen, Denso, Aptiv, Ficosa, and Magna International, among others.
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