Automotive Camera Market- Projected to Gain Significant Value by 2031

According to the report, the global automotive camera market is projected to surpass US$ 24.98 Bn by 2031, expanding at a CAGR of 9.25% during the forecast period. Increase in adoption of advanced cameras integrated with the advanced driver assistance system (ADAS) is expected to boost the market during the forecast period. For instance, cameras integrated with driver monitoring system (DMS) detect drowsy behavior of the driver. A combination of these components focus on the driver's driving pattern and facial expressions. If the driver's driving pattern changes, the DMS sends a warning signal to the driver. Furthermore, if the driver doesn't stop the vehicle, the DMS, along with adaptive cruise control steers the vehicle away from the road and stops it automatically. Rise in inclination of consumers toward ADAS is projected to boost the global automotive camera market during the forecast period.

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Expansion of Automotive Camera Market

Major vehicle manufacturers are focused on integration of autonomous features in vehicles to improve safety and luxury. The number of cameras being integrated is increasing, owing to rise in the number of driving assistance features being offered in vehicles. Hence, the growing usage of these semi-autonomous functions is likely to propel the automotive camera market during the forecast period. Major automakers earlier planned to launch autonomous vehicles post 2025. OEMs and automotive Tier I suppliers, along with non-automotive players, are going to make autonomous vehicles a possibility. Thus, camera systems that can provide several advanced features have a lucrative market due to the growing trend of autonomous and semi-autonomous vehicles.

In terms of vehicle type, the passenger vehicle segment accounted for a notable share of the global automotive camera market during the forecast period. Rise in passenger vehicle production in emerging economies in Asia, including India and China, due to rise in the middle-class income, is projected to fuel the automotive camera market in the region.

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According to World Economic Forum, the number of passenger cars is anticipated to reach 2 billion by the end of 2040. Increasing adoption of safety features in passenger cars, such as auto park assist and lane departure warning, is boosting the adoption of these components. Rise in road fatalities is also fueling the demand for advanced safety features in all new cars. The in-cockpit camera system is estimated to transmit a warning sound if it detects drowsiness in drivers, which, in turn, is anticipated to help reduce the number of road fatalities significantly.

Based on application, the adaptive cruise control segment dominated the global automotive camera market, in terms of value, in 2020. Adaptive cruise control helps maintain a safe distance between two cars and if any vehicle is nearing the car, it alerts to apply the brakes. If the driver fails to do so, the adaptive cruise control automatically applies the brakes, brings the vehicle to a halt, and avoids a collision.

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For instance, in September 2018, the Government of India made it mandatory to equip all vehicle segments with adaptive cruise control systems. The Government aims to equip all vehicles with adaptive cruise control by 2023.

The architecture of multi-camera systems is based on integrated digital signal processing (DSP) units. This architecture operates in a particular order set by the programmed algorithm. The DSP-based multi-camera system has major difficulty in extracting various views from inputs of multiple cameras and display it in real-time in a short period. Moreover, gathering data from different cameras and translating it into a single image involves significant risk of deteriorating the quality of the rest of the image, thereby creating barriers for real-time streaming of video. This, in turn, is expected to restrain the automotive camera market across the globe.

Regional Analysis of Automotive Camera Market

Based on region, the global automotive camera market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for a major share of the global automotive camera market during the forecast period. Rising population and government policies promoting industrial growth have made Asia Pacific region a perfect destination for automobile manufacturers to establish their facilities. These factors have helped make Asia Pacific a prominent automotive market with increasing sales and production.

The expansion of the market in Asia Pacific can be attributed to high vehicle production and increased use of advanced electronics in Japan, South Korea, and China.

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Major Players in Automotive Camera Market

Prominent players operating in the global automotive camera market include Aptiv, Autoliv Inc., Continental AG, DENSO Corporation, Ficosa International SA, Gentex Corporation, Magna International Inc., Robert Bosch GmbH, and Valeo SA.

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