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The global automotive camera market size was USD 3.5 billion in 2018 and is projected to reach USD 8.5 billion by 2026, exhibiting a CAGR of 12.1% during the forecast period.
A vehicle consists of various cameras and signaling components integrated with the ADAS system, which help improve the safety of the vehicle. The automotive cameras play a vital role as it locates obstacles, especially from the blind spot area. The camera and signaling components are equipped in the rear, side and front of the vehicle. As per the World Health Organization, around 1.25 billion people die, and approximately 20-50 billion people get injured in road accidents. The primary cause of road accidents is the mistakes made by the driver amid less attention or fatigue. Various governments in developing countries have imposed stringent safety regulations on manufacturers to equip automotive cameras right from entry-level vehicles. Stringent safety regulations are also proving beneficial for the passengers at the time of the accident to claim towards insurance companies. The cameras and sensors are combined with the vehicles that offer various applications such as lane assist, blind-spot detection and adaptive cruise control (ACC) which help to avoid collision with any obstacles or vehicles. Rising sale and production of vehicles and increasing disposable income of consumers is one of the significant factors driving the growth of the market over the forecast period. The fluctuating raw material prices are the prime factor restraining the growth of automotive camera over the forecast period.
Use of Advanced Safety System is One of the Major Market Trend
Key market players are continuously investing in R&D to develop innovative and advanced cameras which would help to avoid vehicle theft activities. For example, in 2019 Tesla launched Sentry Mode which helps to avoid car break-ins and theft. Sentry mode continiously monitor the environment around the vehicle when its left unattended. If a minimal threat is detected such as a person leaning on the car, the Sentry mode switches an alert and displays a message that the cameras are recording. If severe threat is detected such as anyone breaking the car’s window the “Alarm” is turned on, plays the car’s audio system at maximum volume and also sends an alert to the owner of the vehicle from tesla mobile app.
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Stringent Safety Norms Imposed By Government Is Expected To Drive the Market over the Forecast Period
Owing to the increasing number of road accidents, various governments across the globe have made it mandatory to equip cameras in the vehicle to enhance the safety of the occupants. Stringent norms imposed by the government is anticipated to drive the market over the forecast period. For example, the National Highway Traffic Safety Administration (NHTSA) has made it mandatory to install rear view cameras in new SUVs, LCVs and HCVs starting from May 1, 2018.
Rising Demand for the Advanced Automotive Camera Is Expected To Propel the Growth of the Market during the Forecast Period
Rising demand for advanced cameras is anticipated to drive the market during the forecast period. Key manufacturers have heavily invested in R&D to develop advanced cameras for the vehicles to improve the visibility and safety of the car. Advanced automotive camera offer high performance than regular recording cameras, as they are combines with ADAS system. These cameras are cost-effective, robust and also meet the industry standards. Advanced cameras provide remote sensing technologies which collect real-time data from sensors such as ultrasonic sensors and RADARs. Increasing adoption of advanced cameras combined with ADAS is anticipated to drive the market over the forecast period.
High Cost of Installation of Multi Camera System is Major restraint of Automotive Camera Market.
The high end multi camera system consist of various cameras integrated with interior display system. Therefore, multi camera system comes with complex connections and increased electronics system and wirings. Installation of multi view camera leads to installation of additional components which in turn increases the cost of the vehicle.
Stereo Type Segment Is Expected To Hold the Largest Market Share during the Forecast
By technology type, automotive camera market is segmented into stereo and monocular. The stereo camera segment is anticipated to dominate the market over the forecast period. The stereo camera consists of a lane assist system, forward collision warning system and adaptive cruise control. The stereo camera consists of two cameras that accurately calculates the distance between an obstacle and the vehicle. Increasing adoption of stereo cameras in autonomous driving and collision sensing equipment is expected to maintain dominance over the forecast period. The monocular camera segment is anticipated to show good growth over the forecast period amid rising adoption of these cameras in entry-level vehicles.
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Adaptive Cruise Control Segment is expected to dominate the Market during the Forecast Period
By application type, the automotive camera market is segmented into the park assist system, lane departure warning system, blind-spot detection, lane keep assist, road sign assistance, adaptive cruise control (ACC), intelligent headlight control and others. The adaptive cruise control (ACC) segment is expected to dominate the market over the forecast period. ACC helps to maintain a safe distance between two cars, and if any vehicle is nearing the car, it alerts the driver to apply the brakes if the driver fails to apply brakes ACC automatically slows down the vehicle and avoid the collision. Growing inclination of consumers towards advanced safety technology is expected to maintain the dominance of ACC during the forecast period. Blind-spot detection segment is expected to hold the second-largest position in the market. Blind-spot detection system uses camera and sensors which are equipped at both the sides of a vehicle. With the help of a camera and sensors, blind-spot detection alerts the driver about the vehicle nearing any obstacle.
Passenger Car Segment is estimated to Display Good Growth over the Forecast Timeframe
Based on vehicle type, further, the market has been segmented into a passenger vehicle and commercial vehicle. The passenger vehicle segment is projected to show dominance in the market over the forecast period owing to the increase in production and sales of the passenger vehicle. Rising adoption of safety features in passenger vehicles, such as ACC, blind-spot detection, lane keep assist is anticipated to drive the passenger cars segment. Commercial vehicle segment is also estimated to show good growth over the forecast period. Additionally, an increase in demand for wide-angle rear cameras in heavy commercial vehicles will help this segment to show growth in this market over the forecast period
Europe is anticipated to dominate the cameras system market over the forecast period. The stringent safety norms imposed by governments in this region is expected to drive the growth of the cameras market. For example, Europe has introduced new safety standards and regulations such as pedestrians safety regulations (EC)78/2009 and general safety regulation (EC) 661/2009 for automobile manufacturers to lower road accidents.
North America Automotive Camera Market Size, 2018 (USD Billion)
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Asia-Pacific holds the second-largest position in the market and is anticipated to show good growth over the forecast period. Growing demand for Asian made components from Europe and North America region is expected to maintain the second-largest position in this market over the forecast period. Rising sale and production of vehicles is expected to drive the automotive camera market in this region. Increasing the disposable income of consumers and ease of availability of raw materials is also one of the reasons which are fueling the growth of the market in this region.
North America is also expected to show good growth in the automotive camera market. The U.S. is expected to show the dominance in this region amid stringent safety regulations imposed by the government to reduce road accidents. For example, in May 2018 US transport department mandate the use of rearview cameras in vehicles under 10,000lbs.
Kappa optronics GmbH leads as camera developer in this market
Kappa optronics GmbH leads as camera developer for concept cars and series. Kappa focuses on developing cameras which are more advanced than ordinary driver-assistance system and also meet the safety norms imposed by government. The digital rear view camera developed by kappa for Volkswagen XL1 is the first camera monitoring system (CMS) that have road traffic certification. This advanced camera system would replace conventional mechanical wing mirror.
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The automotive camera market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market over recent years.
An Infographic Representation of Automotive Camera Market
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Value (USD billion)
By Technology Type
By Application Type
By Vehicle Type
Fortune Business Insights says that the global market size was USD 3.5 billion in 2018 and is projected to reach USD 8.5 billion by 2026.
In 2018, the market value stood at USD 3.5 billion.
The automotive Cameras is projected to grow at a CAGR of 12.1% and will exhibit steady growth in the forecast period (2019-2026).
The application type segment is expected to be the leading segment in this market during the forecast period.
The stringent safety regulations will be the key factors driving the growth of the global Automotive Camera Market.
Denso Corporation, Mobileye, Autoliv are the top players in the global cameras market.
Asia Pacific dominated the market share in 2018.
Rising demand for advanced automotive camera is expected to drive the adoption of Automotive Camera Market.
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