Dublin, April 26, 2024 (GLOBE NEWSWIRE) -- The "Automotive Surround View Systems Market Report by Type (Touch Screen Control, Infrared Remote Control, and Others), Functioning (Automatic, Manual), Vehicle Type (Commercial Vehicles, Passenger Vehicles), End-User (Aftermarket, OEMs), and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
As of 2023, the global market size reached a valuation of US$ 5.2 Billion. Forecasts show a robust Compound Annual Growth Rate (CAGR) of 15.3% from 2023 to 2032, suggesting that the market is anticipated to reach a value of US$ 18.7 Billion by the latter year. These dynamic camera systems, offering a 360° vehicular overview, are increasingly being incorporated in modern vehicles to enhance driver safety and provide exceptional maneuverability support.
The rise in the market is attributed to continuous technological enhancements within the automotive advanced driver assistance systems (ADAS). A growing focus on research and development has paved the way for more accurate and feature-rich surround view systems. Modern iterations including sonar-based systems highlight the industry's progression towards integrating distance-based obstacle alerts to prevent vehicular collisions.
Market Dynamics and Segmentation
The evolution of the automotive surround view systems industry is influenced by factors such as the necessity for improved visibility to eliminate blind spots, driver distraction mitigation, and bolstered traffic safety. The depth of the report spans critical market dimensions, including a subdivision by type—Touch Screen Control, Infrared Remote Control, among others; by functioning, categorized as Automatic and Manual; by vehicle type into Commercial Vehicles and Passenger Vehicles; and by end-user, segmented into Aftermarket and Original Equipment Manufacturers (OEMs).
Regional Insights and Competitive Landscape
A global perspective reveals market projections with nuanced regional analyses for Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Concurrently, the report includes an assessment of the competitive environment featuring key industry players, reflecting the highly competitive nature of the automotive surround view systems market. This space is populated by prominent entities committed to driving innovation and excellence in this sector. Their engagement in strategic alliances, research and development, and customer service augmentation underpin the market's upward trajectory.
Strategic Market Projections
Looking ahead, the forecast period is expected to yield strategic market insights that will be instrumental for stakeholders across the automotive industry. The automotive surround view systems market is set to undergo significant transformations, influenced by evolving consumer preferences, regulatory changes, and technological advancements. As the industry moves towards more sophisticated and consumer-centric models, the demand for automotive surround view systems is projected to grow, shaping the future of vehicular safety and operational ease.
The findings presented in this analysis underscore the market's potential and the pivotal role these systems play in contemporary automotive safety ecosystems. The automotive industry stakeholders can anticipate further advancements as manufacturers continue to innovate and refine the features that enable safer and more user-friendly driving experiences.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (US$) in 2023 | US$5.2 Billion |
| Forecasted Market Value (US$) by 2032 | US$18.7 Billion |
| Compound Annual Growth Rate | 15.3% |
| Regions Covered | Global |
Companies Featured
- Valeo SA
- Magna International
- Continental AG
- Clarion
- Denso
- Renesas Electronics
- Aisin Seiki
- Texas Instruments
- Ambarella
- Robert Bosch GmbH
- Xylon d.o.o
- Mobileye Vision Technologies Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/67njuu
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