Asia Pacific automotive camera market estimated to grow at highest CAGR during forecast period. Developing countries like India and China have witnessed increased consumer demand for an active safety system in vehicles.
The global automotive camera market is estimated to grow at a CAGR of 10.62% during the forecast period, from USD 7.5 billion in 2018 to USD 15.1 billion by 2025. An increasing number of consumers now make a purchase decision based on availability of advanced safety functions and technologies in a vehicle. The promotion of ADAS functions by OEMs is also driving the market for vehicle safety features.
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Rising demand for premium vehicles equipped with advanced driver assistance systems (ADAS) is also driving growth of automotive camera market. Moreover, technological advancements such as autonomous vehicles and truck-platooning are expected to create opportunities for automotive camera market in coming years. High cost of multi camera system scan restrain growth of automotive camera market.
“The passenger car segment is estimated to be the largest market, in terms of value, in the automotive camera market.”
ADAS is estimated to be the fastest growing segment, by value, of the automotive camera market from 2018 to 2025. The growth of this segment can be attributed to the increasing trend of integrating additional safety features in vehicles. The automotive camera system helps in the functioning of ADAS features such as object detection, blind spot detection, and traffic sign recognition. Thus, the growth of the ADAS function is likely to fuel the multi camera system market.
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The key players in the automotive camera market are Continental (Germany), Robert Bosch (Germany), Valeo (France), Aptiv (Ireland), Magna (Canada), Autoliv (Sweden), Ficosa (Spain), Intel (Mobileye) (US), and Clarion (Japan). Robert Bosch is anticipated to be a dominant player in the market. Robert Bosch adopted the strategies of new product development, partnership, and mergers & acquisitions to retain its leading position in the market.
- In October 2018, Continental developed a Virtual A-Pillar to help remove forward blind spots. The Continental Virtual A-Pillar tracks the driver’s movements using an interior camera mounted just above the steering wheel. At the same time, 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.
- In June 2018, Aquantia, Robert Bosch, Continental, NVIDIA, and Volkswagen announced the formation of the Networking for Autonomous Vehicles (NAV) Alliance to drive the ecosystem development required for the next generation of Multi-Gig Ethernet networking in vehicles.
- In March 2017, Intel announced the acquisition of Mobileye, a company it has partnered with to develop the self-driving automobile technology. Intel purchased 84% of Mobileye’s outstanding ordinary shares, and the company is now an Intel subsidiary.
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The passenger vehicle segment is estimated to hold the largest market share. The rising demand for ADAS features in passenger cars and the advent of semi-autonomous and autonomous vehicles are expected to drive the market growth in this segment. Increasing safety concerns have compelled OEMs to provide ADAS features, which in turn is boosting the demand for semi-autonomous vehicles.
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