Side View Camera System Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Side View Camera System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The side view camera system market size has grown exponentially in recent years. It will grow from $1.92 million in 2023 to $3.57 million in 2024 at a compound annual growth rate (CAGR) of 85.9%. The growth in the historic period can be attributed to increasing regulatory mandates for vehicle safety, increasing consumer demand for enhanced driver assistance systems, increasing demined for electric and autonomous vehicles, rise in incidences of road accidents, shifts towards smart and connected vehicles in autonomous vehicles, and rise in consumer demand for enhanced vehicle visibility.

The side view camera system market size is expected to see exponential growth in the next few years. It will grow to $42.72 billion in 2028 at a compound annual growth rate (CAGR) of 86%. The growth in the forecast period can be attributed to growing emphasis on vehicle safety regulations, rising demand for luxury and high-end vehicles, expansion of the electric and autonomous vehicle sectors, growing consumer preference for enhanced vehicle aesthetics and aerodynamics, and increasing awareness regarding the reduction of blind spots and road accidents. Major trends in the forecast period include advancements in automotive safety technology, adoption of advanced driver-assistance systems (ADAS), innovations in camera technology, integration with AI for enhanced functionalities, advancements in autonomous vehicle technology, and technological innovations in sensor technology.

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Market Drivers and Trends:

The increasing demand for vehicles is expected to propel the growth of the side-view camera system market going forward. Vehicles are increasing on roads due to population growth, urbanization, and economic development, leading to higher vehicle ownership and improved accessibility to transportation infrastructure. A side-view camera system helps vehicles on roads by providing drivers with enhanced visibility of their blind spots and improving safety during lane changes and parking maneuvers. For instance, according to the Department of Infrastructure, Transport, Regional Development, Communications, and the Arts, an Australia-based government department for delivering Australian government policy and programs, as of January 31, 2022, there were 20.7 million registered motor vehicles, marking a 2% increase from January 2021. Battery electric vehicles (BEVs) totaled about 40,000, showing a 100% increase from 2021, with 34,200 being passenger cars in 2022, up by 118% from 2021. Hybrid-electric vehicles (HEVs) numbered approximately 277,000 in 2022, reflecting a 35% increase from 2021. Therefore, increasing vehicle demand will drive the side-view camera systems market.

Major companies operating in the side view camera system market are advancing camera technology with speed assist systems in cameras to improve safety features and enhance object detection accuracy. A speed assist system in cameras detects and monitors vehicle speeds in real-time, providing alerts to drivers if they exceed speed limits or approach vehicles too fast. For instance, in July 2023, Mobileye Global Inc., an Israel-based autonomous driving company, launched the first camera-only intelligent speed assist. The camera-only solution allows original equipment manufacturers (OEMs) to comply with the new EU General Safety Regulation (GSR), which mandates the inclusion of sensors in all new vehicles to detect speed limits automatically. Mobileye's Intelligent Speed Assist (ISA) is pioneering in meeting this requirement without dependence on third-party maps or GPS data. Instead, it identifies traffic signs and other visual cues in the vehicle's vicinity.

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Major Key Players of the Market:

Bayerische Motoren Werke AG, Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis, Magna International Inc., Valeo SA, Aptiv PLC, Kyocera Corporation, Autoliv Inc., HELLA GmbH & Co. KGaA, Samsung Electro-Mechanics, Lexus, Visteon Corporation, Pioneer Corporation, Gentex Corporation, Mobileye, OmniVision Technologies, Stoneridge, Kappa Optronics GmbH, SL Corporation

Side View Camera System Market 2024 Key Insights:

• The side view camera system market size is expected to see exponential growth in the next few years. It will grow to $42.72 billion in 2028 at a compound annual growth rate (CAGR) of 86%.
• Impact of Rising Vehicle Numbers on the Side View Camera System Market
• Advancements in Camera-Based Speed Assist Systems for Vehicle Safety
• Europe was the largest region in the side view camera system market in 2023

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