Global Statistics Representing Automotive Camera Market Scenario
An automotive camera is designed to capture high-quality videos to enhance visibility for the driver. These cameras are embedded with advanced algorithms of computer vision to extract valuable data from the captured images. This data plays a crucial role in Advanced Driver Assistance Systems (ADAS), assisting the driver in performing various activities. The adoption of ADAS technology is burgeoning market growth. According to a report by the wholesale insurance provider, Swiss Re, ADAS technology has the potential to reduce motor accident frequencies by up to 25% and cut car insurance by USD 20 billion by 2020. Increasing safety concerns and growing consumer awareness about ADAS systems are the key driving factors for the automotive camera market. 36% of automotive companies use ADAS technology.
Upcoming Trends Expected to Affect the Automotive Camera Market in the Future
Recent Developments in the Market by Market Participants
Which Segment is Pegged to Emerge Dominant in the Global Automotive Camera Market?
While there is room for various classification bases in the study of the global automotive camera market, the prominent ones worth considering are technology, vehicle type, and application.
Thermal camera, digital camera, and infrared camera are the technologies studied in the report. Thermal cameras offer an exceptional advantage and thus, find novel applications; for instance, the detection of heat through smoke, darkness, or heat-permeable barriers drives the adoption of thermal cameras among firefighters. Thermal cameras can identify and display temperature differences to enhance vision while dealing with difficult conditions.
Reflecting upon vehicle type, the automotive camera market can be segmented into passenger cars and commercial vehicles. Developments in the field of electric vehicles and semi-autonomous commercial cars are contributing to the growth of the commercial segment. According to the International Organization of Motor Vehicle Manufacturers, China alone produced 4,279,773 commercial vehicles in 2018.
The market can be broadly classified into lane departure warning, blind-spot detection, night vision, pedestrian detection, driver monitoring, road sign recognition, park assist system, and adaptive cruise control on the basis of application. On account of the increasing traffic flow, the park assist system segment is expected to register relatively significant growth in the automotive camera market. According to the American Automobile Association, tested park assist systems were able to parallel park using 47% fewer maneuvers than unassisted drivers.
Which Region is Slated to Witness the Most Prominent Growth in the Automotive Camera Market?
To evaluate the global automotive camera market more comprehensively, we have explored the market through five regions, namely North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The dominance of Asia-Pacific in the global automotive camera market can be attributed to the rapid growth of industrialization and rising consumerism in automotive and transportation sectors. Moreover, several government initiatives regarding safety are also expected to impart momentum to market growth in the region. For instance, the government of India has drafted rules and regulations for manufacturers to improve road safety and alert them to integrate cameras, airbags, antilock braking system (ABS), and speed warning systems as standard equipment in cars from October 2018. This step taken by the Indian government is a critical factor driving the automotive camera market in the country.
The automotive camera market in North America is expected to witness significant growth during the forecast period, owing to the inclination towards vehicle electrification by consumers and original equipment manager (OEMs). Safety mandates and regulations in the region have compelled OEMs to manufacture passenger cars that feature advanced technologies, which is a significant factor in driving market growth in the region.
Structuring of rules and regulations is foreseen to usher the growth of the automotive sector during the forecast period in Europe. These regulations mainly focus on road safety to curb road accidents and the associated fatalities.
Latin America, owing to the rising popularity of social networking sites, is expected to gain a significant share in the automotive camera market during the forecast period. The digital camera market in the region is likely to leverage the rising replacement rate and innovation.
Some of the prominent market participants in the automotive camera market are Allied Vision Technologies (Germany), Balluf (Germany), Delhi Automotive PLC (U.K.), Robert Bosch GmBH (Germany), Denso Corporation (Japan), Autoliv, Inc (Sweden), ADA-ES Inc. (U.S.), Valeo S.A. (France), TRW Automotive (U.S.), and Ambarella (U.S.).
These participants are focusing on strategic collaborative initiatives to expand their market shares. For Instance, in September 2017, Balluf acquired two companies: ISS Innovative Software Services GmbH (ISS) and Matrix Vision GmbH. Matrix Vision company is specialized in camera-based sensor systems, including standard industrial cameras, video sensors, embedded systems and software, and others.
Which Future Developments are Expected to Impact the Automotive Camera Market?
What Details Does the Automotive Camera Market Report Cover?
Global Automotive Camera Market: Segmentation