Press release
Automotive Camera Market To Witness an Outstanding Growth by 2021-2031
The global automotive camera market was valued at US$ 9.44 Bn in 2020
It is estimated to expand at a CAGR of 9.25% from 2021 to 2031
The global automotive camera market is expected to exceed the value of US$ 24.98 Bn by the end of 2031
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Next-gen Passenger Vehicles Fueling Growth in Asia Pacific
Computer vision is a novel technology, which is gaining prominence in the global automotive camera market. Automotive companies are eyeing lucrative value-grab opportunities in Asia Pacific due to the influx of digital technologies in automotive cameras that cater to applications such as parking assistance, blind spot detection, and adaptive cruise control, among others.
Rising sales of passenger vehicles, vehicle hybridization & electrification, and increasing production of electric vehicles (EVs) are key factors propelling the growth of the Asia Pacific automotive camera market. Government policies promoting industrial growth and ever-increasing population have made Asia Pacific a perfect destination for automobile manufacturers to establish their production facilities. These factors have prompted Asia Pacific to become a prominent region of the global market for automotive cameras, owing to increasing sales and promotion of passenger vehicles.
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Convenient Payment Options Help Increase Car Sales amid COVID-19 Situation
Manufacturers based in the Western Hemisphere have been making significant progress in the past few years to secure themselves against volatility in supply from Asia, China in particular, by moving the bulk production to their respective countries. They are establishing a balanced relationship with suppliers and ecosystem partners amid the ongoing coronavirus period. Automotive companies are procuring alternate supply partners to ensure business continuity.
The automotive camera market is positioned for healthy growth in the upcoming months as market stakeholders adjust to a new post-pandemic normal. Automotive brands are offering convenient payment options to potential car buyers to offset for financial losses made in 2020 and 2021.
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High Performance Automotive Camera Cleaning Systems Gaining Popularity
One of the key drivers augmenting the growth of the automotive camera market is the introduction of cleaning systems. The market for automotive camera cleaning systems is likely to grow at a striking CAGR throughout the forecast period. Innovations in driving assistance sensors are contributing to the demand for automotive camera cleaning systems. Leading automotive companies are excelling in the development of fully-automated cleaning systems for all types of cameras and LiDARs.
Companies in the automotive camera market are aiming to provide mobility with practical innovations at affordable prices to end users. In order to boost their credibility credentials, manufacturers are increasing production capabilities in different types of nozzles. Companies are integrating cutting-edge nozzle systems with effective drying systems to upgrade automotive cameras. In order to cater the needs of end users in cold regions, leading players are experimenting in nozzles that offer de-icing feature that ensure maximum performance of automotive cameras in winter.
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Can Digital Marketing Strategies Drive Automotive Camera Sales?
It has been found that the installation cost of automotive cameras is considerably high. In addition, latest technologies such as advanced driver assistance systems (ADAS) require cameras for several applications such as pedestrian detection, lane detection systems, and road sign recognition, which are expensive. Hence, the high cost of automotive cameras is predicted to affect market growth. Nevertheless, companies should stay bullish on their marketing and advertising strategies to promote the advantages of automotive cameras and its advantages for reducing accidents, night vision systems and adaptive cruise control.
Apart from traditional media, companies in the automotive camera market are now setting aside the budget for digital marketing. This is evident since eCommerce and mobile shopping apps are on the rise, and this trend is expected to continue in the upcoming years. Technological innovations in automotive cameras are triggering market growth. Manufacturers in the automotive camera market are innovating in mono cameras, rear view cameras, and surround view cameras to meet demanding needs of car drivers.
The market for automotive cameras is undergoing a crucial change with the introduction of technologies such as digital, infrared, and thermal cameras.
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