Automotive Camera Market to Reach $19bn by 2025
The Automotive Camera Market is set to grow from its current market value of more than $5bn to over $19bn by 2025; as reported in the latest study by Global Market Insights. The changing preferences of automobile manufacturers toward the replacement of side-view mirrors with cameras to offer a wide rear view for drivers are expected to elevate the automotive camera market growth.
The Global National Car Assessment Program (Global NCAP) is providing new motor vehicle safety ratings across the globe to increase the safety of passengers & pedestrians. Vehicles with five-star ratings ensure maximum vehicle performance in crash incidents while vehicles with one-star rating have marginal crash protection, increasing the adoption of automotive cameras in vehicles.
The latest advancements in camera technology, such as neural network & machine learning coupled with mass production of these units, are anticipated to propel the market growth.
Additionally, these cameras are incorporated in vehicles to support semi-automated and autonomous driving functions, expanding the automotive camera market. These components are used with a vehicle’s electronic controlled braking system to support adaptive cruise control and automatic braking functions. Vehicle manufacturers across the globe are integrating a number of cameras with vehicles to support autonomous driving and enhanced safety features.
The parking assist applications in the automotive camera market are gaining popularity as they are installed in vehicles to assist drivers while parking their vehicles. The increasing number of accidents while reversing cars is compelling the demand for rear view cameras in vehicles. Rear view cameras allow drivers to see what is behind, eliminating blind spots and providing adequate time to brake if any object is close to a vehicle.
The growing adoption of rear-view systems in vehicles to enhance safety will provide lucrative opportunities to players operating in the market. Moreover, the US Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) has announced that all new automobiles manufactured in the U.S. after May 2018 will include rear-view cameras for increased visibility of drivers, which will increase the market growth in the region.
The adoption of cameras is expected to increase in commercial vehicles to provide various safety features such as blind spot monitoring, lane departure warning, and autonomous braking system. The rising trend of truck platooning coupled with the increasing adoption of ADAS in trucks is propelling the growth of the automotive camera market. Truck platooning is the linking of two or more trucks using automated driving support and connectivity technologies. These trucks use cameras & sensors to maintain a set distance from each other while traveling.
The North America automotive camera market is expected to grow at around 24% CAGR from 2019 to 2025 due to an increase in the demand for luxury vehicles in the US and Canada. The growing number of vehicle crashes in the US is propelling the integration of ADAS & safety systems in vehicles, driving the industry growth. NHTSA is promoting safety by sharing information regarding novel vehicle technologies in the US to reduce the number of accidents.
The key companies in the automotive camera market include Continental AG, Veoneer, Magna International Inc., Robert Bosch GmbH, Valeo, Denso Corporation, Aptiv PLC, Mobileye, etc. These players are striving to develop advanced automotive camera systems to provide reliable & safe performance to drivers. Additionally, camera providers are collaborating with the leading tech companies to develop advanced vehicle networking systems that will be deployed in vehicles in the future.
