Automotive Camera Market Size Worth USD 22.47 Billion in 2032 | Emergen Research
Increasing number of road accidents is one of the key factors driving automotive camera market revenue growth
Vancouver, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The global automotive camera market size reached USD 6.92 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing safety and security concerns among consumers is one of the major factors expected to drive market revenue growth over the forecast period.
Drivers:
Rapid increase in global population, coupled with rising purchasing power of people, are resulting in increasing number of vehicle purchases. Increasing number of vehicles is leading to major problems, such as traffic congestion and road accidents. Advanced safety systems are considered the best solution to these problems, as they are integrated with automotive cameras and sensors to automatically detect any obstacle and adjust the speed of vehicles to avoid collisions. Therefore, increasing road accidents is leading to rise in demand for advanced safety systems and automotive cameras. In addition, manufacturers are investing in Research & Development (R&D) to develop advanced automotive cameras with added features and efficiency. Automotive cameras help drivers with parking, navigation, and evaluating vehicle performance, in order to avoid/reduce the consequences of an accident, which is expected to increase their adoption and thus, drive market revenue growth during the forecast period.
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Restraints:
Availability of open-market automotive cameras is one of the major factors expected to hamper revenue growth of the market. Open-market automotive cameras have a shorter life cycle, and they can give inaccurate results, resulting in road accidents. However, they are less expensive than original automotive cameras, which is increasing their preference among customers. This is expected to hamper market revenue growth during the forecast period.
Growth Projections:
The global automotive camera market is expected to register a CAGR of 11.3% over the forecast period, and revenue is expected to increase from USD 6.92 Billion in 2021 to USD 22.47 Billion in 2032. Increasing number of road accidents is one of the major factors driving revenue growth of the market.
COVID-19 Impact Analysis:
The COVID-19 pandemic has had a wide-ranging impact on the global automotive camera market, as it has slowed down global economic growth. The mobility industry is one of the most hard-hit industries by the pandemic, and disruption in supply chain, regulatory trends, and changing consumer behavior have adversely affected the automotive camera market. In addition, the COVID-19 pandemic has delayed development and testing of advanced automotive camera technologies in various vehicle safety systems, such as park assist system, Lane Departure Warning System (LDWS), Adaptive Cruise Control System (ACC), and Advanced Driver Assistance Systems (ADAS), among others. This is expected to hamper market revenue growth during the forecast period.
Current Trends and Innovations:
Increasing awareness campaigns by governments of various countries to promote road safety has led to greater need for vehicles with advanced safety features. Therefore, vehicle owners are changing their old vehicles to technologically advanced ones. Rising awareness about vehicle and road safety is expected to result in increasing sales of vehicles equipped with advanced safety technologies, which in turn, is expected to increase demand for automotive cameras and sensors. Rising demand for vehicles with safety features is expected to drive market revenue growth during the forecast period. In addition, increasing need for higher efficiency with low costs is expected to support revenue growth of the market in the near future.
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Geographical Outlook:
Europe is expected to register a significantly rapid revenue growth rate during the forecast period, owing to strong presence of major companies developing automotive cameras, such as Robert Bosch GmbH, Continental AG, Aptiv Plc, and Autoliv, Inc., among others, in the region. Increasing investments by these automotive companies for developing autonomous vehicles is leading to increasing deployment of automotive cameras in vehicles, which in turn, is expected to drive market revenue growth in the region.
Scope of Research
Report Details | Outcome |
Market size in 2021 | USD 6.92 Billion |
CAGR (2023–2032) | 11.3% |
Revenue forecast to 2032 | USD 22.47 Billion |
Base year for estimation | 2022 |
Historical data | 2019–2021 |
Forecast period | 2023–2032 |
Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered | Vehicle type, technology, application, and region |
Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
Key companies profiled | Intel Corporation (Mobileye, Inc.), Robert Bosch GmbH, Denso Corporation, Continental AG, Magna International, Inc., Valeo S.A., TRW Automotive U.S. LLC, Aptiv Plc, Autoliv, Inc., and Garmin, Ltd. |
Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global automotive camera market is fairly fragmented, with a number of large and medium-sized players accounting for majority market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, and developing, testing, and introducing more effective automotive cameras. Some major companies included in the global automotive camera market report are:
Intel Corporation (Mobileye, Inc.)
Robert Bosch GmbH
Denso Corporation
Continental AG
Magna International, Inc.
Valeo S.A.
TRW Automotive U.S. LLC
Aptiv Plc
Autoliv, Inc.
Garmin, Ltd.
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Strategic Developments
In November 2021, Valeo S.A. launched WoodScape, the first-ever open-source dataset of a surround-view fisheye camera, to improve automated driving and parking. WoodScape contains over 10,000 images captured by multiple Valeo vehicles from across Europe, using four automotive-grade surround-view fisheye cameras, as well as annotations for applications, such as depth estimation, visual odometry and semantic segmentation, 2D object detection, motion segmentation, and end-to-end driving. The main objective of the launch is to help drivers classify various objects easily in the surrounding.
In August 2019, Robert Bosch GmbH developed Artificial intelligence (AI) camera for Advanced Driver Assistance System (ADAS). The camera uses various technologies for surround sensing, including ultrasound and radar. The cameras will let vehicles incorporating driver assistance, automatic emergency braking, and automated driving to see all objects in the surrounding. The company claims that this camera is as good as a human eye.
In August 2019, Continental AG launched the Road AND Driver camera, which monitors both the driver and traffic in front of the vehicle. The dual-camera system monitors the surrounding and checks driver’s attention on the road. The Road AND Driver camera is mounted behind the windshield, above the rear-view mirror, and faces the driver. The aim of the launch is to reduce accidents caused by human behavior.
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Emergen Research has segmented the global automotive camera market on the basis of vehicle type, technology, application, and region:
Vehicle Type Outlook (Revenue, USD Billion; 2019–2032)
Passenger Vehicles
Commercial Vehicles
Technology Outlook (Revenue, USD Billion; 2019–2032)
Infrared Camera
Thermal Camera
Digital Camera
Application Outlook (Revenue, USD Billion; 2019–2032)
Park Assist System
Lane Departure Warning System (LDWS)
Adaptive Cruise Control (ACC) System
Driver Monitoring System
Autonomous Emergency Braking (AEB) System
Blind Spot Detection (BSD)
Others
Regional Outlook (Revenue, USD Billion; 2019–2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
BENELUX
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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