Rising Demand for Electric Vehicles Poses Potential Growth Opportunities for Automotive Camera Market During 2021–2028
According to our latest market study on “Automotive Camera Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, Vehicle Type, and Level of Autonomy,” the market is projected to reach US$ 30,140.14 million by 2028 from US$ 6,911.10 million in 2021; it is expected to grow at a CAGR of 24.3% from 2022 to 2028.
The evolution of electric cars is moving at a faster pace. Currently, electric cars are equipped with ADAS and automotive cameras, such as mono cameras, rear view cameras, and surround view cameras, for a better driving experience. The growing adoption of electric vehicles is primarily attributed to the increasing demand for low-emission vehicles and growing supportive regulations for zero-emission vehicles through subsidies and tax rebates that compelled the manufacturers to provide electric cars worldwide. When switching to an electric vehicle, customers expect a higher level of digital experience, coupled with advanced driving features. The growing production capabilities of EVs strengthen the demand for automotive cameras. For instance, in May 2022, PMI Electro, an Electric bus maker, announced the plan to set up its largest commercial EV manufacturing plant having an annual production capacity of 2,500 vehicles. In May 2022, Hyundai Motor Group planned to establish its first dedicated EV plant and battery manufacturing facility in the US with an investment of around US$ 5.54 billion. It will hold the production capability of 300,000 units by the first half of 2025. Thus, such growth prospects in EV industry is anticipated to hold potential demand for automotive camera that helps drive the market growth over the projected period.
In July 2021, Samsung Electronics introduced its first automotive image sensor – ISOCELL Auto 4AC. The sensor will be used for reverse cameras and surround-view monitors in cars and SUVs to deliver a high-definition feed (with a resolution of 1280x960) to the driver of the vehicles. Thus, such upcoming developments in the automotive camera market are expected to augment the market size during the forecast period.
The growing demand for advanced systems such as night vision, road sign recognition, and drowsiness monitoring systems is anticipated to drive the automotive camera market in the coming years. The demand for ADAS, including adaptive cruise control and autonomous emergency braking systems, is expected to grow due to supportive government regulations to enhance road safety and mitigate road accidents. For instance, the European Union announced the installation of advanced safety systems in all new cars from mid-2022 to reduce the number of road fatalities. The growing initiatives for adopting the ADAS in European countries and their associated advantages are boosting the growth of the automotive camera market in Europe.
The automotive camera market is segmented based on type, application, vehicle type, level of autonomy, and geography. Based on type, the market is segmented into mono camera, surround view camera, and rear view camera. Based on application, the automotive camera market is segmented into park assist and ADAS. In 2021, the park assist segment accounted for a larger market share as it helps drivers park a vehicle with greater precision, using guidance system technology that rivals ultrasonic and other camera-based solutions with superior, advanced technology. Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. In 2021, the passenger cars segment accounted for a larger market share owing to the high adoption of advanced safety systems in cars. Based on level of autonomy, the market is segmented into L1, L2, L3, and others. In 2021, the L1 segment accounted for the largest market share. The L1 autonomy helps keep a safe distance between the vehicle and traffic ahead without any intervention by the driver. The market analysis helps to understand the upcoming trends, new technologies, and macro and micro factors that influences market growth.
Based on geography, the automotive camera market is segmented into five key regions – North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific held the largest revenue share in 2021, followed by Europe and North America. Asia Pacific is projected to register the highest CAGR in the automotive camera market from 2021 to 2028. The automotive camera market forecast helps analyze the upcoming market trends in various regions across the globe.
Automotive Camera Market – by Geography, 2021
Automotive Camera Market Size & Share | Report Analysis to 2028
Download Free SampleAutomotive Camera Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Park Assist and ADAS), Type (Mono Camera, Surround View Camera, and Rear View Camera), Vehicle Type (Passenger Cars and Commercial Vehicle), Level of Autonomy (L1, L2, L3, and Others) and Geography
The key players operating in the automotive camera market include Aptiv; Autoliv Inc.; Continental AG; FLIR Systems, Inc.; Gentex Corporation; Magna International Inc.; Mobileye; Robert Bosch GmbH; STONKAM CO., LTD; and Valeo. The automotive camera market report provides detailed market insights which help the key players to strategize the growth in the coming years.
Impact of COVID-19 Pandemic on Automotive Camera Market
The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020. The crisis hampered the business activities in manufacturing industries. The pandemic slowed down the investment and production units, hampering the business dynamics of the automotive camera market. During the initial days of the pandemic, all business deals, collaborations, and partnerships were restricted, which significantly shattered the automotive camera market. However, from 2021, the automotive industry is improving faster with a significant rise in demand for automotive vehicles. The growing initiatives from key players for advancing the automotive camera is fueling the market growth in the post-pandemic period. For instance, in June 2020, Mercedes-Benz and NVIDIA entered a partnership to create a revolutionary in-vehicle computing system and AI computing infrastructure. The continued evolution of the electric vehicle (EV) category has presented the industry with a wide range of opportunities and solutions in the pandemic recovery period. For instance, in July 2021, Magna International Inc. and Veoneer announced a definitive merger agreement. The initiative aimed to enhance Magna’s ADAS systems capabilities and feature functionality. Thus, growing investment and increasing sales of automotive in the post-pandemic period are fueling the automotive camera market growth.
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