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Automotive Camera Cleaning System Market to Reach US$1.2 Bn, Globally by 2027 at 29% CAGR : Fairfield Market Research

07-02-2021 08:05 AM CET | Logistics & Transport

Press release from: Fairfield Market Research

Automotive Camera Cleaning System Market to Reach US$1.2 Bn,

Findings of a new Fairfield Market Research study indicate that increasing significance of vehicle safety features is predominantly driving demand for automotive camera cleaning systems at a global level. Further supported by growing concerns around driver’s safety and safeguarding of passengers and pedestrians, automotive camera cleaning system market is poised to witness stupendous growth prospects during 2021-2027. At an estimated CAGR of 29% over the forecast period, market will exceed the valuation of US$1.2 Bn by the end of 2027, suggests a recent Fairfield Market Research study.

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Escalating Preference for Vehicles with ADAS Augurs Well for Market Growth
With mobility being increasingly perceived as a potential sustainable model, vehicle electrification is gaining solid traction, further translating into formation of more sophisticated auto ecosystems. Unprecedented rate of growth in adoption of advanced driver assistance system (ADAS) is more likely to surpass that of the automotive industry itself in the recent future, indicates the report. The resultant need for greater operational accuracy will thus drive demand for sensors and solutions such as automotive camera cleaning systems that warrant accurate input to drivers resulting in unobscured vision while driving.

Cost of Commercialization Poses a Barrier to Automotive Camera Cleaning System Adoption
Following increasing emphasis on driver’s safety and passengers’ security, adoption of sensor cleaning system that serves to keep sand, dirt and foreign materials at bay will continue to soar. Despite an expanding vehicle fleet, especially across developing nations, and upsurge in electric vehicle production and purchase, overall costs involved in manufacturing and installation of automotive camera cleaning systems continues to be a substantial challenge for participants in automotive camera cleaning system market in the near future.

Sluggish pace of commercialization due to expensive price point will remain a longstanding deterrent to market progress. The report, however, suggests that installation costs are likely to subside during forecast period, which may play out as a game-changing development.

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Parking Continues to Reflect Maximum Application Base
Competitive price point and use-friendly features account for the lion’s share of fixed nozzle type cleaning systems in global market value. In 2019, sales of fixed nozzle type camera cleaning systems contributed more than 50% share to overall market value. The report findings show that parking application area continues to lead with the highest revenue generation potential in market, whereas OE sales remain dominant over that recorded by third party participants in aftermarket. Regional analysis of global automotive camera cleaning system market indicates that Europe and North America will maintain superiority banking on stringent vehicle safety standards.

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Competitive Strategies of Top Market Players Revolve around New Product Launches
Growing consumer interest in purchasing feature-rich cars with technologically advanced automotive components has been opening a multitude of windows of opportunities for both auto component manufacturers and automakers. While this fact cannot be ignored due to expensive costs associated with different types of car cleaning systems and sensors, companies are concentrating their efforts on R&D of innovative products that may come to the market with reduced costs in the near future.

New launches highlighting their competitive costs will thus be a silver bullet in the arsenal of top players active in automotive camera cleaning system market. In an effort to achieve enhanced system functionality, technology innovators in market landscape are opting for strategic collaborations with researchers, universities and other company candidature likely to contribute towards tech innovations. Some of the leading companies profiled in report include Ficosa Internacional SA, Continental AG, dlhBOWLES, Denso Corporation, KAUTEX TEXTRON GMBH & CO. KG, MS FOSTER & ASSOCIATES, INC., MAGNA ELECTRONICS INC., Valeo SA and Panasonic Corp.

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About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

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