CHICAGO, April 18, 2023 /PRNewswire/ — Automotive Camera Market is projected to grow from USD 8.0 billion in 2023 to USD 13.9 billion by 2028, at a CAGR of 11.7%, according to a new report by MarketsandMarkets™. Automotive Camera has been widely used for proper functioning of ADAS Applications such as Lane Departure Warning Systems (LDWS), Forward Collision Warning System (FCWS), Blind Spot Warning (BSW), Driver Monitoring system (DMS), Intelligent Park Assist, Night vision system, Traffic sign recognition. With the increase in implementation of these features in modern vehicles to enhance active safety and provide comfort & luxury quotient, the market for Automotive Camera is expected to rise in the coming years.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=125124333
Browse in-depth TOC on “Automotive Camera Market”.
68 – Tables
15 – Figures
354 – Pages
Automotive Camera Market Scope:
|
Report Coverage |
Details |
|
Market Size |
USD 13.9 billion in 2028 |
|
Growth Rate |
11.7% of CAGR |
|
Largest Market |
North America |
|
Market Dynamics |
Drivers, Restraints, Opportunities & Challenges |
|
Forecast Period |
2023 – 2028 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By view type, technology, level of autonomy, EV vehicle types, ICE vehicle types, application (ICE & Electric & Hybrid Vehicles), and region. |
|
Geographies Covered |
Asia Pacific, North America, Europe, and the Rest of the World [RoW] |
|
Report Highlights |
Updated financial information/Company Evaluation Quadrant |
|
Key Market Opportunities |
Rise in demand for electric vehicles |
|
Key Market Drivers |
Growing popularity for the safety and convenient driving experience |
Digital camera segment is predicted to be the largest segment.
Digital cameras are leading the automotive camera market during the forecast period. Digital cameras are used for various ADAS features such as Adaptive Cruise Control, Lane Departure Warning, Traffic sign recognition, Blind Spot Detection etc. These cameras provide real-time visual information to assist in driving and parking and deliver optimum results with cost effective measures while comparing to other technologies. In terms of cost, digital cameras are cheaper as compared to infrared and thermal camera, whose cost ranges between USD 30 to USD 40. Further, nowadays digital cameras are becoming indispensable feature in every modern vehicle which has application in blind spot detection, parking aids, forward collision warning systems and hence is evolving rapidly with the growing demand of these ADAS features in the vehicles. Key players such as Robert Bosch, Denso, and Continental AG among others are continuously investing in R&D activities and aiming to develop more advanced technologies to make ADAS applications more efficient and affordable. Thus, the higher need of accurate and reliable results for these digital cameras based advanced safety features is expected to grow in the automotive industry, creating new opportunities for business growth and innovation for its suppliers globally. For instance, In Sept 2021, Robert Bosch (China) Investment Co., Ltd. developed an automated valet parking with Hycan automobile technology installed in Hycan Z03. The automated valet parking function enables the vehicle to automatically drive to the parking as commanded and park at the destinated location by accurately identifying the direction while avoiding obstacles. This technology is categorized under Level 4 autonomous driving.
Blind Spot Detection is the largest application of Automotive Cameras
Blind Spot Detection is projected to dominate the Automotive Camera application segment in 2023. This prominence of blind spot detection is mainly due to rising adoption of this application and more count of camera installed. Usually, a blind spot detection system uses two cameras, and some OEMs also prefer to use three-four cameras in their luxury cars. To install safety systems in vehicles, countries have implemented several regulations within a stipulated period. For case, the Indian government has made amendments, to mandate the use of advanced brake systems in all new models of commercial vehicles starting from April 2022. The market growth is anticipated to boost owing to the Blind Spot Detection (BSD) segment growth which is attributed to the pioneer OEMs such as Mercedes-Benz, Nissan Motors, Honda Motors, etc. which are offering the Blind Spot Detection (BSD) features in their variants as a standard or optional feature under its convenience package. Rising government mandates for enhance safety and increasing penetration of camera-based features are some of the major factors driving this segment. European and North American countries already have higher adoption of this system and rising safety concerns and OEMs steps to increase bundle of ADAS features would bring an ideal growth perspective for automotive camera market for blind spot detection application in upcoming years.
North America is estimated to be the leading Market for Automotive Cameras.
The North America region has a higher demand for Automotive Cameras and is projected to account for >35% of the overall market with US leads the regional demand followed by Canada and Mexico. The high disposable income level of the population has resulted in an increasing demand for premium and luxury cars in this region. According to MnM Analysis, Class C and above passenger vehicles contribute around 90-95% of the total passenger cars produced in US. Similar is the trend for Canada leads to higher adoption of luxury cars. These vehicles are mostly equipped with high-end driver-assist functions such as surround view system, pedestrian classification, forward collision warning, adaptive cruise control, and driver monitoring among others. Additionally, government regulations mandating the use of back up camera, which is used in reverse parking, installation of automatic emergency braking (AEB) technologies which include the forward crash warning, crash imminent braking, and dynamic brake support in all light vehicles, etc. act as a growth contributing factor in this region. For instance, the National Highway Transportation Safety Administration (NHTSA) has mandated to install back up camera system by 2019 to reduce the rate of road accidents in U.S.A. Similarly, back up cameras is also mandatory in Canada. Key players of automotive camera like Robert Bosch, Continental AG, Valeo etc. have major presence in North America region after Europe. Thus, North American automotive camera market is poised for continued growth and innovation in the years to come.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=125124333
Key Market Players:
The automotive camera market is consolidated. Continental AG (Germany), Robert Bosch (Germany), Valeo (France), Aptiv (Ireland), and Denso (Japan) are the key companies that are dominating the automotive camera market. The automotive camera market comprises several global market players that make it highly competitive. These players have adopted various strategies to expand their presence globally and increase their respective market share.
Recent Developments:
- In Jan 2022, Bosch entered a wide-ranging alliance with the Volkswagen Group subsidiary Cariad to develop partially and highly automated driving within the SAE Levels 3 and 4. This collaboration will introduce automated driving functions across all vehicle classes.
- Continental AG has introduced a new generation of autonomous vehicle cameras, the MCF500. The camera platform is modular, scalable, and interconnected, and it offers solutions ranging from advanced driver assistance functions (e.g., NCAP 2020) to Highly Automated Driving (HAD). It has exceptional night vision, a high picture quality of up to eight megapixels, and a broad field of view of up to 125 degrees, allowing cross-traffic items (vehicles, bicycles, pedestrians, and so on) to be spotted sooner.
- In June 2022, Valeo and BMW signed a supply deal under which Valeo will develop and produce the ADAS domain controller capable of managing all data flows from ADAS sensors in BMW vehicles based on the Neue Klasse platform. All driving assistance functions will be hosted and processed by the Valeo ADAS domain controller, powered by Qualcomm Snapdragon SoC (system on a chip). The ADAS domain controller will host Valeo’s software platform for low-speed maneuvering and software assets from BMW and Qualcomm for driving automation.
- In Feb 2023, BMW and Valeo signed an agreement for strategic cooperation, focusing on the co-development of fully automated parking technologies up to Level 4. From automated maneuver assistance to Level 4 automated valet parking, all functions will be based on technology and sensors in the car. This cooperation aims to continue delivering world-class driving and parking experiences to customers.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=125124333
Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting
Related Reports:
Autonomous / Self-Driving Cars Market – Global Forecasts to 2030
ADAS Market – Global Forecasts to 2030
Electric Commercial Vehicle Market – Global Forecasts to 2030
Electric Vehicle Market – Global Forecasts to 2030
About MarketsandMarkets™:
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automotive-camera-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/automotive-camera.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
SOURCE MarketsandMarkets
