July 21, 2021
According to the recent research report titled ‘Side View Camera System Market Size By Type (Single Camera, Multi-Camera), By Application (Passenger, Commercial), COVID-19 Impact Analysis, Regional Outlook, Price Trend Analysis, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report LLC, global side view camera system market is expected to record an appreciable growth rate over 2021-2027.
Growing acceptance of driver assistance systems in luxury cars, rising car ownership rate, and increasing number of road accidents are propelling global side view camera system market growth. Moreover, government support for automotive sector and standards to ensure driver & vehicle safety is enhancing the overall market outlook.
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Notably, side view cameras provide an extended view of a nearby lane to the drivers when they use the turn signal or manually activate the feature. This feature is similar to blind spot monitors in terms of functionality.
A side-view mirror can only reveal a fraction of what a camera can because of several limitations. Various leading car manufactures, such as Audi, have released vehicles with side-view cameras as an option. These systems show a video feed of nearby lane on the infotainment system screen, or on the speedometer screens in front of the driver on rare occasions.
On the downside, inconvenience due to system failure, and high implementation cost limiting the product adoption in developing and underdeveloped economies are likely to hamper the industry remuneration.
Based on type, global side view camera system market share from multi camera segment is expected to amplify through 2027, owing to product’s capability of covering 360-degree view of the surrounding. Several automobiles now come equipped with a pre-installed touchscreen display that allows drivers to select from a variety of settings and angles.
As per application spectrum, commercial segment is projected to record considerable growth over the coming years, creditable to growing transportation & logistics sector.
Elaborating on regional front, North America side view camera system industry is expected to generate modest revenues over 2021-2027, attributable to high product demand, and ongoing research & development initiatives related to these cameras. Technological advancements and new product launches by key players are likely to add to market growth. Further, increasing rate of car ownership is boosting demand for ADAS systems, adding to industry valuation.
Top firms impacting global side view camera system market trends are Samvardhana Motherson International Ltd. (SAMIL), Samsung Electronics Co. Ltd., Robert Bosch GmbH, Rearview Systems LLC, Rear View Safety Inc. (RVS), Pioneer Corporation, Panasonic Corporation, Mitsubishi Electric Corporation, Magna International Inc., Kyocera Corporation, Gentex Corporation, Ficosa International S.A., Denso Corporation, and Continental AG among others.