- Passenger Vehicle
- Commercial Vehicle
Automotive Camera Market size was valued at USD 7,759.3 million in 2022 and is expected to grow at a CAGR 11.6% from 2023 to 2029. The automotive cameras are imaging system used in automobiles to enhance the driver’s field visibility to prevent accidents and enhance the safety in driving. The automotive camera has become a vital component in the automobile industry due to the increasing prevalence of accidents. The automotive camera is designed with the Advanced Driving Assistance System to detect the obstacles on the path and to avoid the blind spots. Governments of various countries has implemented strict laws and regulations to install the rear-view safety cameras in the automobiles to enhance the safety of automated passenger counter, cyclists and others which is expected to drive the market growth in the forecasted years. In addition, increase in vehicle production, increasing demand of consumers for safety vehicles, rising sales of electric automobiles are expected to fuel the growth of automotive camera market in the forecasted years. The automotive camera is also used in the claim of insurance as it gives proofs like real time video capture during the accidents. Government initiatives regarding the vehicle safety features in the economically advanced countries like USA, Canada is expected to drive the growth of automotive camera market in this region. The increase in adoption of advanced technologies in automotive camera like trifocal camera are the latest emerging trends in automotive camera market. Trifocal camera is the combination of three different camera with different megapixels used in the detection of long distance object and depth perception. According to WHO about 2 to 3 million people die in road accidents each year. Owing to the increase in road traffic and accidents, governments of various countries has imposed strict rules and regulations to mandatorily install the automotive camera in all segments of the vehicle which is expected to drive the market growth. However, the high installation cost of multi-camera system is expected to hinder the market growth.
Automotive Camera Market Key Developments:
In June 2020, Omnivision launched world’s first image sensor for automotive cameras with a combination of Stereo flicker mitigation and a 3-micron pixel size camera.
In July 2020, ZF launched next generation ADAS camera with enhanced AEB, lane keeping and semi-automated vehicle function.
Fastest Growing Market
Automotive camera market is growing due to the increase in prevalence of accidents and due to the implementation of strict rules and regulations by government to mandatorily install safety cameras in automobiles is expected to drive the market growth. The adoption of advanced technologies in automotive camera, increasing demand of consumers for safety vehicles, increase in vehicle production, rising sales of electric automobiles are expected to fuel the growth of automotive camera market in the forecasted years. Increase in awareness of consumers in safety and the real time video proof for the claim of insurance in accident cases has fueled the market growth.
Automotive Camera market was valued at USD 7,759.3 million in 2022 and is expected to grow at a 11.6% CAGR from 2023 to 2029
North America automotive camera market is expected to dominate the automotive camera market in the forecasted years.
The leading players in the global Automotive Camera market are ADA-ES Inc., Allied Vision Technologies, Balluf, Basler AG, Autoliv Inc, Delhi Automotive PLC, Denso Corporation, Robert Bosch GmBH, Valeo S.A., TRW Automotive.
Rising production of automobiles, increase in adoption of Electric Vehicles and rising awareness of consumer safety is expected to drive the market growth.