The Automotive Camera Market Size is projected to grow from USD 8.3 Billion in 2024 to USD 16.0 Billion by 2030, at a CAGR of 11.5%, driven by the increasing demand for advanced driver assistance systems (ADAS) and autonomous driving technologies. Automotive cameras are becoming essential components in modern vehicles due to their ability to enhance safety, improve visibility, and support features such as lane departure warning, parking assistance, and collision avoidance. The rise in regulatory mandates for vehicle safety features, especially in regions like Europe and North America, is also expected to boost the demand for automotive cameras, significantly contributing to the market size.
In addition to safety regulations, the growing consumer preference for enhanced driving experiences and smart vehicle technologies is pushing automakers to integrate more sophisticated camera systems into their vehicles. The Automotive Camera Market Size will likely expand further as electric vehicles (EVs) and autonomous vehicles (AVs) gain traction in the automotive industry. These factors, along with advancements in imaging technologies such as AI-powered cameras and 3D imaging, will drive the global market, positioning it for robust growth over the forecast period.
Driver: Increasing consumer demand for ADAS in vehicles
Consumers worldwide are increasingly expecting their vehicles to have some level of advanced safety and driver assistance features. This growing consumer demand is a significant driver for the automotive camera market. ADAS features like lane departure warning and collision avoidance rely heavily on camera inputs. Consumers prioritize these features as they enhance safety, provide convenience, and improve the driving experience. The surge in consumer expectations for ADAS is pushing automakers to integrate advanced camera systems into vehicles to meet these demands. As a result, the automotive camera market is experiencing substantial growth to cater to the increasing need for safety and assistance features in modern vehicles. Integrating automotive cameras enables functionalities like pedestrian detection, traffic sign recognition, and parking assistance, enhancing overall safety for vehicle occupants and pedestrians alike. This consumer-driven trend toward ADAS-equipped vehicles is fueling the automotive camera market. Automakers are responding by incorporating sophisticated camera technologies to enhance safety, provide driver assistance, and meet the evolving expectations of consumers for advanced features in their vehicles. For instance, in October 2023, Hyundai (South Korea) announced that 60% of its models in India will be equipped with ADAS by 2024 and 100% by 2026. Hyundai sells vehicles such as Tucson and Ioniq 5, along with other entry-level and mid-segment vehicles. Hyundai Tucson uses forward-looking cameras and surround-view monitors, while Ioniq 5 uses monocular cameras and mirror cameras, all of which are from Hyundai Mobis (South Korea). The automotive camera market is growing rapidly to keep up with this consumer trend.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=125124333
Opportunity: Growing push for autonomous vehicles
The push toward autonomous vehicles is acting as a key growth opportunity for the automotive camera market. Autonomous vehicles, also known as self-driving cars, are vehicles that can operate without human input, using a combination of sensors, GPS, and artificial intelligence (AI) to navigate roads and traffic. They are becoming the focus of attention due to their potential to revolutionize the transportation industry, offering improved safety, increased mobility, and enhanced convenience.
Autonomous vehicles will heavily rely on automotive cameras as a crucial component of their sensor suite, providing high-resolution images and video feeds that enable the vehicle's AI system to detect and respond to its surroundings. Automotive cameras will play a vital role in enhancing the safety and efficiency of autonomous vehicles by providing a 360-degree view of the vehicle's surroundings, detecting obstacles, and enabling features like lane departure warning, blind spot detection, and automatic emergency braking. The integration of cameras with AI algorithms will enable autonomous vehicles to interpret visual data, make informed decisions, and react accordingly, ensuring a safe and smooth driving experience.
Germany to lead the automotive camera market in Europe.
Germany is expected to be the largest market for automotive cameras in the European region during the forecast period. The German automotive camera market is expected to grow due to the increasing safety awareness and government regulations mandating advanced systems in vehicles. Major German OEMs like Volkswagen and Daimler have already integrated advanced features to enhance the driving experience, offering most ADAS features as standard in their premium vehicles. Since July 2022, the country has mandated the use of ADAS features such as automotive emergency braking, driver monitoring, and lane departure warning systems. The presence of key manufacturers such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), and Continental AG (Germany) significantly contributes to this growth. Recent developments, such as camera heads enabling ADAS functionality (including 3-to-8-megapixel versions scalable up to 12 megapixels) released by Robert Bosch GmbH in September 2023, highlight the advancements and increasing demand in the market.
Key Players
The automotive camera market is dominated by global players such as Robert Bosch GmbH (Germany), Continental AG (Germany), Valeo (France), ZF Friedrichshafen AG (Germany), and Denso Corporation (Japan), and Ficosa International SA (Spain), among others. These companies adopted new product development strategies, expansion, partnerships & collaborations, and mergers & acquisitions to gain traction in the market.
Download Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=125124333