New York, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Automotive Camera Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Camera Market Research Report: Information by Camera Type (Infrared, Thermal and Digital), Vehicle Type (Passenger car, Commercial ) and Application Type (Lane Departure Warning, Adaptive Cruise Control, Blind Spot Detection, Park Assist System) - Global Forecast 2028” the market is projected to be worth USD 21.82 Billion by 2028, registering a CAGR of 19.47% during the forecast period (2021 - 2028)., The market was valued at USD 7.17 billion in 2020.
List of the Key Companies Profiled in the Automotive Camera Market Research Report are:
- ADA-ES Inc. (U.S.)
- Allied Vision Technologies (Germany)
- Balluf (Germany)
- Basler AG (Germany)
- Autoliv Inc (Sweden)
- Delhi Automotive PLC (U.K.)
- Denso Corporation (Japan)
- Robert Bosch GmBH (Germany)
- Valeo S.A. (France)
- TRW Automotive (U.S.), among others.
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Increasing Vehicle and Passenger Safety Concerns
The automotive camera is a reversing camera that monitors the real-time image of the surrounding environment and recommends the steering angle for the wheel turn. It makes vehicle parking more convenient. It is purposefully built to collect high-quality images and videos in order to improve driver safety. The automotive camera is equipped with advanced technology such as computer vision algorithms, which can extract critical data for driver assistance. It is commonly used in sophisticated driver assistance systems (ADAS). For safety purposes, automotive cameras can be put on the front and rear sides of a vehicle, as well as within the vehicle.
Growing global concerns about vehicle and passenger safety, combined with technical improvements in camera-based driver assistant sensors, are likely to fuel the Automotive Camera Market growth. Increased passenger vehicle sales as a result of rising consumer disposable income are also helping the industry's growth.
The Global Market to Witness Growth Post COVID-19 Pandemic
Major automotive camera manufacturers such as Bosch and Continental have issued a production halt due to low demand, supply chain bottlenecks, and to preserve the safety of their employees in France, Germany, Italy, and Spain during the COVID-19 pandemic. As a result, demand for automotive camera solutions is predicted to fall in 2020. Manufacturers will most likely alter production to avoid bottlenecks and schedule production based on demand from OEMs and tier 1 suppliers. In the first quarter of 2020, major automotive camera solution vendors lost revenue.
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Due to the severity of the pandemic, resuming vehicle production is doubtful, particularly in the United States and major European countries, and tier 1 players anticipate additional revenue declines in the remaining quarters of 2020. Aptiv's advanced safety and user division, for example, reported sales of USD 902 million in Q1 2020, a 13% decrease from USD 1,023 million in Q1 2019. According to the firm, the situation might worsen in the second quarter, when global vehicle production is predicted to plummet by 50-60%. The corporation first halted production in China, then in North America and Europe. Supply chains for camera manufacturers are being disrupted as countries go into lockdown to avoid the spread of the disease. As a result, the automotive camera market was expected to witness a decline in 2020.
High Installation Cost
The cost of installing automotive cameras is relatively high. Furthermore, newer technologies such as advanced driver assistance systems (ADAS) necessitate the use of cameras for a variety of applications such as lane detection systems, blind-spot detection, lane departure systems, and others, all of which are costly. As a result, the high cost of cameras is expected to severely impede the growth of the vehicle camera industry.
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Market Segmentation
The global automotive camera market has been segmented into camera type, vehicle type, and application type.
By camera type, the global automotive camera market has been segmented into infrared, thermal, and digital.
By vehicle type, the global automotive camera market has been segmented into passenger cars and commercial.
By application type, the global automotive camera market has been segmented into lane departure warning, adaptive cruise control, blind spot detection, and park assist system.
Regional Analysis
North America to Dominate the Global Market
North America is a leading vehicle camera market that is predicted to develop significantly due to rising demand for luxury vehicles in the United States, Canada, and Mexico, as well as increased installation of ADAS in commercial vehicles and passenger cars.
Europe to Follow North America
Europe is also a significant product market, with a significant increase in the installation of safety technologies in passenger automobiles in Germany, the United Kingdom, France, and Italy.
APAC to Witness Fastest Growth
As a result of fast industrialization and an increase in automotive production, Asia Pacific will see significant growth, primarily in China, India, Japan, Thailand, Malaysia, and South Korea. Furthermore, increased disposable income and a high standard of living among customers would drive the expansion of the car camera industry.
Segmentation of Market covered in the research:
Automotive Camera Market Research Report: Information by Camera Type (Infrared, Thermal and Digital), Vehicle Type (Passenger car, Commercial ) and Application Type (Lane Departure Warning, Adaptive Cruise Control, Blind Spot Detection, Park Assist System) - Global Forecast 2028
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