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Automotive Camera Market Projected to reach $13.9 billion by 2028

Automotive Camera Market Projected to reach $13.9 billion

The automotive camera market is projected to grow from USD 8.0 billion in 2023 to USD 13.9 billion by 2028, at a CAGR of 11.7% during the forecast period. The cameras are used as advanced safety devices for enhancing the visibility of the surrounding environment to improve vehicle safety. The growing demand for Advanced Driver Assist Systems (ADAS) in developed and developing nations is attributed to using automotive cameras in various applications such as park assist, cross-traffic alert, pedestrian detection systems, etc. According to MarketsandMarkets analysis, >85% of these cameras are equipped in passenger cars, and the segment is expected to dominate the global market during the review period.

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Digital camera segment is predicted to be the largest segment.

Digital cameras are leading the automotive camera market during the forecast period. Digital cameras are used for various ADAS features such as Adaptive Cruise Control, Lane Departure Warning, Traffic sign recognition, Blind Spot Detection etc. These cameras provide real-time visual information to assist in driving and parking and deliver optimum results with cost effective measures while comparing to other technologies. In terms of cost, digital cameras are cheaper as compared to infrared and thermal camera, whose cost ranges between USD 30 to USD 40. Further, nowadays digital cameras are becoming indispensable feature in every modern vehicle which has application in blind spot detection, parking aids, forward collision warning systems and hence is evolving rapidly with the growing demand of these ADAS features in the vehicles. Key players such as Robert Bosch, Denso, and Continental AG among others are continuously investing in R&D activities and aiming to develop more advanced technologies to make ADAS applications more efficient and affordable. Thus, the higher need of accurate and reliable results for these digital cameras based advanced safety features is expected to grow in the automotive industry, creating new opportunities for business growth and innovation for its suppliers globally. For instance, In Sept 2021, Robert Bosch (China) Investment Co., Ltd. developed an automated valet parking with Hycan automobile technology installed in Hycan Z03. The automated valet parking function enables the vehicle to automatically drive to the parking as commanded and park at the destinated location by accurately identifying the direction while avoiding obstacles. This technology is categorized under Level 4 autonomous driving.

Blind Spot Detection is the largest application of Automotive Cameras

Blind Spot Detection is projected to dominate the Automotive Camera application segment in 2023. This prominence of blind spot detection is mainly due to rising adoption of this application and more count of camera installed. Usually, a blind spot detection system uses two cameras, and some OEMs also prefer to use three-four cameras in their luxury cars. To install safety systems in vehicles, countries have implemented several regulations within a stipulated period. For case, the Indian government has made amendments, to mandate the use of advanced brake systems in all new models of commercial vehicles starting from April 2022. The market growth is anticipated to boost owing to the Blind Spot Detection (BSD) segment growth which is attributed to the pioneer OEMs such as Mercedes-Benz, Nissan Motors, Honda Motors, etc. which are offering the Blind Spot Detection (BSD) features in their variants as a standard or optional feature under its convenience package. Rising government mandates for enhance safety and increasing penetration of camera-based features are some of the major factors driving this segment. European and North American countries already have higher adoption of this system and rising safety concerns and OEMs steps to increase bundle of ADAS features would bring an ideal growth perspective for automotive camera market for blind spot detection application in upcoming years.

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North America is estimated to be the leading Market for Automotive Cameras.

The North America region has a higher demand for Automotive Cameras and is projected to account for >35% of the overall market with US leads the regional demand followed by Canada and Mexico. The high disposable income level of the population has resulted in an increasing demand for premium and luxury cars in this region. According to MnM Analysis, Class C and above passenger vehicles contribute around 90-95% of the total passenger cars produced in US. Similar is the trend for Canada leads to higher adoption of luxury cars. These vehicles are mostly equipped with high-end driver-assist functions such as surround view system, pedestrian classification, forward collision warning, adaptive cruise control, and driver monitoring among others. Additionally, government regulations mandating the use of back up camera, which is used in reverse parking, installation of automatic emergency braking (AEB) technologies which include the forward crash warning, crash imminent braking, and dynamic brake support in all light vehicles, etc. act as a growth contributing factor in this region. For instance, the National Highway Transportation Safety Administration (NHTSA) has mandated to install back up camera system by 2019 to reduce the rate of road accidents in U.S.A. Similarly, back up cameras is also mandatory in Canada. Key players of automotive camera like Robert Bosch, Continental AG, Valeo etc. have major presence in North America region after Europe. Thus, North American automotive camera market is poised for continued growth and innovation in the years to come.

Key Market Players

The automotive camera market is consolidated. Continental AG (Germany), Robert Bosch (Germany), Valeo (France), Aptiv (Ireland), and Denso (Japan) are the key companies that are dominating the market. The market comprises several global market players that make it highly competitive. These players have adopted various strategies to expand their presence globally and increase their respective market share.

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