Press release
Automotive Camera Market expected to reach $24,092.1 million by 2025, due to increase in sales of automobiles and advancement of sensors used in cameras
Automotive camera is an onboard camera, which is designed to capture the highest quality video to extend visibility for enhancing the safety of the driver. These cameras are majorly used to assist the driver for parking, to assess vehicle performance, for night vision, and to gather critical evidence. Furthermore, they are embedded with advanced computer vision algorithms, which extract meaningful data from the captured images to assist the driver for various purposes, and play a crucial role in advanced driver assistance systems (ADAS).
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Presently, North America dominates the market, followed by Europe. In 2017, U.S. dominated the North America market and Germany led the overall market in Europe. However, in the Asia-Pacific region, China currently dominates the market.
Rise in demand for passenger vehicles coupled with safety & security concerns among consumers and increase in number of road fatalities drive the growth of the global automotive camera market considerably. In addition, rise in trend of installing advanced driver assistance system (ADAS) and legislations mandating installation of cameras in vehicles are anticipated to provide potential growth opportunities for the market. However, high installation cost of the cameras is one of the major restraints of the market.
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Key Findings of the Automotive Camera Market :
• On the basis of application, the adaptive cruise control system segment led the global automotive camera market in the year 2017.
• The North America region held the majority of market share in 2017.
• By vehicle type, the passenger car segment has been dominating the global automotive camera market in the year 2017.
• However, the heavy commercial vehicle segment is expected to grow at the highest CAGR during the forecast period (2018-2025).
• The LAMEA region is anticipated to exhibit the highest CAGR during the forecast period.
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