Automotive Camera Market Size to Reach USD 18.14 Billion in 2030 | Increasing Number of Road Accidents is One of the Key Factors Driving Industry Demand, Says Emergen Research
Rapid increase in global population, coupled with rising purchasing power of people, are resulting in increasing number of vehicle purchases. Increasing number of vehicles is leading to major problems, such as traffic congestion and road accidents. Advanced safety systems are considered the best solution to these problems, as they are integrated with automotive cameras and sensors to automatically detect any obstacle and adjust the speed of vehicles to avoid collisions.
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Therefore, increasing road accidents is leading to rise in demand for advanced safety systems and automotive cameras. In addition, manufacturers are investing in Research & Development (R&D) to develop advanced automotive cameras with added features and efficiency. Automotive cameras help drivers with parking, navigation, and evaluating vehicle performance, in order to avoid/reduce the consequences of an accident, which is expected to increase their adoption and thus, drive market revenue growth during the forecast period.
Restraints:
Availability of open-market automotive cameras is one of the major factors expected to hamper revenue growth of the market. Open-market automotive cameras have a shorter life cycle, and they can give inaccurate results, resulting in road accidents. However, they are less expensive than original automotive cameras, which is increasing their preference among customers. This is expected to hamper market revenue growth during the forecast period.
Growth Projections:
The global automotive camera market is expected to register a CAGR of 11.3% over the forecast period, and revenue is expected to increase from USD 6.92 Billion in 2021 to USD 18.14 Billion in 2030. Increasing number of road accidents is one of the major factors driving revenue growth of the market.
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COVID-19 Impact Analysis:
The COVID-19 pandemic has had a wide-ranging impact on the global automotive camera market, as it has slowed down global economic growth. The mobility industry is one of the most hard-hit industries by the pandemic, and disruption in supply chain, regulatory trends, and changing consumer behavior have adversely affected the automotive camera market. In addition, the COVID-19 pandemic has delayed development and testing of advanced automotive camera technologies in various vehicle safety systems, such as park assist system, Lane Departure Warning System (LDWS), Adaptive Cruise Control System (ACC), and Advanced Driver Assistance Systems (ADAS), among others. This is expected to hamper market revenue growth during the forecast period.
Current Trends and Innovations:
Increasing awareness campaigns by governments of various countries to promote road safety has led to greater need for vehicles with advanced safety features. Therefore, vehicle owners are changing their old vehicles to technologically advanced ones. Rising awareness about vehicle and road safety is expected to result in increasing sales of vehicles equipped with advanced safety technologies, which in turn, is expected to increase demand for automotive cameras and sensors. Rising demand for vehicles with safety features is expected to drive market revenue growth during the forecast period. In addition, increasing need for higher efficiency with low costs is expected to support revenue growth of the market in the near future.
Geographical Outlook:
Europe is expected to register a significantly rapid revenue growth rate during the forecast period, owing to strong presence of major companies developing automotive cameras, such as Robert Bosch GmbH, Continental AG, Aptiv Plc, and Autoliv, Inc., among others, in the region. Increasing investments by these automotive companies for developing autonomous vehicles is leading to increasing deployment of automotive cameras in vehicles, which in turn, is expected to drive market revenue growth in the region.
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Strategic Initiatives:
Major companies included in the global market report are Intel Corporation (Mobileye, Inc.), Robert Bosch GmbH, Denso Corporation, Continental AG, Magna International, Inc., Valeo S.A., TRW Automotive U.S. LLC, Aptiv Plc, Autoliv, Inc., and Garmin, Ltd.
Emergen Research has segmented the global automotive camera market on the basis of vehicle type, technology, application, and region:
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