As per the report of Market Research Future (MRFR), the global automotive camera market is poised to register a market valuation of nearly USD 19 Billion by 2023, at a substantial 19% CAGR over the review period (2017-2023).
Drivers and Restraints
The global automotive camera market is driven by several influential factors such as the increasing demand for enhanced safety and visibility, owing to the growing prevalence of accidents caused by the limited vision. Additionally, the rising impact of new car assessment program (NCAP) and the increasing demand for luxury vehicles, followed by the growing scope of applications of sensory cameras in automotive advanced driver aid systems is also projected to fuel the market over the assessment period. Moreover, the rising demand for improved looks in passenger cars, coupled with the need for improved fuel efficiency in automobiles is also expected to contribute substantially towards the overall market share over the review period.
The global market for automotive cameras is segmented on the basis of types of cameras, applications, and vehicles.
The types of cameras available in the global automotive market include infrared, digital, and thermal, among others. The wide range of applications of automotive cameras consists of adaptive cruise control, blind-spot detection, driver monitoring, lane departure warning, night vision, park assist system, pedestrian detection, road sign recognition, among others.
The types of vehicles operating in the market are passenger vehicles and commercial vehicles.
Based on the region, the global automotive camera market has been segmented into Europe, Asia Pacific, North America, and lastly, the rest of the world.
The North American market for automotive cameras is expected to acquire the leading market share over the review period. This is attributed to the technological advancements taking place in the established IT and telecommunications industry in the region, which is offering superior digital devices for other verticals, including automotive. The presence of key market players, stable economic dynamics, along with the relatively higher standard of living of the consumers, are contributing towards the demand for superior automotive vehicles, consequently driving the automotive camera market growth over the review period.
The Asia Pacific region, one of the major markets for automotive cameras, is expected to record the fastest growth across the globe, over the review period. The exemplary growth in the Asia Pacific region is attributed to various driving factors such as the established automotive industry in the region, which is the most lucrative automotive industry across the globe. Moreover, the developing transport infrastructure, along with demand for enhanced safety and visibility features in automobiles is expected to contribute substantially towards the Asia Pacific automotive camera market over the review period.
The key market players acknowledged by MRFR in the global automotive camera market are ADA-ES Inc. (U.S.), Denso Corporation (Japan), Allied Vision Technologies (Germany), Autoliv, Inc (Sweden), Balluf (Germany), Delhi Automotive PLC (U.K.), Valeo S.A. (France), Robert Bosch GmBH (Germany), Basler AG (Germany), TRW Automotive (U.S.), among others
September 2019: Foresight Autonomous Holdings, a leading provider of automotive vision systems, signed a strategic collaboration agreement with a Chinese corporation, Wuhan Guide Infrared, for the development, distribution, and marketing of Foresight’s products along with integrating Guide Infrared’s solutions.
September 2019: Hitachi Automotive Systems, leading Japanese market player, announced that its stereo camera, which enabled the detection of pedestrians at night, was implemented by Suzuki, a global automotive giant, for its Carry light-duty pickup truck. Hitachi stated that the Carry was the first light pickup truck with a stereo camera night-time detection ability.