Acumen Research and Consulting estimates that global Automotive Camera market is expected to reach the market value of around US$ 16 Bn by 2027 and is anticipated to grow at a CAGR of around 11% in terms of revenue during the forecast period 2020 – 2027.
The automotive camera is an on-board camera built to catch the best quality visual content to improve the driver's health. Such cameras are used primarily to support the driver park, to assess vehicle performance, envision at night and gather vital information. Furthermore, advanced computer vision algorithms are embedded; extracting meaningful data from the images that were collected to support the conductor for different purposes and are crucial for advanced driver help systems (ADAS).
The report provides analysis of global automotive camera market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
The increased penetration of ADAS in the automotive industry throughout the world of advanced safety systems and camera based advanced driving assistance systems is projected to drive global growth during the forecast period. Moreover, the growing motor industry and technological progress in motor vehicle cameras and increased entry into passenger cars worldwide are key factors that are projected to foster growth of the target market over the forecast period.
Another important factor driving the global market growth are increased safety and safety concerns among people driving the vehicle and stringent government road safety regulations in emerging economies. More significant factors are projected to fuel growth of the automotive market over the forecast period: rising demand for luxury cars by people in developed countries and the impact of new car valuation plans on people across the globe.
In addition, increasing technological advances in various car cameras, such as infrared cameras and thermal cameras are a major factor in the growth of the target market. Besides, increasing demand for advanced sensing cameras from vehicle owners is expected to boost global market growth due to increased traffic and road accidents in several countries.
However, some factors are expected to hinder a certain degree of global market growth due to the high installation and maintenance costs of auto cameras.
North America region is anticipated to dominate the market led by the US due to increased demand for luxury vehicles in the US and Canada. In tandem with the increased deployment of advanced driver assistance systems (ADAS), the demand for the automotive camera market is expected to rise over the next few years. Europe has a prominent share in the automotive camera market owing to the presence of a large number of car manufacturers in the region. Likewise, Asia Pacific is also expected to contribute a substantial share of the forecast period because of increased available revenues of the middle class population, growing standard of living and rising demand for automobiles. The increase in car demand in Latin America, Middle East & Africa is anticipated due to rising urbanization and economic development, which, in turn, will speed up the growth of the camera industry over the projected period.
The market research study on “Automotive Camera Market (Automotive Camera Market By Type: Digital camera, Thermal camera, Infrared camer; Automotive Camera Market By View System: Single View System, Multi Camera System; Automotive Camera Market By Type of Vehicle: Passengers car, Commercial vehicles) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Automotive Camera market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Automotive Camera market size, and segment markets by type, view system, vehicle type,, and geography along with the information on companies operating in the market. The Automotive Camera market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Automotive Camera market is segmented as below:
Automotive Camera Market By Type
Automotive Camera Market By View System
Single View System
Multi Camera System
Automotive Camera Market By Type of Vehicle
Automotive Camera Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such Panasonic Corporation, Garmin Ltd, Continental AG, Magna international, Autoliv Inc., Others.
Increasing penetration of superior safety systems is a key driver of the market.
The market value of automotive camera is anticipated to be around US$ 16 Bn in 2027.
It is anticipated to grow around 11% CAGR amid the forecast period 2020-2027.
Panasonic Corporation, Garmin Ltd, Continental AG, Magna international, Autoliv Inc, and others are the prominent players in the market.
High installation and maintenance cost.
Asia Pacific is projected to grow at a fast pace during forecast period 2020-2027.
North America held maximum share in 2019.