Press release
Automotive Camera Market Set to Witness an Uptick during 2019 to 2025
Automotive Camera Market
Automotive Camera Market is expected to exceed USD 19 billion by 2025. Growing concerns regarding passenger & pedestrian safety will drive the industry growth over the forecast timespan.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Continental AG
2. Magna International Inc.,
3. Robert Bosch GmbH
4. Intel Corporation
5. Aptiv PLC.,
6. Valeo
7. Automation Engineering Inc.,
8. STONKAM CO., LTD.,
Google released an auto trends search data in 2018 which conclusively indicated that increasing number of motorists are looking for onboard cameras. Such a trend has inspired automotive industry leaders like BMW, Tesla, Kia and General Motors to position themselves to meet increased demand creating a positive growth outlook for the automotive camera market.
The rearview video system or the backup camera has possibly witnessed the strongest advocacy from the NHTSA as it helps prevent crashes and protects vulnerable people such as children, as they are almost impossible to detect while reversing a large vehicle. The support for making backup cameras on vehicles mandatory has been so strong that in 2014 the NHTSA announced that all vehicles sold in the U.S. after May 2018 should compulsorily be equipped with rearview camera system. The Trump administration has even tried to repeal the law but consumer awareness for the need of backup camera has already been raised and even if new vehicles are not equipped with backup cameras, the aftermarket demand for such equipment is quite strong indicating robust prospects for the automotive camera market.
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The aforementioned information quite overtly indicates that North America is expected to be a major contender of the global automotive camera market, pertaining to the rising number of vehicle crashes in the U.S. and Canada and the subsequent implementation of stringent norms to reduce road accidents. Driven by the rise in the demand for luxury vehicles and the upsurge in the deployment of ADAS & safety systems in cars, the North America automotive camera industry size is expected to showcase a CAGR of 24% over 2019-2025.
The emergence of self-driving cars has also created a potential growth avenue for the automotive camera industry as most self-driving or autonomous vehicles “see” the world around them through a combination of sensors and cameras. In fact, Elon Musk recently opined that LiDAR, the laser-based scanning technology that most autonomous car initiatives rely on is replaceable by cameras and Cornell University researchers have backed up the claim. According to them, autonomous cars can now use a new method of forming a 3D of the world around them by using a pair of comparatively inexpensive cameras.
The present need of advanced safety features in vehicles and the future that will bring driver-less vehicles to the roads will both create a substantial scope for the automotive camera market that is expected to record double digit CAGR over 2019-2025.
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