Multi Camera System Market for Automotive to Hit USD 2843.4 Million by 2025
Multi Camera System market is estimated to be USD 700.7 Million in 2017 and is projected to reach USD 2,843.4 Million by 2025, at a CAGR of 19.13% during the forecast period. The base year for the study is 2017 and the forecast period is 2018–2025.
The multi camera system market is primarily driven by the increased emphasis of insurance companies on safety features, the rise in trend of integrating additional safety features to enhance the vehicle safety performance, and increased demand for premium segment vehicles. However, the high cost of the multi camera system is inhibiting the growth of this market.
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Target Audience in Multi Camera System Market for Automotive
- Bosch (Germany)
- Continental (Germany)
- Delphi (UK)
- Magna (Canada)
- Samvardhana Motherson Reflectec (Germany)
- Valeo (France)
- Clarion (Japan)
- Texas Instruments (US)
- NXP Semiconductors (Netherlands)
- OmniVision Technologies (US)
- Xilinx (US)
- Ambarella (US).
3D display to be the fastest growing segment in multi camera system market for automotive, by display type
The multi camera system is integrated with the infotainment panel or instrument cluster, which projects 2D as well as 3D view. The growing technological innovation has boosted the market for 3D display, which is projected to grow at the fastest rate during the forecast period. The growth of 3D display is also linked to the increase in demand for premium segment vehicles. The enhancement in comfort and user driving experience by the multi camera system is responsible for the growth of 3D display segment in the multi camera system market for automotive.
The passenger vehicle segment is estimated to be the largest market in the multi camera system market for automotive during the forecast period
The passenger vehicle segment is estimated to have the largest market share of the multi camera system market due to the rising demand for ADAS features and growth of semi-autonomous and autonomous vehicles. The rising safety concerns have fueled the the growth of ADAS features, which is boosting the demand for semi-autonomous vehicles. Camera-based ADAS features help to meet the elevated safety standards, thereby governing the growth of passenger vehicles.
Asia Pacific to be the fastest growing regional market for multi camera system market for automotive
The Asia Pacific market is anticipated to be the fastest growing market for multi camera system during the forecast period. The market growth in the region can be attributed to the rapidly growing automotive sector in countries such as China, Japan, South Korea, and India. Moreover, the improving lifestyle of consumers and speedy urbanization have boosted the demand for passenger cars as well as commercial vehicles. These factors are expected to trigger the growth of the multi camera system market in the region.
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