Automotive Camera & Camera Module Market to witness 19% CAGR during 2017-2023
The automotive camera is becoming a crucial device due to increase in the need for safe driving. Visibility problem of the driver is one of the major causes of accident while driving. Automotive cameras capture the highest quality video to extend visibility while night driving, parking, and assess vehicle performance.
Market Research Future predicts, the Automotive Camera & Camera Module Market to witness 19% CAGR during 2017-2023 and grow to USD 19 Bn.
Increase in road security and safety concerns, implementation of stringent traffic norms by governments around the globe, and increase in road facilities are the factors proliferating the automotive camera market.
The growing influence of the new car assessment program and customers turning towards luxury vehicles are adding to the automotive market expansion.
Other factors driving the automotive camera market are an increase in the use of autonomous cars, advancement in camera sensors, and increased awareness on road safety among people.
Automotive cameras have advanced computer vision algorithm that gathers critical information from the images it captures. This contributes to advanced driver assistance systems (ADAS). Lane detection systems, blind spot detection systems, and lane departure systems are the features of ADAS. Technology advancement will boost automotive camera market.
Installation of cameras is important for safe driving. However, the cost of installation of such highly effective cameras is high. A bulk amount is required to be invest in the design of automotive cameras and the testing phase in automotive camera production. This investment increases the cost of automotive cameras. But the need for automotive camera surpasses the possible market constraints. This helps propels the automotive camera market.
Market Segmentation
Segmental analysis of automotive camera market is based on camera type, application types, vehicle type, and region
Based on camera types the automotive camera market is segmented into infrared, thermal and digital cameras. Thermal camera segment will exhibit accelerated growth in automotive camera market growth by 2023.Based on application type the automotive camera market is segmented into adaptive cruise control, lane departure warning, blind spot detection, night vision, park assist system, pedestrian detection, driver monitoring, and road sign recognition.
Based on vehicle types the automotive camera market is segmented into passenger car, commercial, and heavy vehicles.
Automotive cameras market analysis by Market Research Future in regional segments are North America, Europe, APAC, and the Rest-of-the-World.
Regional Analysis
North America is expected to maintain its primacy in global automotive camera market followed by Europe region, during the forecasted time. This growth can be attributed to the high standard of living of people in the region.
Europe shows a prominent growth in the global automotive camera market as it will witness immense growth in the installation of safety technologies. The growing passenger cars markets in Germany, the UK, France, and Italy will fuel the automotive camera market in the European region.
Asia Pacific region promises a significant growth in the automotive camera market owing to the integration of advanced technologies in automotive cameras. Rise in the disposable income will also contribute to the automotive camera market proliferation in Asia Pacific. Increase in automobile production in emerging economies like China, India, Japan, Thailand, Malaysia, and South Korea will help in upsurge of the automotive camera market in this region.
Key Players
The noteworthy players in the automotive camera market are ADA-ES Inc. (U.S.), Allied Vision Technologies (Germany), Balluf (Germany), Basler AG (Germany), Autoliv, Inc (Sweden), Delhi Automotive PLC (U.K.), Denso Corporation (Japan), Robert Bosch GmBH (Germany), Valeo S.A. (France), TRW Automotive (U.S.) among others.
Industry Updates
October 2018: Continental developed a Virtual A-Pillar that removes forward blind spots.
Virtual A-Pillar tracks the driver’s movements using an interior camera mounted just above the steering wheel. Its surround view camera, mounted on the vehicle’s exterior, feeds a live video of the vehicle’s external environment to the OLED displays embedded in the A-pillars.
September 2018: Lexus, a division of Toyota in Japan, announced the launch of camera-based mirrors. This will replace the traditional side mirrors and will improve visibility and safety of the driver.
June 2018: Aquantia, Robert Bosch, Continental, NVIDIA, and Volkswagen announced formation of Networking for Autonomous Vehicles (NAV) Alliance. This project will drive the ecosystem development required for advancement in the multi-gig ethernet networking in vehicles.