Automotive Camera Market to Surpass USD 13.2 billion by 2031 – Exclusive Report by Transparency Market Research
Transparency Market Research
6 min read
Transparency Market Research
Vehicles with advanced technologies and increased use of advanced sensors in the market will have a significant impact.
Wilmington, Delaware, United States, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The automotive camera market was valued at US$ 5.4 billion in 2021. The Automotive Camera market is expected to reach US$ 13.2 billion by 2031. Automotive Camera market revenue will increase at a CAGR of 9.3% from 2022 to 2031.
Automobile cameras are used for a wide range of purposes, ranging from low-end devices to high-end applications, such as e-mirrors. As safety has become a top priority for new car buyers, camera systems for driver-assist systems are becoming increasingly popular. A number of safety features are also mandatorily required for drivers and pedestrians with the camera being the primary sensor for many of these safety features.
According to a new AAA Foundation for Traffic Safety study, drivers gradually grow comfortable with advanced driver assistance systems (ADAS) progressively. Drivers to watch videos, work, sleep, or even climb inside the backseat in many newsworthy incidents since they were introduced have used ADAS features such as these.
The technology is used to prevent such activities by monitoring drivers through either video surveillance or motion sensors on the steering wheel. Research conducted by AAA found that camera-based systems were superior.
To improve safety and luxury, car manufacturers are increasingly integrating autonomous features into their vehicles. The WHO estimated that 1.3 million people died on roads and 50 million were injured. Numerous of those injuries caused permanent disabilities.
Key Findings of Market Report
Consumer awareness and increasing incidences of accidents have led to the development of forward-view cameras.
As heavy commercial vehicles become more common, automotive cameras will become more popular.
Sales through OEM channels will expand market penetration for these cameras.
With an increase in parking incidence, night vision parking is expected to see significant sales growth in the market.
Due to advanced functionalities, stereo cameras will capture a large share of the market.
Global Automotive Camera Market: Growth Drivers
Safety is a major driver of the demand for automobile cameras. In addition to improving visibility and reducing blind spots, dashcams and backup cameras can also help drivers reduce accidents. With dashcams installed, drivers can reduce their auto insurance costs.
In the event of an accident or dispute, these cameras can provide evidence, reducing insurance costs for drivers. These factors will significantly raise sales in the market.
A strict safety regulation has also proved advantageous for car occupants when filing an insurance claim following an accident. Cameras and sensors on a vehicle, including blind spot detection and lane departure detection, provide a variety of applications.
Adaptive cruise control, lane-keeping assistance, and collision warnings are just a few of the features that advanced driver-assistance systems (ADAS) provide. The demand for automobile cameras has increased over the years as consumers become more knowledgeable about these devices.
Due to autonomous and semi-autonomous driving becoming more prevalent, standard cameras and sensors must be improved in order to support these technologies.
Global Automotive Camera Market: Regional Landscape
As luxury vehicles become more popular in the United States and Canada, North America is expected to dominate the automotive camera market. Over the next few years, the demand for automotive cameras will rise as advanced driver-assistance systems (ADAS) become more prevalent.
The automotive industry in the Asia-Pacific region is likely to hold a significant share of the global market. This region is expected to be a promising market in developing regions such as India and China.
Entry-level vehicles equipped with onboard cameras are subject to strict safety regulations in developing countries. With the increasing use of technology and initiatives aimed at reducing road deaths, the Indian automotive camera market is expected to grow significantly.
Global Automotive Camera Market: Key Players
With a majority of the market share controlled by a few major players, the global automotive camera market is fairly consolidated. The majority of firms spend a significant amount on developing products beyond regular digital cameras. Key players have adopted strategies such as expanding their services and organically expanding.
Key Developments
In September 2023, Omnivision presented its 8-megapixel CMOS image sensor with TheiaCelTM technology at AutoSens Brussels, an international semiconductor company specializing in digital imaging, analog, and touch technologies. By providing enhanced image quality and resolution in exterior cameras, the new solution contributes to the improvement of automotive safety. It can be utilized in the development of advanced driver assistance systems (ADAS) as well as autonomous driving (AD).
In September 2023, MEMS Drive launched an Auto-Focus module that could improve automotive cameras' image quality. This technique uses MEMS for autofocus. This silicon actuator moves the sensor itself instead of moving the optics, as it was introduced at AutoSens in Brussels.
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