The global automotive camera market is estimated to grow at a CAGR of 10.4% during the forecast period, from USD 6.8 billion in 2021 to USD 11.3 billion by 2026. The technological developments in the automotive industry are witnessing a shift from vehicle performance and efficiency to safety and convenience. The growing consumer awareness and increasing government mandates related to active safety are propelling the demand for driver assisting applications such as lane departure warning (LDW), lane keep assist (LKA), rear park assist, and blind-spot detection (BSD). Thus, the increasing adoption of camera based application in vehicles is likely to boost the demand for automotive camera.
“ADAS segment to grow at a significant rate during the forecast period.”
ADAS is estimated to be the fastest growing segment, by value, of the automotive camera market from 2021 to 2026. The increasing number of road accidents and safety awareness worldwide are the major driving factors for the growth of the ADAS market. The electronic applications in vehicles have increased significantly over the past few years, owing to the increased focus on safety, comfort, and convenience. Along with vehicle safety, improved lifestyle, changing buyer preferences, increased average miles driven per year, and less compatible infrastructure with increasing vehicle fleet have increased the need for camera for ADAS. Major automakers earlier planned to launch autonomous vehicles post 2022. However, the lack of testing and lower vehicle demand made this challenging for OEMs. Thus, the demand for cameras will be significantly lesser than expected. OEMs have postponed the plan to deploy autonomous vehicles. For instance, Ford earlier planned to commercialize autonomous driving by 2021.
“The heavy commercial vehicle segment is estimated to be the fastest-growing market, in terms of value, in the automotive camera market.”
Major reliance on heavy commercial vehicle has encouraged lawmakers to establish safer and less fatigue-inducing driving conditions by standardizing more camera based ADAS features. For instance, the European Union has mandated vulnerable road user detection and warnings, especially for trucks and buses. Accidents involving HCVs can be fatal and cause loss of lives as well as be an economic loss if they happen on a significant scale. These vehicles play a key role in supporting economic activity. Intelligent speed assistance will become standard in all vehicles, including trucks, in Europe from 2022. Such mandates will help the growth of the heavy commercial vehicle segment of the automotive camera market in the region, making it the highest growing market from 2021-2026.
“Asia Pacific is estimated to be the fastest-growing market for automotive camera during the forecast period.”
The Asia Pacific automotive camera market is estimated to grow at the highest CAGR during the forecast period. Rising population and government policies promoting industrial growth have made the Asia Pacific region a perfect destination for automobile manufacturers to set up their facilities. These factors have helped make Asia Pacific the largest automotive market with increasing sales and production. The growth of the market in Asia Pacific can be attributed to the high vehicle production and increased use of advanced electronics in Japan, South Korea, and China. China accounts for the largest share of the automotive camera market in the Asia Pacific region, followed by Japan and South Korea. The growth of the market in Asia Pacific can be attributed to the high vehicle production and increased use of advanced electronics in Japan, South Korea, and China.
The study contains insights from various industry experts, ranging from component suppliers to tier 1 companies and OEMs.
The break-up of the primaries is as follows:
- By Company Type: Tier 1: 47%, Tier 2: 33%, OEM: 20%
- By Designation: C level: 43%, D level: 39%, Others: 18%
- By Region: North America: 24%, Europe: 36%, Asia Pacific: 32%, ROW:8%
Robert Bosch GmbH (Germany), Continental (Germany), Aptiv (Ireland), Valeo (France) and Magna (Canada) are the key players in the automotive camera market.
The report segments the automotive camera market, by volume and value, on the basis of region (Asia Pacific, Europe, North America, and the Rest of the World), application (Park Assist and ADAS), technology (Thermal Camera, Infrared Camera, Digital Camera), view type (Single view system and Multi camera system), Level of autonomy (L1, L2&3, L4 and L5), vehicle type and class (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), and electric vehicle type (BEV, FCEV, PHEV and HEV). This report contains various levels of industry analysis and company profiles, which highlight emerging and high-growth segments of this market, competitive mapping, and market dynamics (drivers, restraints, opportunities, & challenges). The report contains various levels of analysis, including industry analysis, industry trends, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments of the automotive camera market, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
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The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.