Automotive Camera Market Size and Share Analysis | Industry Growth Forecast to 2027
AutomotiveCamera Market will exhibit a CAGR of 21.5%during the forecast period, and USD 10.1 billion by 2027, and theMarket value as per 2019 was USD 3.8 billion.
FortuneBusiness Insights™ in a new report, titled, “Automotive CameraMarket Size, Share & Industry Analysis, By Technology Type (Stereo, Monocular),By Application Type (Park Assist System, Lane Departure Warning System, BlindlSpot Detection, Lane Keep Assist, Road Sign Assistance, Adaptive Cruise Control(ACC), Intelligent Headlight Control, Others), By Vehicle Type (Passenger Carsand Others), and Regional Forecast, 2019-2026.”
Automotive Camera Market Drivers and Restraint:
Stringent Safety Norms Imposed by Governments to Drive Growth
Accordingto the World Health Organization (WHO) around 1.3 million people die each yearin road accidents. Due to the increasing number of road traffic accidents,governments around the globe have made it mandatory to install cameras in allsegments of vehicles. Stringent norms imposed by the government are driving themarket growth. For example, in 2014, the National Highway Traffic SafetyAdministration (NHTSA) made it mandatory to equip all vehicles with camerasintegrated with rear view visibility systems by 2018. Similarly, TransportCanada imposed regulations to equip all new cars with a rearview camera by2018.
Increasing Adoption of Advanced Cameras in Vehicles to Boost theMarket
Increasingadoption of advanced cameras integrated with the Advanced Driver AssistanceSystem (ADAS) is expected to drive the market during the forecast period. Forexample, cameras integrated with Driver Monitoring System (DMS) detect drowsybehavior of the driver. A combination of these components focuses on thedriver’s driving pattern and facial expressions. If the driver’s drivingpattern changes, the DMS sends a warning signal to the driver. Further, if thedriver doesn’t stop the vehicle, the DMS along with adaptive cruise controlsteers the vehicle away from the road and stops it automatically. Additionally,cameras integrated with the ADAS system are used in various applications suchas lane keep assist, park assist, adaptive cruise control (ACC), etc. Thegrowing inclination of consumers towards ADAS is boosting the growth of theglobal market.
RESTRAINING FACTORS:
High Installation Cost of Advanced Cameras to Restrain MarketGrowth
Thehigh Installation cost of advanced automobile cameras integrated with driverassistance systems is restraining the growth of the market. Increasing adoptionof driver assistance systems has driven the demand for multiple cameras invehicles. These cameras are used for parking assistance, lane keep assists, andblind-spot detection applications. The multi-camera system has complicatedconnections and increased electronic systems and wiring. Therefore, theinstallation of a multi-view camera results in the installation of othercomponents, which in turn increases the cost of the vehicle.
List of Key Players Covered in the Automotive Camera MarketReport:
- Autoliv, Inc. (Stockholm, Sweden)
- Continental AG (Hanover, Germany)
- ZF Friedrichshafen (Friedrichshafen, Germany)
- Robert Bosch GmbH (Gerlingen, Germany)
- Ricoh (Tokyo, Japan)
- Valeo (Paris, France)
- Magna International (Aurora, Canada)
- Denso (Aichi, Japan)
- Garmin Ltd (Kansas, United States)
- OmniVision (California, United States)
- Mobileye (Jerusalem, Israel)
- Kappa optronics GmbH (Lower Saxony, Germany)
- Ambarella (California, United States)
To gain more insights into the market with a detailed tableof content and figures, Click Here: https://www.fortunebusinessinsights.com/industry-reports/automotive-camera-market-101912
Some of the key industry developments in the AutomotiveCamera Market Include:
- June 2020 – Omnivision launched the world’s first image sensor for vehicle cameras, which offers a combination of STEREO flicker mitigation (LFM) and 3-micron pixel size integrated with 140db HDR. It also consists of features such as lens correction and defect pixel correction.
- January 2019 – Ambarella launched the camera System on Chip (SoC) for driver assistance systems. This camera offers high resolution and consumes less power. It also consists of enhanced software and network processors that enable it to extract valuable data from high resolution video.
- January 2020– Garmin International Inc. launches its first dual lens dash camera known as the Garmin Dual Cam Tandem that offers wide-range coverage of the surrounding to the driver. Its 180-degree angle view lenses, 1440p high definition front facing camera and the NightGlo technology captures day and night images in the tandem.
