Press release
What's Driving the Automotive Camera Market Growth?
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Trifocal camera systems offer a wide viewing angle and can effectively identify the accurate distance between a vehicle and nearby objects. These cameras can offer an improved depth perception & better distant-object detection compared to mono & stereo type cameras. Increasing shift towards semi-autonomous & autonomous vehicles is expected to boost product adoption. Moreover, rapid production and demand for mid-priced, economic vehicles will foster automotive camera industry size.
Rising demand and sales of passenger vehicles along with rapid advancements in camera technology will boost automotive camera market size. Nowadays passenger vehicles are integrated with precision cameras to offer advanced safety features like autonomous braking, blind spot detection and lane departure warning. Cameras are also integrated inside a vehicle to attain real-time evidence in case of an accident. Rapid technological advancements in the automotive sector coupled with increased spending on passenger vehicles will supplement industry size.
High demand for luxury vehicles in the U.S. and Canada will expand North America automotive camera market size. Increase in number of road accidents in the U.S. will boost integration of ADAS & other safety systems in upcoming vehicles. Moreover, growing demand for rear-view vehicle cameras will provide lucrative growth prospects to market players.
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Stringent federal norms mandating use of vehicle safety features will further accelerate market size. For instance, in 2018, the U.S. Department of Transportation's National Highway Traffic Safety Administration (NHTSA) announced that all new vehicles manufactured in the U.S. after May 2018 should be sold with rear-view cameras to offer increased driver visibility. Reliable reports also estimate North America automotive camera market to grow at around 24% CAGR between 2019-2025.
Increased focus on passenger & vehicle safety will drive automotive camera industry size. Growing use of trifocal camera in mid-priced vehicles will augment market growth. Global Market Insights, Inc., estimates automotive camera market size to exceed USD 19 billion by 2025.
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Global Market Insights, Inc.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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