Automotive Camera Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021 - 2026
The consistent advancements in technology ensures several opportunities for automotive manufacturers in order to enhance vehicular features. Additionally, the growing demand for autonomous vehicles is booming the automotive camera market. As per the recent report released by the National Highway Traffic Safety Administration (NHTSA), around 37,133 people were killed in motor vehicles accidents in 2017, which includes 3,166 deaths due to distraction-related crashes. [1] The growing demand for the automotive camera will reduce the number of car accidents and substantially improve parking area damages. As of 2018, the global automotive camera market size stood at $11.34 billion, and the demand will increment with a compound annual growth rate (CAGR) of 9.75% during a forecast period of 2019-2025.
Europe is the leading region in the automotive camera market. Significant demand for advanced driver assistance systems (ADAS) along with mandatory rules for installation of safety accessories and technologies in countries such as Germany, UK, and France is expected to drive the Europe automotive camera market. As of 2018, the European region contributed 26.37% of the global automotive camera market demand.
Global Automotive Camera Market: Overview
Automotive Camera, also known as dash cam, dashboard camera, driving recorder, event data recorder (EDR), or car DVR, can continuously record the view of the wide window screen. The capability of DVR to record acceleration/deceleration, steering angle, and speed is catching the attention of a wider pool of consumers. As the price of these features become more affordable, the greater volume of demand will be incoming in the near future.
Driver monitoring system and part assist system are some of the major application in the automotive camera market. The features of the applications such as traffic sign recognition, object detection, and blind spot detection are likely to fuel the demand growth in the automotive camera market. The driver monitoring system application segment will grow at a CAGR of 11.41% through the aforementioned forecast period.
Global Automotive Camera Market: Growth Drivers
Automotive camera can give evidence in the event of road accidents such as in crash, and run cashes, and malicious damage. As awareness increases, the cases of road rage are anticipated to lure newer customers and stroke the growth of the automotive camera market.
Increasing adoption of the automotive camera owing to the fact that it will be beneficial in saving money on paying insurance when car is crashed due to someone else's faults.
The growing popularity among youngsters for recording the video while traveling is booming the automotive camera market.
As per a report by Panasonic, camera technology in the average car will increase to more than two cameras by the year 2023 to help the drivers with more safety.
Global Automotive Camera Market: Trends
The innovations in the new automotive camera can record the interior as well as exterior of the car in 360 degree and can automatically send the record pictures and video on real time via good network speed.
The use of G-sensors in the camera ensures the past recordings are not overwritten by the new data. The innovations in the G-sensor are now available in the market with full HD camera for clear picture and can record the wide angle from 120 to 360 degree. The night vision motion detector G-sensor automotive camera is gaining popularity in the automotive camera market.
The increasing availability of automotive camera that includes Wi-Fi, Bluetooth, and 4G connectivity along with voice command and recording features are leveraging the automotive camera market size in near future.
The advancement in the automotive camera to safeguard the vehicles from accident is gaining major traction from the consumers. The alert systems tool notifies when the vehicle is drifting out of the lane or some objects approaching in the front of the vehicle.
The growing lucrative opportunities for micro market to find different approaches, innovations, and to invest on the automotive camera market.
Global Automotive Camera Market: Challenges
The major challenge in the automotive camera market is the fact that not all the vehicles are incorporated with the cameras owing to the privacy concerns raised by the customers. However, the government regulations that are making the incorporation of camera imperative are alleviating the problem. Moreover, the future foresees the emergence of autonomous vehicles, and it's quite evident in the growth prospects that are taking place in the self-driven trucks and autonomous vehicles market that is projected to significantly support the automotive camera market.
Global Automotive Camera Market: Key Players Perspectives
Some of the major key players in the automotive camera market are Continental AG, Magna International Inc, Mobileye N V, Omnivision Technology Inc, Robert Bosch Gmbh, Valeo, Aptiv Plc, Autoliv, Inc, Automation Engineering Inc, and Stonkam Co, Ltd.
Automotive Camera Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Automotive Camera Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of automotive camera market, and its segmentation on the basis of applications that includes OEMs and Aftermarket.
Automotive Camera Market Report: Industry Coverage
The report analyses the product demands by the Automotive Camera Market on the basis of type that includes in-vehicle camera, side view camera, rear view camera, AVMS camera, and driving recorder. The Automotive Camera market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
North America: The U.S., Canada, Mexico
South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
Middle East and Africa: Israel, South Africa, Saudi Arabia
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