Global Automotive Camera Market to Reach $11.3 Billion by 2026
DUBLIN, Sept. 5, 2022 -- The "Global Automotive Camera Market by Application (ADAS, Park Assist), View Type (Mono, Surround & Rear View), Technology (Thermal, Infrared & Digital), Level of Autonomy (L1, L2&3, L4, L5), Vehicle Type & Class, Electric Vehicle & Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
- Government Initiatives for Vehicle Safety Features in Economically Advanced Countries
- Increase in Demand for Safety and Driving Comfort Features
- Penetration of Camera-Based Convenience Features in Luxury Vehicles
- High Cost of Implementation of Multi-Camera Systems
- Inability to Communicate Captured Data
- Higher Development of Autonomous Systems
- Rise in Demand for Electric Vehicles (EV)
- More Adoption of Cameras by OEMs for Emerging Applications
- Constraints in Real-Time Image Processing in Surround-View Systems
- Paucity of Supporting Technologies in Developing Countries
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Technological Overview
7 Automotive Camera Market, by Application
8 Automotive Camera Market, by Technology
9 Automotive Camera Market, by View Type
10 Automotive Camera Market, by Vehicle Type
11 Automotive Camera Market, by Vehicle Class
12 Automotive Camera Market, by Level of Autonomy
13 Automotive Camera Market, by Electric Vehicle Type
14 Automotive Camera Market, by Region
15 Competitive Landscape
16 Company Profiles
17 Analyst's Recommendations
- Automated Engineering Inc. (AEI)
- Brigade Electronics
- Flir Systems
- Gentex Corporation
- Hitachi Astemo Ltd.
- Hyundai Mobis
- Kyocera Corporation
- MCNEX Co.
- Omnivision Technologies
- Robert Bosch
- Samsung Electro-Mechanics
- Samvardhana Motherson Reflected
- Stonkam Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/a18hye
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SOURCE Research and Markets