The global automotive camera market size was valued at USD 21.2 billion in 2021. It is expected to reach USD 69.05 billion by 2030, growing at a CAGR of 14.02% during the forecast period (2022–2030). The Automotive Camera is the rear-view system that makes reversing easier by monitoring the real-time image of the surrounding environment and recommending the steering angle for the wheel turn. This makes the Automotive Camera an integral part of the rear-view system. It makes parking a vehicle simple and convenient. In order to improve the overall safety of drivers, it was purposefully designed to produce photographs and videos of the highest possible quality.
Modern technology, such as computer vision algorithms, is incorporated into the camera installed in the car, allowing it to extract crucial data for driver assistance. It finds widespread application in the most recent generation of driver assistance systems. It is an onboard camera created to record video of the highest possible quality to enhance visibility and make driving safer for the driver. These cameras' primary purpose is to offer drivers night vision, assist drivers with parking, evaluate vehicle performance, gather crucial evidence, and evaluate vehicle performance.
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Increasing Incidences of Road Accidents to Favor Market Growth
The demand for protective features such as park assist, collision avoidance, lane departure warning, traction control, digital balance control, tire stress monitoring, airbags, and telematics is growing due to the global trend of increasing the wide variety of human beings injured or killed in automobile collisions. Innovative driving forces help structures stumble on and categorize items on the road, then offer drivers recommendations primarily based totally on that information. These installations combine radar and digital camera technologies. These structures can also regularly slow down or lock the car if it gets miles away during a collision. Over the path of the beyond few years, there has been a tremendous upward push within the wide variety of human beings killed in car accidents.
Rising Demand for Luxury Automobiles to Support Market Growth
Consequently, the Automotive Camera Market Share and the Automotive Camera Market Size are growing. In addition, more young people, particularly teenagers, are killed in automobile accidents than in any other age group. Consequently, the demand for safety features is driving the expansion of the automotive camera market and the integrated radar and camera systems market. The growing influence of the New Car Assessment Program (NCAP), the rising demand for premium automobiles, and the increased demand for safety features are all contributing factors to the market's expansion.
Extremely High Costs Associated with the Installation to Restrict Market Growth
As a result of the high costs associated with the installation of safety systems in automobiles, the automotive camera and integrated radar and camera industry is likely to experience a slowdown in market growth and market trends. This is because installing safety systems in automobiles raises overall vehicle costs. The inclusion of premium capabilities in vehicles comes with a cost to consumers in the form of hardware, app fees, and telecom service fees, which slows the growth of the market for automotive cameras and integrated radar and cameras. In addition, because these automobiles contain a wide variety of electrical components and sensors, performing maintenance on them is a challenging process that requires the assistance of trained technicians. In addition, the high cost of the systems has marginally slowed market expansion because they are so expensive.
Development of New Technologies to Boost Market Opportunities
As a result of technological advances, internal combustion and fuel-fed engines are gradually being phased out in favor of vehicles equipped with electric, hybrid, and solar energy systems, respectively. The development of autonomous technologies and advancements in ADAS (Advanced Driver-Assistant System) systems have increased user engagement while simultaneously reducing the need for direct vehicle control. The development of navigation systems installed on board vehicles has been the primary factor in making this possible. In developing new mobility technologies, manufacturers are shifting their attention away from the physical components of these systems and toward the complex software that controls them, such as ADAS (Advanced Driver-Assistant System).
As the importance of software continues to grow, manufacturers of motor vehicles are working to develop vehicles that are both more innovative and safer for their passengers. Consequently, the increasing number of technological advancements and improvements in ADAS (Advanced Driver-Assistant System) is opening up many prospects for the markets of automotive cameras and integrated radar and cameras.
The global automotive camera market has been divided into Technology, Vehicle Type, Application, and View Type
Based on technology, the global market is divided into different categories such as Digital cameras, infrared cameras, and thermal cameras.
The thermal camera division is anticipated to grow at the most rapid rate during the forecast period. This is due to the utilization of such devices in night vision systems and their usefulness in unfavorable weather conditions, including rain and fog. Additionally, it is anticipated that the infrared division will expand significantly throughout the forecast period. This is primarily attributable to incorporating infrared camera technology into autonomous vehicles.
Based on the vehicle type, the global market is divided into two main types: passenger cars and commercial vehicles.
The segment of the automotive camera market that pertains to passenger cars is anticipated to hold the largest market share during the forecast period. The growth of the mid-and economy-priced passenger car market will likely be boosted by the increasing adoption of ADAS (Advanced Driver-Assistant System) features in those market segments. The passenger car segment is the most lucrative market for active safety systems because it is the largest vehicle segment in the global automotive industry and the segment with the most market share.
Based on application, the global market is divided into two main types: ADAS (Advanced Driver-Assistant System) and Park Assist.
As a result of the fact that park assist systems are already standard on many vehicles, it is anticipated that they will hold the largest share of the market throughout the time frame in question. On the other hand, the use of LDW applications is picking up, and it is anticipated that this category will grow significantly throughout the forecast period.
Based on view type, the global market is divided into two primary categories: Single View Systems and Multi-Camera Systems.
The global automotive camera market has been segmented into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
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North America is expected to lead the global automotive camera market during the forecast period. It is anticipated that this region will dominate the industry as a result of its rapid rate of industrialization, its growing capacity for the production of automobiles, and its high-speed connectivity. Additionally, growth in customer discretionary income and an improved standard of living would drive revenue growth in the automotive camera market.
Asia-Pacific will record significant growth in the global automotive camera market. During the time specified by the projections, it is anticipated that this region will have the highest market growth. The key factors that are driving the automotive camera market in the Asia Pacific region include: