The increasing need for convenience and safety features in passenger cars as well as commercial vehicles drives the demand for automotive cameras. Safety and security features such as adaptive cruise control, anti-theft, lane departure warning, and others help in avoiding fatal accidents while elevating security levels. Such advanced features are integrated in a vehicle with the help of electronic components.
Factors such as the New Car Assessment Program (NCAP) and rising demand for luxury vehicles are expected to stimulate market growth during the forecast period. The global automotive camera market was valued at USD 7.53 billion in 2018 and is expected to reach a value of USD 16.88 billion by 2026 with an anticipated CAGR of 10.62% during the forecast period, 2019–2026.
Prominent Regions in the Automotive Camera Market
To better assess and gauge market dynamics, we have classified the automotive camera market into various five regions, namely North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
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With voracious demand and growth potential in the manufacturing of vehicles across developing nations such as India and China, Asia-Pacific has long emerged as the most eminent region in the global market. The evolution of technological concepts and ascending demand for electric vehicles are further expected to propel the growth of the automotive camera market.
The rising demand for cameras in several industries such as manufacturing, automobile, and others is expected to impart momentum to the growth of the automotive camera market in North America. Increasing competition, along with globalization and digitalization, is expected to further boost market growth. Safety requirements and changing consumer demands in the automobile industry are paving way for innovation in the automotive camera market.
The presence of leading manufacturers provides impetus to the automotive camera market in Europe. Germany is a prominent market for car manufacturing and accounts for significant exports globally. According to the European Automobile Manufacturers Association (ACEA), the European Union exported 5.4 million passenger cars in the year 2017. The figure reflects the various opportunities available in the region’s automotive camera market. Additionally, regions such as the U.K., France, Belgium, Spain, Italy, and the Netherlands are potential markets for automotive cameras, owing to technological advancements.
The Middle East and Africa region is expected to exhibit promising growth in the automotive camera market during the forecast period. Turkey, Iran, and South Africa are pegged to be the prominent markets in the region, with rapid industrialization, especially in the automotive sector. Latin America is expected to acquire a significant market share over the forecast period, owing to the increasing inclination towards autonomous vehicles with technological components.
Segments Studied in the Report
To understand the automotive camera market in an all-inclusive manner, we have considered technology, vehicle type, and application as the key segmentation criteria.
Based on technology, the automotive camera market is segmented into thermal camera, digital camera, and infrared camera. Rapid digitalization in the automotive industry is a significant factor driving the growth of the thermal camera segment. The sector is observed to be adopting several technologies associated with artificial intelligence to enhance the efficiency of automotive cameras.
By vehicle type, the automotive camera market is segmented into passenger cars and commercial vehicles. Development in the field of electric vehicles and semi-autonomous commercial cars and tracks contributes to the growth of the commercial vehicle segment. To effectively manage the size of goods being carried in commercial vehicles, government institutions around the globe have implemented numerous regulations and policies. For instance, in the U.S., the Federal Motor Carrier Safety Administration (FMCSA) is responsible for preventing injuries and fatalities related to such vehicles.
The market can be broadly classified into several categories based on application; some of them are lane departure warning, blind spot detection, night vision, pedestrian detection, driver monitoring, road sign recognition, park assist system, and adaptive cruise control. The increasing traffic flow is encouraging automotive manufacturers to integrate their vehicles with automotive intelligent park assist systems, which drives the growth of the park assist system segment.
Automotive Camera Market: Segmentation
By Vehicle Type
Regions Covered in the Report
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now