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Automotive Camera Market Size, Share, Trends & Global Forecast by 2028

Attractive Opportunities in Automotive Camera Market

Attractive Opportunities in Automotive Camera Market

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%. Automotive Camera has been widely used for proper functioning of ADAS Applications such as Lane Departure Warning Systems (LDWS), Forward Collision Warning System (FCWS), Blind Spot Warning (BSW), Driver Monitoring system (DMS), Intelligent Park Assist, Night vision system, Traffic sign recognition. With the increase in implementation of these features in modern vehicles to enhance active safety and provide comfort & luxury quotient, the market for Automotive Camera is expected to rise in the coming years.

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Battery Electric Vehicle (BEV) is the largest segment for automotive cameras.

Battery Electric Vehicles hold the largest market for automotive cameras during the forecast period. The rising inclination towards pure electric vehicles is evident from the rise in EV sales globally. OEMs have planned to launch their existing ICE models with electric propulsion. These models will be offered with these advanced & premium features to make them a better buying option for the end users than conventional vehicles. Leading automakers such as Nissan, Tesla, BMW, Mercedes-Benz, and Audi increasingly focus on green vehicles. These vehicles have driving comfort features, such as adaptive cruise control, auto park, lane departure warning systems, 360-degree parking cameras, and sensors to eliminate possible blind spots. Asian countries like China, India, Japan, and South Korea are increasingly offering some camera-based safety features in BEVs to attract more consumers. This would further boost the BEV automotive camera market over the forecast period.

The passenger car dominates the automotive camera market demand

The increased demand for safety systems in emerging markets can be attributed to improving road safety standards, supporting legislation, and consumer awareness. Additionally, several countries in Europe, North America, and Asia Pacific have introduced regulations that mandate incorporating various types of ADAS in the passenger car segment. The standard of living is also improving in several countries, which results in increased demand for luxury vehicles. ADAS and park assist are installed widely in luxury vehicles as a standard package than in mid and lower-segment cars, which are offered as optional or unavailable in specific variants. Hence, provide opportunities for the growth of the automotive camera market in passenger car

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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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