Get in-depth analysis of the COVID-19 impact on the Automotive Camera Market

The automotive camera market is projected to grow at a CAGR of 12.4% during the forecast period, to reach USD 12.2 billion by 2025 from an estimated USD 6.8 billion in 2020. Increasing vehicle production, government safety norms, consumer demand for safer vehicles and rising sales of EVs are likely to fuel the demand of automotive camera market.

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The COVID-19 pandemic has become a major concern for automotive stakeholders. Suspension of vehicle production and supply disruptions have brought the automotive industry to a halt. Lower vehicle sales post the pandemic will be a major concern for automotive OEMs for the next few quarters. According to experts, there is a slim chance of vehicle sale recovery in 2020. The automotive camera market, however, is expected to witness a significant boost from 2022, owing to the mandates by different countries. Reduced vehicle sales and abrupt stoppage in the development of new automotive technologies expected to result in sluggish growth of the automotive camera market in 2021.

COVID-19 impact on automotive camera market:

Major automotive camera providers such as Bosch and Continental have announced the suspension of production due to the reduced demand, supply chain bottlenecks, and to ensure the safety of their employees in France, Germany, Italy, and Spain during the COVID-19 pandemic. As a result, the demand for automotive camera solutions is expected to decline in 2020. Manufacturers are likely to adjust production to prevent bottlenecks and plan production according to demand from OEMs and tier 1 manufacturers. Major automotive camera solution providers lost revenue in Q1 2020. Due to the severity of the pandemic, resuming vehicle production is unlikely, especially in the US and major European countries, and tier 1 players suspect a further decline in revenue in the remaining quarters of 2020. For instance, Aptiv’s advanced safety and user segment logged revenue of USD 902 million in Q1 2020 compared to USD 1,023 million in Q1 2019, a decline of 13%. According to the company, the scenario could be worse in Q2 as global vehicle production is expected to fall by 50-60%. The company suspended production in China, followed by North America and Europe. Camera providers are facing disruptions in supply chains as countries are in a state of lockdown to prevent the spread of the disease. Thus, the market for automotive camera is estimated to undergo a declining phase in 2020.

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Key Market Players

The global automotive camera market is dominated by major players such as Robert Bosch (Germany), Continental AG (Germany), ZF Friedrichshafen (Germany), Denso (Japan), Aptiv (UK), Ficosa (Spain), and Magna International (Canada). These companies have secure distribution networks at a global level. Also, these manufacturers offer a wide range of automotive camera. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.

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This release was published on openPR.