Automotive Camera Market is expected to exceed USD 19 billion by 2025. Growing concerns regarding passenger & pedestrian safety will drive the industry growth over the forecast timespan. The innovation of Advanced Driver-Assistance System (ADAS) coupled with the increasing customer demand for active safety features in vehicles will support the industry growth. Additionally, the rise in the number of road fatalities is expected to surge the adoption of these sensors in newly developed vehicles. Several government initiatives coupled with the growing influence of the global New Car Assessment Program (NCAP) will further contribute to the automotive camera market expansion.
Trifocal cameras are expected to grow rapidly in the automotive camera market due to their better viewing features. This system utilizes three cameras to offer a broader view, offering accurate distance between objects and vehicles. These cameras have improved depth perception & distant-object detection compared to mono & stereo cameras. These components can detect the sudden appearance of pedestrians or other objects that may lead to accidents, assisting drivers to avoid them. The rapid development of semi-autonomous & autonomous vehicles is expected to increase the adoption of trifocal cameras, which are further contributing to the automotive camera market growth. The global car manufacturers are integrating these cameras in vehicles to differentiate their mid-priced & economic vehicles.
The increasing number of road fatalities is compelling the demand for advanced safety features in vehicles, further increasing the automotive camera market demand. These cameras are used in vehicles for various applications including lane departure warning, park assist, surround view, and traffic sign recognition. Additionally, these sensors are used in driver monitoring systems to detect the drowsy behavior of drivers, preventing accidents. The vehicle vision system keeps track of various facial expressions of drivers and transmits a warning sound if it detects drowsy behavior.
The adoption of of automotive camera market products is anticipated to increase in the passenger vehicle segment to provide various safety features such as autonomous braking system, lane departure warning, and blind spot detection. These cameras are integrated with dashboards to provide real-time and reliable proof in case of accidents. Additionally, these cameras are used to offer a surround view to drivers for viewing the vehicle surrounding & environment, reducing the possibilities of accidents.
The rising production of passenger & commercial vehicles in the European countries will drive the automotive camera market growth in the region. According to the European Automotive Manufacturers Association, the passenger cars produced in Europe accounted for nearly 24% of global passenger car production in 2018. Moreover, several regulations & safety standards for car manufacturers in the European Union for reducing the number of road fatalities will provide lucrative opportunities for players operating in the automotive camera market.
The prominent players operating in the automotive camera market are Continental AG, Magna International Inc., Robert Bosch GmbH, Intel Corporation, Aptiv PLC., Valeo, Automation Engineering Inc., and STONKAM CO., LTD., etc. These companies are offering advanced camera systems with wide-angle view, high-resolution sensors, and night vision. These developments by the manufacturers are specifically developed for the ADAS applications. Additionally, automotive camera market players are making huge investments in R&D and new product development activities to fulfill the automotive industry demand.