The Automotive Camera Market is projected to grow at a CAGR of 12.4% during the forecast period. It is estimated to be USD 6.8 billion in 2020 and is projected to reach USD 12.2 billion by 2025. The market growth is primarily driven by factors such as regulatory changes and increasing demand foractive safety system.
The emergence of newer safety technologies in the automotive industry and the growing demand for electric cars has 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.
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Park assist segment, by application, is estimated to hold the largest market share during the forecast period.
The park assist segment is estimated to be the largest segment of the automotive camera market. The government mandates and increasing penetration of camera-based features are some of the major factors driving this segment. Currently, park assist features are most commonly used in vehicles. The majority of vehicles are equipped with the digital rearview camera that assists the driver while parking a vehicle. Moreover, the US and Canadian governments have mandated the rearview camera because of its safety benefits. Canada has made rearview camera systems mandatory in new cars since May 2018.
Passenger Car segment is estimated to be the fastest growing market, by vehicle type, from 2020 to 2025
The passenger car segment makes a major contribution to the automotive camera market. The increased demand for safety systems in emerging markets can be attributed to improving road safety standards, supporting legislation, and consumer awareness. Additionally, several countries in Europe, North America, and Asia Pacific have introduced regulations that mandate the incorporation of various types of ADAS in the passenger car segment. The standard of living is also improving in several countries, which results in increased demand for luxury vehicles. ADAS and park assist are installed widely in luxury vehicles as a standard package than in mid and lower segment vehicles, where they are offered as optional or not available in specific variants. Hence, provide opportunities for the growth of the automotive camera market in passenger car.
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Asia Pacific to be the largest market for automotive camera in 2025
Asia Pacific is expected to account for the largest market share by 2025, followed by Europe and North America. Increasing demand for a safe, efficient, and convenient driving experience; rising disposable income in emerging economies; and stringent safety regulations across the globe are the drivers of the automotive camera market in Asia Pacific. Low automobile market penetration and increased vehicle production in this region offer attractive market opportunities to automobile manufacturers and tier-1 suppliers. With an increase in the production of vehicles, the demand for driver assist features is expected to increase. This, in turn, is expected to drive the growth of the automotive camera market in the region. Further, steady growth in the demand for semiautonomous vehicles in the emerging markets of Asia Pacific has also created an opportunity for the growth of the automotive camera market
Key Market Players:
The automotive camera market is dominated by globally established players such as Continental (Germany), Robert Bosch (Germany), Valeo (France), Aptiv (Ireland), and Magna (Canada). Also, Intel (Mobileye) (US), Autoliv (Sweden), Ficosa (Spain), and Clarion (Japan) provide automotive camera.
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