Attractive opportunities in the automotive camera market
Automotive cameras and camera modules are used to increase visibility and thereby improve drivability. The automotive camera market was valued at US$ 7.0 billion in 2022 and is expected to expand as a result of rising vehicle production, government safety regulations, consumer desire for safer automobiles, and increased sales of electric vehicles. One of the primary reasons driving product demand for automotive cameras in the foreseeable future is the rising desire for luxury vehicles. Increased demand for various automotive cameras in commercial vehicles and passenger cars, such as thermal cameras, infrared cameras, and digital cameras, is predicted to provide enormous economic potential.
Continuous developments in automotive camera technology, increasing improvements in camera-based drive assistance sensors, car safety systems, and parking camera aftermarket sales, along with a high volume of production, are likely to drive down the price significantly, resulting in a huge market opportunity for automotive cameras in the near future. Rapid technical improvements and the growing requirement to detect road barriers are likely to promote the adoption of automotive cameras in various types of cars, resulting in increased market revenue. However, the increased risk of automotive camera failure, and the high costs of installing modern automotive cameras coupled with driver assistance systems may limit automotive camera market expansion.
The passenger car segment is likely to be the most lucrative market for automotive cameras
The automotive camera market is expected to be significantly higher in passenger automobiles. Increased adoption of Advanced Driver Assistance Systems (ADAS) technologies in mid- and economy-class passenger cars is expected to help the segment’s growth. Governments in both developed and developing countries are considering making the ADAS system mandatory in passenger vehicles.
The ADAS and automotive camera businesses will benefit from autonomous vehicles. Backup cameras, dash cameras, surround-view cameras, and ADAS cameras are all examples of cameras found in passenger cars. The automotive market is divided into two categories based on technology: monocular and stereo. Advanced driver-aid technologies like adaptive cruise control, lane keep assist, and front collision warning systems are increasingly being incorporated with the stereo camera.
Strict safety standards to augment growth across the globe
In 2018, the US Department of Transportation made rear view cameras required in automobiles weighing less than 10,000 pounds. Owing to the government’s safety requirements, North America is expected to grow strongly. Europe is another important market for automotive cameras, with high levels of installation of ADAS and safety standards in passenger cars in Germany, the US, France, and Italy.
The primary factors driving the automotive camera market in the Asia Pacific area include vehicle hybridization and electrification, increased manufacturing of electric vehicles, and increased passenger vehicle sales, particularly in China, Japan, India, Malaysia, South Korea, and Thailand. Increasing demand for low-cost Asian components in North America and the European region and rising passenger car sales are likely to fuel the automotive camera market in the region even further. Africa and the Middle East manufacturers have gained economies of scale and are making automotive cameras and allied products at a lower cost. With a big number of automobile manufacturers in the region and rising customer disposable income, vehicle sales and subsequently, the automotive cameras market are likely to expand at a healthy rate.
Market Structure and Competitive Landscape
The automotive camera market’s fastest-growing sector is the Battery Electric Vehicle segment. The automotive camera industry is predicted to grow as luxury features like traffic sign recognition and pedestrian detection become more common in battery-electric vehicles. The prominent players in the global automotive camera market are Continental (Germany), Robert Bosch (Germany), Valeo (France), Aptiv (Ireland), and Magna (Ireland). These businesses have global distribution networks that are secure. These companies also sell a variety of automobile cameras. New product creation, collaborations, and contracts and agreements are the main techniques used by these corporations to maintain their market position.
- In September 2021, Robert Bosch Investment Ltd, China, developed an automated valet parking system in collaboration with Hycan Automobile Technology. Hycan Z03 will be equipped with this technology.
- When the driver uses the automated valet parking function on their smartphone, the vehicle will drive to the parking lot as instructed and park at the specified place by properly determining the direction and avoiding obstructions.
- In January 2020, Aptiv introduced its new Smart Vehicle Architecture (SVA). It’s a vehicle-level architecture that’s adaptable and scalable, with the goal of reducing vehicle complexity during assembly and improving safety and support software for connected and autonomous vehicles.
RationalStat’s market report on automotive cameras has segmented the market on the basis of vehicle type, camera type, technology, application, sales channel, and region.
- By Vehicle Type
- Commercial vehicle
- Light commercial vehicle
- Heavy commercial vehicle
- Passenger vehicle
- Small Cars
- Compact cars
- SUV and crossover
- Large Cars
- Commercial vehicle
- By Camera Type
- Infrared camera
- Thermal camera
- Digital camera
- By Technology
- By Application
- Intelligent headlight
- Blind spot detection
- Lane keep assistance
- Adaptive cruise control
- Parking assistance system
- Lane departure warning system
- By Sales Channel
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents.
- Industry and market-related documents available in the public domain like IEA.
- Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for automotive camera manufacturers and sellers, R&D companies, automotive companies, government organizations, market educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.