Side View Camera System Market Industry News, Applications 2029

Market Overview:
The Global Side View Camera System Market is expected to grow at a CAGR of 17.7% during the forecasting period (2022-2029).

A side view camera system is integrated into a vehicle and provides the motorist with views from the vehicle's sides. It significantly enhances the driver's perception and situational awareness while driving. The major players in the worldwide side view camera system market have secure global distribution networks. Furthermore, the industry's organizations offer a wide range of services. New product development, partnerships, contracts & agreements, product launches, product approvals, and others such as patents & events are vital means for corporations to retain their market position.

Inorganic growth techniques found in the market included acquisitions, partnerships, and collaborations. The activities have enabled market participants to expand their firms and client base.

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Market Growth & Forecast:
According to DataM Intelligence research analysis, the global side view camera system market was valued at US$ YY Million in 2021 and is expected to reach US$ YY Million by 2029, growing at a CAGR of 17.7% between 2022 and 2029. Rising accident rates owing to blind areas, as well as increasingly severe vehicle safety legislation, have increased the market share of side view camera systems.

Market Drivers:
Governments throughout the world have responded to rising accident rates by enacting tougher vehicle safety rules and regulations.
Several new government requirements enacted in recent years have prompted passenger and vehicle manufacturers to enhance build quality and include safety equipment such as anti-lock brakes and airbags. Many laws and regulations also require vehicle manufacturers to use the most recent new technology to improve the safety of their vehicle models.

As a result, passenger and commercial vehicle manufacturers have accepted the side view camera system as an important safety element. Many international rules now require the use of camera technology to improve driver awareness and vehicle safety. The United Nations (UN) passed UN Regulation No. 159 in 2021, which requires the use of information technology systems to identify automobiles and pedestrians in blind zones.

Restraints:
Because side view camera systems are a new high-tech engineering industry, worldwide laws and regulations are gradually developed to manage the market. Major national governments are actively considering rules and regulations to make its use mandatory in order to improve vehicle safety, which might occasionally stymie the product's commercial growth.

Market Opportunities:
Side view cameras are expensive, which restricts their deployment. Increasing investment in cost optimization will cut product development and production costs, as well as consumer pricing, resulting in more adoption. Furthermore, combining side view camera systems with other car safety technologies like emergency braking, anti-lock braking, stability control, and lane-change warning might improve overall efficacy and lead to greater customer acceptance.

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Market Challenges:
The side view camera system market is a developing high technology industry in which transactions are largely conducted on both a B2B and a B2C basis; hence, pricing in this market is extremely subjective and dependent on a variety of factors. Supply chain instability can effect pricing since a side view camera system is an engineering product that requires multiple distinct manufacturing components. Prices for side view camera systems are very subjective because hundreds of vendors cover the demand. The price difference between the firms is significant since their pricing are very competitive.

Covid-19 Analysis:
The global COVID-19 epidemic has disrupted the supply chain for the side view camera system market. The worldwide supply chain for the market is diverse, including component manufacturers, suppliers, and distributors. The fabrication of components for side view cameras is often outsourced to a range of different companies.
Because this is a piece of high-performance technology equipment, it takes a long time to build, test, and ship side view camera systems in large quantities. As a result, the entire supply chain is sensitive to external shocks.
Recent Developments in the Industry:
LogiMAT has released a new unique warning system for forklifts on May 04, 2022. It is a novel multi-camera system that reduces the possibility of mishaps. It alleviates driving stress by improving the panoramic vision around the entire car and continually notifying the driver of imminent danger or crashes.
BorgWarner Inc. purchased Delphi Technologies on October 2, 2020. BorgWarner and Delphi Technologies' combination is projected to increase BorgWarner's electronics and power electronics products, capabilities, and scale, resulting in a leader in electrified propulsion systems well-positioned to capitalise on future propulsion migration.

Market Segmentation:
As per the research analysis, the global Side View Camera System market is segmented by it's type, component, vehicle type, sales channel and region.

By Type:
• Single Camera System
• Multi Camera System
By Component:
• Camera
• ECU
By Sales Channel:
• OEMs
By Vehicle:
• Passenger Car
• Commercial Vehicle
• Heavy Duty Vehicle

Major Companies:
Some key companies contributing to the Global Side View Camera System Market are Delphi Technologies, Denso Corporation, Robert Bosch GBH, Magna International, GENTEX Corporation, Continental AG, Valeo, Vision Track.

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