Global automotive camera market is predicted to exceed USD 19 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides complete overview of automotive camera Market considering all the major Industry trends, market dynamics and competitive scenario.
According to the report, increasing concerns regarding pedestrian and passenger safety would propel market size over the projected timespan. The advancements in Advanced Driver-Assistance System and high demand for active safety features in automobiles would bolster industry growth. In addition to this, increasing instances of road fatalities would amplify the adoption of automotive camera in new vehicle models. Various government programs together with the impact of New Car Assessment Program would further escalate the demand for automotive camera.
Trifocal cameras are slated to observe significant growth in the automotive camera market owing to their premium viewing features. This system makes use of 3 cameras to provide a broader view, to assess accurate distance between vehicles and objects. Trifocal cameras can detect sudden appearance of objects or pedestrians which may result in accidents, assisting drivers in preventing them. The findings of the report suggest that the growth of autonomous and semi-autonomous vehicles is projected to amplify the adoption of trifocal cameras, further enhancing the size of the automotive camera market. Vehicle manufacturers across the globe are incorporating these cameras to differentiate their moderately prized vehicles from economic models.
The surging number of road fatalities is encouraging the acceptance of advanced vehicle safety features, which is further increasing the demand for automotive camera. These cameras are deployed in automobiles for applications such as park assist, lane departure warning, surround view, and traffic signal identification. Furthermore, these sensors find applications in driver monitoring systems to identify the lethargic behavior of drivers, thus averting accidents.
The implementation of these products is projected to augment the passenger vehicle segment to offer several robust safety features such as lane departure warning, blind spot detection, and autonomous braking system. These cameras have built-in dashboards to offer reliable and real-time proof in the event of accidents. Furthermore, these cameras provide a surround view of the street to drivers for seeing the vehicle surrounding and environment, plummeting the accident possibilities.
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The increasing manufacturing of passenger and commercial automobiles in the European nations will propel the regional automotive camera market growth. As per the European Automotive Manufacturers Association, passenger cars manufactured in Europe amassed 24% share of the worldwide passenger car production in the year 2018. Furthermore, various safety standards & regulations for car manufacturers in the EU for limiting road fatalities will offer lucrative opportunities for industry participants.
The competitive backdrop of automotive camera market includes renowned players like Magna International Inc., Continental AG, Robert Bosch GmbH, Aptiv PLC., Intel Corporation, Valeo, STONKAM CO., LTD., and Automation Engineering Inc., etc. Market giants are providing advanced camera systems supporting night vision, wide-angle view, and high-resolution sensors. These enhancements are specifically developed for effective ADAS applications by vehicle producers. In addition, automotive camera industry contenders, are investing sizeable amount in R&D as well as new product development efforts to fulfill the evolving demands of the automotive market.