Automotive Camera Market Overview
An overview of conceptual frameworks, analytical approaches of the automotive camera market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The automotive camera market is expected to grow at a significant rate in the near future.
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%.
Automotive Camera Market Definition
Since the time vehicles have been developed, the distress with respect to safe transport on roads has only escalated. Automobile manufacturers, in several years, have made myriad efforts to synthesize new technologies in vehicles so, in the matter of an emergency, the harm can be kept to a minimum. At the most primary level, when one considers the security mechanisms in cars, airbags and seatbelts strike in mind. Having said that, technological advancements have made progress way ahead in present times, owing to which innovative technologies, including advanced driver assistance systems (ADAS) have been established. ADAS is a vehicle-mounted intelligent system that has the potential to improve road safety in the context of crash intensity mitigation, security and post-crash phases, as well as crash prevention. One of the crucial components of ADAS are automotive cameras, which serve its utility in object discovery, reconnoitering texture, creating a 3D design of the area all around the car, and identifying signs. These cameras are generally employed for assisting the driver in manoeuvring, parking, and examining the performance of the vehicle.
Automotive Camera Market Dynamics
In recent times, automobiles are integrated with a number of automotive cameras such as exterior cameras installed at the front, rear and sides of the body, as well as interior cameras. These automotive cameras are used for the application of an automatic parking assist, around view monitor, driver monitoring system for ADAS (Advanced Driver Assistance System), drive recorder, as well as AD (Autonomous Driving). These advanced technologies are majorly used as camera monitoring systems in order to enhance the vehicle quality and performance to assist consumers for more comfortable and more secure driving. Owing to which, automotive cameras are gaining enormous traction in the global markets, thus projected to boost the growth of the global automotive camera market in the forthcoming years.
Along with majorly assisting the driver of the vehicle in parking, manoeuvring, and examining the performance of the vehicle, these automotive camera systems holds a crucial role in other essential applications like Forward Collision Warning System (FCWS), Lane Departure Warning Systems (LWDS), and Blind Spot Warning (BSW). attributing to which, the automotive cameras are expected to observe rapid growth in demand in the near future, ultimately accelerating the growth of the global automotive camera market over the forecast period.
In other respects, the growth in sales of automobiles all across the world in conjunction with numerous technological advancements in the cameras as well as in the automotive industry is also playing a positive role in propelling the growth of the global automotive camera market in the near future.
However, the sudden strike of COVID-19 global crisis has severely hampered the global growth of the automotive camera market as it encountered the pressure of a significant fall in the production and sales of vehicles. In addition, the continuing wave of COVID-19 cases along with stringent restrictions is further estimated to inhibit the growth of the global automotive camera market over the forecast period.
Nevertheless, governments, all across the world, are imposing strict regulations for installing automotive cameras in vehicles in order to avoid increasing count of road accidents worldwide. Attributing to which, the global automotive camera market is expected to witness significant growth over the coming years.
Automotive Camera Market Segmentation
The global automotive camera market is segmented on the basis of application, view type, technology, vehicle type and class, electric vehicle, level of autonomy and regions.
On the basis of application, the automotive camera market is segmented into Park Assists and ADAS. On the basis of view type, the market is categorized into a single view system and multi camera system.
Further, the automotive camera market is segmented on the basis of technology into infrared camera, thermal camera and digital camera. On the basis of vehicle type and class, the market is segmented into passenger cars and commercial cars. The passenger cars are further bifurcated into economy vehicles, mid-priced vehicles, and luxury vehicles. Also, the commercial cars segment is further divided into light commercial vehicles and heavy commercial vehicles. Then, the market is segmented on the basis of electric vehicles into BEV, FCEV, HEV, and PHEV. Furthermore, the market is segmented on the basis of level of autonomy into L1, L2 & L3, L4 and L5.
The research report classifies the global automotive camera market based on application, view type, technology, vehicle type and class, electric vehicle, level of autonomy and regions.
By View Type
Single View System
By Vehicle Type and Class
Light Commercial Vehicle
Heavy Commercial Vehicle
By Electric Vehicle
By Level of Autonomy
L2 & L3
Automotive Camera Market Key Players
The global automotive camera market is dominated by Robert Bosch, Continental AG, ZF Friedrichshafen, Denso, Aptiv, Ficosa, and Magna International, among others.
MMC Overview on Automotive Camera Market Report
The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give a better opportunity for the customers to put their effort.
A research report on the automotive camera market by Meridian Market Consultants is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that support the market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market. The report is titled as ‘Automotive Camera Market: Opportunity Analysis and Future Assessment 2020-2028’.
Factors that are benchmarked while estimating the market
Various factors that are benchmarked while estimating the market growth includes (but not restricted to):
New product designs and launches
Current product compliance
Concerns for use of automotive camera
Advantage of automotive camera
Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to make informed decisions.
A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s products sales, previous growth rates and market expansion plans are considered to generate market share in the global market.