Global Automotive Camera Market to project Significant Growth as Road Accidents Observe Rising Numbers

According to the estimations by Inkwood Research, the Global Automotive Camera Market is predicted to record a CAGR of 14.82% in terms of revenue and 19.69% in terms of volume during the forecasting years of 2021-2028.
"Browse 75 Market Data Tables and 47 Figures spread over 170 Pages, along with an in-depth TOC on the Global Automotive Camera Market Forecast 2021-2028."

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Automotive cameras are primarily used to assist drivers while parking, in addition to assessing the performance of vehicles, collecting critical evidence, and for night vision.

Increasing Road Accidents Propel Market Growth
As per the global government figures, nearly 1.25 million people die every year due to road accidents, indicating that approximately 3,500 people lose their lives each day. The accidents caused by driver conduct and blind spots account for the highest proportion. Moreover, back over crashes kill over 200 individuals annually, and injure more than 12,000 in the United States alone. The significant rates of causalities, primarily owing to negligence, signify the need for increased safety features in vehicles. As a result, the use of in-car cameras that alert drivers in cases of careless driving or drowsiness and cameras that help the driver become aware of anything in proximity to the vehicle play a vital role in reducing the alarming numbers of traffic accidents.

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Multi View is the Leading View Type in terms of Volume and Revenue
Four wide-angle CCD cameras are utilized in the multi-view camera systems, mounted on the rear and front of the car as well as on the mirrors of the left and right doors. The new system synthesizes images from the cameras and displays a rendered image with added detail on the navigation screen. This includes a reference line showing the distance between the approaching obstacles and the vehicle and a projection line screening the predicted direction of the car, calculated based on the steering angle information. The feature provides the driver with parking assistance, prevents contact in restricted driving situations, and helps increase visibility.

North America held the Highest Market Share in 2020 in terms of Revenue and Volume
On account of the intense competition among automotive players, the increasing manufacturing activities in Canada and the United States, and the efforts made by federal authorities to increase road safety standards, the autonomous vehicle market growth in North America is set to observe a growing trend. Furthermore, these factors are forecasted to reinforce the sales of components that constitute driving systems, such as automotive cameras.
A substantial number of companies continue to augment their presence across various countries, generating intense competition in the global automotive camera market. Therefore, the level of market penetration has also increased worldwide. With advertising expenses on the higher side, as multiple firms strive to manufacture more products and endorse them on a wider scale, the industrial rivalry is further intensified. Some of the key companies operating in the market are Continental AG, Denso, Robert Bosch GmbH, etc.

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