Pune, India, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The global automotive camera market size is projected to reach USD 10.1 billion by 2027, exhibiting a CAGR of 21.5% during the forecast period. As per the report findings, the global market value stood at USD 3.8 billion in 2019. Increasing number of road traffic accidents worldwide will be a crucial factor in driving the growth of this market, states Fortune Business Insights™ in its report, titled “Automotive Camera Market Size, Share & Industry Analysis and Regional Forecasts, 2020-2027”.
Latest data from the World Health Organization (WHO) show that road traffic crashes kill nearly 1.35 million people every year and injure between 20 million and 50 million people. Motorcyclists, cyclists, and pedestrians have the largest share of road fatalities, the WHO highlights. Automotive cameras can play an instrumental role in preventing accidents as they can compensate for human errors such as driving under influence, driving while fatigued, or distracted driving. These cameras are an essential component of advanced driver-assistance systems (ADAS), which have features such as blind-spot detection, automatic braking, adaptive cruise control, and pedestrian detection. Together, these features not only enhance the safety of the vehicles, but also ensure the safety of other road users.
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Industry Development:
August 2020: Tesla announced the rollout of a software update that will enable the autopilot system in the company’s vehicles to detect speed limit signs through the camera. The update will allow camera to detect the speed limit, inform the driver about it, and automatically set a speed warning.
January 2020: US-based Ambarella, Inc. launched CV2FS and CV22FS, its latest automotive camera system on chips (SoC). Embedded with AI capabilities, the system is designed for targeting stereovision and forward-facing monocular ADAS cameras.
Report Highlights:
| 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 | Automotive Camera Market Size, Share & Industry Analysis, 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 and Monocular) |
| Growth Drivers | Increasing adoption of advanced cameras integrated with the Advanced Driver Assistance System (ADAS) is expected to drive the market during the forecast period |
| The high Installation cost of advanced automobile cameras integrated with driver assistance systems is restraining the growth of the market. |
Market Drivers and Restraints:
According to the World Health Organization (WHO) around 1.3 million people die each year in road accidents. Due to the increasing number of road traffic accidents, governments around the globe have made it mandatory to install cameras in all segments of vehicles. Stringent norms imposed by the government are driving the market growth. For example, in 2014, the National Highway Traffic Safety Administration (NHTSA) made it mandatory to equip all vehicles with cameras integrated with rear view visibility systems by 2018. Similarly, Transport Canada imposed regulations to equip all new cars with a rearview camera by 2018.
COVID-19 to Hit the Market as Companies Grapple with Tumbling Profits
The automotive camera market growth is set to suffer because of the COVID-19 pandemic as reduced production, deflating demand, and trade restrictions have stymied the sales and revenues of major companies in this market. For example, in July 2020, Valeo, the French leader in auto parts, reported a loss of €1.2 billion in the first half of 2020 as a consequence of disruptions in production operations caused by the coronavirus.
Similarly, the Japanese auto parts manufacturer, Denso Corp, announced a whopping 81% slump in its operating profits in the first quarter of 2020, suffering a loss of USD 571.8 million and reducing its global production by 50% owing to the upheavals generated by the pandemic.
Plunging profits will inevitably hamper investments in R&D and halt the adoption of advanced automotive cameras and other safety technologies, which will naturally impact the growth of the market.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/automotive-camera-market-101912
Report Coverage:
The market research report of automotive cameras provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market over recent years.
Segmentation:
Based on application type, the market for automotive camera is segmented into park assist, lane departure, adaptive cruise control (ACC), blind-spot detection (BSD), lane keep assist, road sign assistance, and others. The adaptive cruise control segment is anticipated to dominate the market over the forecast period. For example, in September 2018, the Government of India made it mandatory to equip all vehicle segments with adaptive cruise control systems.
The government aims at equipping all vehicles with ACC by 2022. Adaptive cruise control also helps to maintain a safe distance between two cars and if any vehicle is nearing the car, it alerts the driver to apply the brakes. If the driver fails to do so, the ACC automatically applies the brakes, brings the vehicle to a halt, and avoids a collision.
Regional Insights:
Europe to Lead the Market Share Backed by Stringent Road & Vehicle Safety Norms
Europe is expected to dominate the automotive camera market share during the forecast period owing to the stringent implementation of road and vehicular safety standards by the European Union (EU). For example, under the (EC) 78/2009 and (EC) 661/2009 regulations, the EU makes it mandatory for automakers to install safety features in vehicles to ensure pedestrian safety. In 2019, the region’s market size stood at USD 1.3 billion.
Asia Pacific is slated to occupy the second-largest position in the global market on account of surging demand for cost-effective vehicle components from automakers in North America and Europe made in Asian countries. North America is anticipated to grow steadily owing to the quick adoption of advanced vehicle safety features in the region.
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Competitive Landscape:
Key Players to Target Investments towards Innovation
With growing demand for smart safety features in cars, key players in this market are strategically investing in innovation to develop high-quality and reliable safety systems such as AI-enabled automotive cameras. These innovations are allowing companies to entrench their market position, widen their offerings, and expand global presence.
List of Key Players Covered in the Automotive Camera Market Report:
- Ambarella (California, United States)
- Mobileye (Jerusalem, Israel)
- Garmin Ltd (Kansas, United States)
- Magna International (Aurora, Canada)
- Ricoh (Tokyo, Japan)
- ZF Friedrichshafen (Friedrichshafen, Germany)
- Autoliv, Inc (Stockholm, Sweden)
- Kappa optronics GmbH (Lower Saxony, Germany)
- OmniVision (California, United States)
- Denso (Aichi, Japan)
- Valeo (Paris, France)
- Robert Bosch GmbH ( Gerlingen, Germany)
- Continental AG (Hanover, Germany)
Automotive Camera Market Segmentation:
By Application Type
- Park Assist System
- Lane Departure Warning System
- Lane Keep Assist
- Adaptive Cruise Control
- Road Sign Assistance
- Intelligent Headlight Control
- Other
By Technology Type
- Stereo
- Monocular
- By Vehicle Type
- Passenger Cars
- Commercial Vehicles
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Merger, Acquisitions, and Partnerships
4.2 Distributor Analysis – For Major Players
4.3 Growth and Penetration Analysis
4.4 Porter’s Five Forces Analysis
4.5 PEST Analysis
4.6 Vendor Landscape
5. Global Automotive Cameras Market Analysis, Insights and Forecast, 2016-2027
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Vehicle Type
5.2.1 Passenger Cars
5.2.2 Light Commercial Vehicles
5.3. Market Analysis, Insights and Forecast – By Application Type
5.3.1 Adaptive Cruise Control
5.3.2 Park Assist System
5.3.3 Blind Spot Detection
5.3.4 Lane Departure Warning System
5.3.5 Lane Keep Assist
5.3.6 Road Sign Assistance
5.3.7 Intelligent Headlight
5.3.8 Others
5.4. Market Analysis, Insights and Forecast – By Technology Type
5.4.1 Stereo
5.4.2 Monocular
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1 North America
5.5.2 Europe
5.5.3 Asia pacific
5.5.4 Rest of the World
Continued…
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