Global Automotive Camera Market Projected to Grow at a Rate of 19% in the Coming Years
Market Overview
The global automotive camera market was analyzed by Market Research Future (MRFR) and it was projected that an impressive CAGR of 19% will be attained by the market over the forecast period of 2018 to 2023. The valuation of the automotive camera market was further stated to surpass its previous valuation and reach USD 19 billion by the end of the forecast period.
Market Segmentation
The global automotive camera market has been segmented in terms of camera type, application type, and vehicle type.
By camera type, the market includes Thermal, Infrared, and Digital types.
By application type, the market comprises Blind Spot Detection, Adaptive Cruise Control, Park Assist System, Lane Departure Warning, Road Sign Recognition, Night Vision, Driver Monitoring, Driver Monitoring, and others.
By vehicles types, the market segments heavy vehicles, passenger car, and commercial vehicles.
Regional Analysis
The global automotive camera market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The North American market stands tall in the global automotive camera market with a majority of the share under its name. The regional market is reported by MRFR to maintain its hold over the global standings in the coming years as well. The North American regional market is experiencing increasing growth due to the high living standard of people herein.
Europe is another prominent region in the global automotive camera market. The region is expected to showcase massive growth in terms of installing various new safety technologies in automobiles. Herein, major automobile manufacturing nations like the UK, Germany, Italy, and France are expected to massively support the growth of the European automotive camera market over the forecast period.
In Asia Pacific, the region holds massive promise in terms of growth and expansion in the forthcoming years. The region is expected to come forward as a major and lucrative automotive camera market by the end of the forecast period. The rising disposable income of the population base residing herein and their improving standard of living are anticipated to boost the growth of the Asia Pacific automotive camera market. Due to the rapid-paced industrialization, the Asia Pacific regional market is forecasted to witness an increasing number of automobile production, especially in countries like Thailand, China, India, Malaysia, South Korea, and Japan.
Competitive Landscape
The global automotive camera market comprises a host of key players. This includes names like ADA-ES Inc. (US), Delhi Automotive PLC (UK), TRW Automotive (US), Allied Vision Technologies (Germany), Robert Bosch GmBH (Germany), Balluf (Germany), Basler AG (Germany), Autoliv, Inc. (Sweden), Valeo S.A. (France), Denso Corporation (Japan), and others.
The increasingly competitive nature of the global automotive camera market is expected to witness an impressive growth in the coming years. A major factor influencing this positive surge of the market is the increasing production level in the automotive industry. The global market is completely dependent on the sales volume of automobiles. This highlights the importance the above mentioned organizations have in pushing the market towards a positive direction. Add to this, with an influx of cameras entering the global market, the competitive nature of the global automotive camera market is slated to intensify even further.
It has been reported that there has been an increasing number of government regulations across the globe and a booming demand among the consumers for safety and other features in automobiles. The players in the market are capitalizing on this trend to bring-forward new product developments and expand their geographical reach. In the near future, the global market is anticipated to experience constant emergence of innovations and new product developments.
Industry Buzz
June 2019, The Chassis & Safety BU ADAS launched MFC 500 multifunctional camera. The camera modular and scalable and can be personalized as per individual preferences. The development of the new modular camera platform is indication of how much AI has already come into the driver assistance systems of today.