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The automotive camera market is expected to grow from US$ 6,911.10 million in 2021 to US$ 30,140.14 million by 2028
It is estimated to grow at a CAGR of 24. 3% from 2022 to 2028. The European Commission is working on framing the regulatory standards for motor vehicles with the safety of vehicle occupants and vulnerable road users.
New York, July 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Camera Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application, Type, Vehicle Type, Level of Autonomy and Geography" - https://www.reportlinker.com/p06295647/?utm_source=GNW
The Regulation (EU) 2019/2144 of the European Parliament and of the Council of November 27, 2019, added new mandatory safety features which includes warning of driver drowsiness and distraction (e.g., use of a smartphone while driving); intelligent speed assistance; reversing safety with cameras or sensors; and data recorder in case of an accident (‘black box’) in cars, vans, trucks, and buses. The new safety features were planned to make mandatory from 2022. Thus, such government regulations and significant investments in adopting cameras in automotive vehicles for safety and comfort are fueling the Automotive camera market growth.
In addition, the key players engaged in the business are investing in advancing automotive vehicle safety features.For instance, vehicles are loaded with added features and software services equipped with systems-on-a-chip (SoCs), which help run the vehicles autonomously smoothly.
Car sensors such as cameras and radar capture data, translate it, and send it to the powertrain to enable features like emergency braking.The increasing need for enhanced safety and driving comfort has compelled Tier I companies to adopt advanced ADAS technology.
The global demand for LCVs and HCVs is increasing at a promising rate. This is expected to drive the automotive camera market soon.
For instance, ROHM passed ISO26262—an international safety standard development process certification from German certification body TUV Rheinland—and launched the “ComfySIL” brand to add an additional layer of safety and comfort for the users in 2021.Being a part of ComfySIL series, the ICs and functional safety are compliant to the ISO 26262 standards.
This is being done to improve the safety as the evolution of ADAS is fueling the number of onboard cameras. Such initiative taken by the company adds value and expedites the growth of automotive camera market.
The leading players providing the automotive cameras are significantly adopting advanced technologies addressing the trends of the automotive camera market. For instance, in May 2021, StradVision, a leading company in AI-based vision processing technology for autonomous vehicles and automotive ADAS, introduced the latest features of camera perception software named “SVNet.” SVNet, a deep learning-based perception software, supports ADAS features, including highway driving assist and automated valet parking.
Further, in June 2022, Foresight Autonomous Holdings Ltd. entered into an agreement with Hitachi Astemo Americas, Inc. to enhance distance measurement and object detection under a POC project.
In addition, the rear view camera provided by the STMicroelectronics for the automotive vehicles caters to various applications, such as state-of-the-art HDR image sensors VG6640 and a versatile image signal processor (ISP) that offering flicker-free image quality at HD resolution.It also provides its product offerings for driver monitoring system (DMS) applications.
It ensures greater flexibility for high-end computer vision applications. Thus, the rising adoption of advanced cameras is bolstering the automotive camera market growth.
Impact of COVID-19 Pandemic on Asia Pacific Automotive Camera Market
The COVID-19 crisis drastically affected two huge markets in the APAC region – India and China.Lockdown and slowdown of industrial activities across India and China attributed to the disruption of the supply chain of various raw materials and goods.
In the pre-COVID scenario, the adoption of ADAS for various vehicles was increasing rapidly, owing to the rising demand for electric vehicles and premium cars.Thus, significant growth in the adoption of automotive camera market was expected.
However, the pandemic hampered the business dynamics considerably during the first half of 2020. Shutdown of manufacturing industries, supply chain disruption, and low consumer confidence were the primary implications of the pandemic.
However, in 2021, with the relaxation of the lockdown measures, manufacturing businesses started again, leading to a resumption of production facilities.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 capabilities and feature functionality. Thus, growing investment and increasing sales of automotive in the post-pandemic period are fueling the automotive camera market growth.
Based on application, the automotive camera market is segmented into park assist and ADAS.In terms of type, the market is segmented into mono camera, sound-view camera, and rear camera.
Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. Based on geography, the global market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America.
The major stakeholders in the global automotive camera market ecosystem include raw material suppliers, automotive camera manufacturers, OEMs, and end users.Raw material suppliers are the crucial stakeholders in the ecosystem of the automotive camera market.
The major raw material suppliers include Dynaflex Corporation, Ohara Corporation, AGC Inc., SCHOTT, Canon Inc., Universe Kogaku (America) Inc., and Sunex Inc. In July 2021, Renesas Electronics Corporation introduced its new Automotive HD Link (AHL) technology that enables automotive manufacturers to deliver high-definition video over low-cost cables and connectors that currently support standard-definition video. Thus, the growing initiative taken from raw material suppliers is strengthening the production of automotive cameras, propelling the automotive camera market growth.
The automotive camera market size has been derived using primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information about the market.
The process also serves the purpose of obtaining an overview and forecast concerning all the market segments.Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights into the topic.
Participants in this process are industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the automotive camera market.
The key companies 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.
Read the full report: https://www.reportlinker.com/p06295647/?utm_source=GNW
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