The Automotive Camera Market is projected to grow at a CAGR of 10.62% during the forecast period. It is estimated to be USD 7.5 billion in 2018 and is projected to reach USD 15.1 billion by 2025. The market growth is primarily driven by factors such as regulatory changes and increasing demand for active safety system.
The emergence of newer safety technologies in the automotive industry and the growing demand for electric cars have driven the automotive camera market. Added safety and convenience for the driver has been a major objective of developing camera systems. Moreover, the increasing government mandates related to active safety system are driving the automotive camera market. For instance, in May 2018, the government of Canada and the US mandated that all vehicles under 10,000 pounds must be equipped with a backup camera. Also, the US government has a voluntary agreement with many manufacturers to fit autonomous emergency braking (AEB) by 2022. European governments are focusing on mandating ADAS such as an emergency braking system and lane departure warning system. These mandates are expected to drive the automotive camera market. However, the regional adoption of camera technology varies according to government norms and customer preference. Moreover, vehicle manufacturers plan to offer advanced features such as a multi camera system in vehicles to acquire more customers and boost profitability, thereby inflating the growth of the automotive camera market.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=125124333
The Asia Pacific automotive camera market is expected to grow at the highest rate, followed by RoW, North America, and Europe. The growth of the Asia Pacific market can be attributed to the growing automotive sector in countries such as China, Japan, South Korea, and India. Moreover, the increase in per capita income, improved lifestyle of consumers, and speedy urbanization have boosted the demand for passenger vehicles as well as commercial vehicles in the region. The increase in demand for vehicles is likely to trigger the growth of the automotive camera market in the region.
The ADAS segment of the automotive camera market, by deployment, is expected to grow at the highest CAGR during the forecast period due to the increasing trend of integrating additional safety features in the vehicles. The camera system helps in the functioning of ADAS features such as object detection, blind spot detection, and traffic sign recognition. OEMs now offer advanced features to gain a competitive advantage. Most of these features use cameras for their operation. Thus, the increase in ADAS features in vehicles will fuel the demand for automotive cameras.
Thermal cameras are used in night vision technology to detect objects while driving a car at night. The system uses thermal cameras in conjunction with image sensors and display systems on dashboards. OEMs such as Audi, BMW, GM, and Honda provide thermal cameras in night vision systems in their high-end passenger car models. According to the NHTSA, in 2016, 42% of the fatal crashes happened during the night. Therefore, OEMs are focusing on deploying night vision systems to reduce accidents at night, which in turn would drive the market of thermal cameras. Moreover, commercial fleet owners have also started deploying a night vision system in their vehicles, which is driving the market for thermal cameras. The increasing use of cameras for driver assistance in the commercial vehicle segment can provide a huge opportunity for automotive camera manufacturers in the future.
All the factors mentioned above are fueling the growth of the thermal camera segment in the automotive camera market. With the increasing stringency of emission norms, camera providers can focus more on the thermal segment as they can expect a huge demand from the developing countries of Asia Pacific, North America, and Europe.
Get Detail Insight @ https://www.marketsandmarkets.com/Market-Reports/automotive-camera-market-125124333.html
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
sales@marketsandmarkets.com