Automotive Camera Market to grow by USD 4.1 billion from 2021 to 2026 | Priority to automotive safety among customers to boost the market growth- Technavio
NEW YORK, Sept. 7, 2023 /PRNewswire/ -- The automotive camera market size is expected to grow by USD 4.1 billion from 2021 to 2026, progressing at a CAGR of 9.91% as per the latest Technavio market research report. The report has been segmented by type (viewing and sensing camera and viewing only), vehicle (passenger vehicles and commercial vehicles), and geography (North America, Europe, APAC, Middle East and Africa, and South America). Priority to automotive safety among customers is notably driving the market growth. Road transportation stands as a prominent mode of transit across numerous nations. Over the past decade, the automotive industry has been diligently enhancing road safety through accident prevention and injury reduction measures. A substantial portion of accidents stem from human errors triggered by factors such as driver fatigue, distraction, and drowsiness, often exacerbated by lifestyle changes and extended driving durations leading to sleep disorders. Consequently, heightened emphasis on automobile safety is prompting end-users to incorporate advanced safety systems in their vehicles. Innovations within the realm of automotive camera manufacturing have enabled the provision of tailored products, encouraging individuals to integrate automotive cameras into their personal vehicles. This trend is anticipated to propel the growth of the global automotive camera market throughout the forecast period. Discover insights on market size before buying full report- Download sample report
Automotive Camera Market: Segment Overview
This market research report segments the automotive camera market by type (viewing and sensing camera and viewing only), vehicle (passenger vehicles and commercial vehicles), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
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Recent trends influencing the market
The increased use of wide-angle camera technology will influence the global automotive camera market growth. The escalation of road accidents and traffic congestion has been considerable in recent years, attributed to the surge in the count of passenger cars, trucks, and buses across all regions. The safety of both passenger vehicles and commercial ones has emerged as a pressing concern for both governments and automobile manufacturers. The application of wide-angle lenses in automotive camera modules has gained prominence due to their capacity for extensive field coverage and improved image quality. Automotive Original Equipment Manufacturers (OEMs) are exploring safety solutions that identify drivers' blind spots, leading them to employ wide-angle technology to expand the cameras' coverage field. Automotive OEMs and camera module manufacturers are proactively investing in enhancing the output of wide-angle cameras, a trend projected to drive the growth of the global automotive camera market throughout the forecast period.
Major challenges hindering the market growth
The high replacement costs associated with camera modules are the major challenge to the global automotive camera market growth. Automotive cameras serve a pivotal role in eliminating blind spots, making them a vital safety component in vehicles, and enhancing drivers' precision and overall driving experience. Initially, these camera systems were predominantly available as optional features in premium and luxury vehicle categories. Nevertheless, the landscape has evolved, with their incorporation extending to entry-level vehicles in developed nations, driven by regulatory mandates and convenience demands. Manufacturers are actively striving to reduce the manufacturing costs of automotive camera systems, enabling wider adoption in mid-trim and entry-level vehicle variants. Sophisticated camera systems encompass features like expansive screen displays, GPS navigation, multiple camera integration, superior image resolution, and night vision capability. This, however, leads to price-conscious consumers, particularly in developing nations, hesitating to integrate automotive cameras due to their elevated costs. This trend could potentially limit the growth of the market during the forecast period.
What are the key data covered in the Automotive Camera Market reports:
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Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Geography
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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