Press release
Vehicle Multi-View Camera System (MVCS) Market Analysis, Business Development, Size, Share, Trends, Future Growth, Forecast To 2030
Vehicle Multi-View Camera System (MVCS) Market
The Global Vehicle Multi-View Camera System (MVCS) market is presently worth USD 7,866.6 million and is poised to amplify at a CAGR of 110.6% over 2022-2030, thereby amassing a valuation USD 4.6 billion of by end of the assessment timeline.
What are the growth determinants and restraints of this marketplace?
The rising incidences of road mishaps and increasing vehicle sales across the globe are the primary factors augmenting the outlook of this marketplace.
Further, technological advancements in the field and surging disposable income of the masses are creating lucrative opportunities for the business sphere to prosper.
Besides, favorable government initiatives aimed towards the reduction of road accident rates worldwide is adding traction to the industry development.
Also, the escalating demand for the improvement of fuel efficiency in automobiles by using lightweight technologies is further increasing the adoption of multi-view camera system. Alongside, rising R&D investments in the field and rapid urbanization are positively swaying the dynamics of this marketplace.
Additionally, there has been a widespread inclination of the masses towards luxury vehicles which is driven by drastic improvements in the living standard of individuals. This in turn is propelling the expansion of this market.
On the contrary, high costs pertaining to the installation of multi-view camera systems into vehicles is hindering the remuneration scope of this business sphere.
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Segmental assessment of the industry
By type
• 1620p
• 1600P
• 1440P
• 1296P
• 1080p
• Other
The 1080p segment is expected to amass notable gains over the stipulated timeline owing to the high clarity offered by multi-view cameras equipped with 1080p resolution
By Application
• Passenger Vehicles
• Commercial Vehicles
The passenger vehicles segment is poised to generate significant returns over the estimated timeframe due to the increasing rate of personal vehicle adoption powered by growing disposable income of the masses.
Which is the fastest growing region in the industry?
North America, Middle East & Africa, South America, Europe, and Asia Pacific are the major benefactors to the expansion of this market. Among these, North America is projected to capture a substantial revenue share over 2022-2030. This is attributable to the growing prevalence of road accidents, rising vehicle sales, and rapid technological advancements in the field.
Expounding the competitive hierarchy
The prominent players characterizing the competitive terrain of this business vertical are Valeo, Magna, Continental, Philips, LG, Honda, Mitsubishi, Vastfly Tech, Tung Thih, and Dowcause.
Notably, in April 2019, Robert Bosch GmbH announced the launch of its digital mirror system for the new truck range of Nikola.
Key questions answered in the report
• What is the growth rate projection for this market?
• What are the major segments covered in this market report?
• Which is the fastest growing region in the global vehicle multi-view camera system (MVCS) market?
• What are the major growth determinants of the global vehicle multi-view camera system (MVCS) market?
• Which application segment currently leads the global vehicle multi-view camera system (MVCS) market?
Major takeaways from the report
• Global Vehicle Multi-View Camera System (MVCS) Market is poised to amplify at a CAGR of 110.6% over 2022-2030.
• The marketplace is segmented on the basis of type and application.
• The growing rate of road accidents and increasing vehicle sales are augmenting the industry outlook.
• North America presently leads the market in terms of revenue share owing to widespread technological advancement in the field.a
• The passenger vehicles application segment currently dominates the market due to the growing disposable income of the masses which in turn is increasing the worldwide vehicle adoption.
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