Pune, India, Dec. 15, 2021 (GLOBE NEWSWIRE) -- According to the report, the global Automotive Camera market size is expected to reach USD 8.5 billion by 2026 while exhibiting a CAGR of 12.1% between 2019 and 2026. This is attributable to increasing demand for technologically advanced product across the globe.
The global pandemic, COVID-19, has led to severe repercussion owing to its widespread effects across several economies. Several industries are facing unprecedented losses owing to the lockdown announced by several governments across the globe that has resulted in the complete shutdown of the businesses. The crippling economy, however, is being revived through collective efforts from the government as well as the industries and is expected to bounce back in the coming years.
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| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 21.5% |
| 2027 Value Projection | USD 10.1 billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 3.8 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 200 |
| Segments covered | Application, Technology Type, Vehicle Type and Region |
| Growth Drivers | Increasing Adoption of Trifocal Cameras to Emerge as a Positive Market Trend |
| Stringent Safety Norms Imposed by Governments to Drive Growth |
An automotive camera offers a one-stop solution to all the safety concerns of the consumers. They provide safety features such as collision warnings, emergency braking, traffic sign recognition, lane departure warning, and active cruise control, among other vital functions. Cameras have an efficient ability to detect the objects around the vehicle that results in improved safety of the occupants. Recent technological advancement has meant that the cameras are better equipped to function even in adverse conditions such as fog, changing light conditions, and precipitation.
Increasing Adoption of Technologically Advanced Product to Surge Demand
According to the US Department of Transportation, half of the road fatalities on the United States highways occur due to roadway departure crashes every year. This includes vehicles that cross the center line, edge line, or change lanes. However, warning sign installations in the automotive have proven to reduce the roadway departure crashes to a large extent. The manufacturers are developing advanced automotive cameras that aids in improving the safety and visibility of cars. Combined with the vehicle’s ADAS system, the advanced cameras offer high-level performance and security even in adverse conditions, while being robust and cost-effective. In addition to this, stringent government regulations regarding road safety is propelling the manufacturers to introduce products with advanced features such as remote sensing technologies that collect real-time data around the vehicle. Therefore, increasing adoption of latest technology combine with ADAS is expected to favor the growth of the global automotive camera market during the forecast period.
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Stringent Road Safety Regulations in Europe to Aid Growth
Among all regions, the market in Europe is expected to remain at the forefront and register highest global automotive camera market revenue during the forecast period. This is primarily attributable to adoption of stringent regulations regarding road safety by the government in a bid to reduce road fatalities. Europe recently introduced new standard safety regulations such as (EC) 78/2009 for the automotive manufacturers that emphasizes on protection of pedestrians and other road users. The Asia Pacific, on the other hand, is anticipated to be the second largest region in the market during the projected horizon. This is ascribable to factors such as increasing sales and production of vehicles owing to large population and high disposable income of the working population in the region.
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OmniVision’s First-ever Wafer-level Camera Module to Have Colossal Global Impact
In June 2020, OmniVision Technologies, a prominent advanced digital imaging solutions provider, announced its launch of the world’s first automotive grade camera, OVM9284 CameraCubeChip module. According to the company, the module provides designers of the driver monitoring system (DMS) maximum flexibility for placing the camera within the cabin space, while keeping it hidden from general view. Furthermore, it provides high quality images even in total darkness owing to its best-in-class quantum efficiency at the 940 nm wavelength. The companies involved in the global automotive camera market are adopting strategies such as introduction of new products, collaboration, and partnership to gain major share in the forthcoming years.
List of the Companies Operating in the Market:
- Robert Bosch Gmbh
- Autoliv, Inc
- Continental AG
- ZF Friedrichshafen AG
- Denso Corporation.
- Ricoh
- Magna International Inc.
- Garmin Ltd
- Valeo
- OmniVision
- Mobileye
- Kappa optronics GmbH
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Global Automotive Camera Market Segmentation:
By Application Type:
- Park Assist System
- Lane Departure Warning System
- Lane Keep Assist
- Adaptive Cruise Control
- Road Sign Assistance
- Blind Spot Detection
- Intelligent Headlight Control and Others
By Technology Type:
- Stereo
- Monocular
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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