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Automotive Camera Global Market Report 2024 To 2033 - Continental Automotive GmbH, Robert Bosch GmbH Mobility Solutions, Valeo SA,
Automotive Camera Marke Size
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According to The Business Research Company's, The automotive camera market size has grown rapidly in recent years. It will grow from $8.92 billion in 2023 to $10.03 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to growing emphasis on vehicle safety, adoption of advanced driver assistance systems (adas), increasing regulatory requirements for rearview and surround-view cameras, rise in demand for parking assistance systems and collision avoidance, integration of cameras in autonomous vehicle development.
The automotive camera market size is expected to see rapid growth in the next few years. It will grow to $15.77 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to expansion of the connected car ecosystem, growing adoption of 360-degree camera systems, increased use of cameras in commercial vehicles for fleet management, growing demand for advanced safety features, growing demand for shared mobility. Major trends in the forecast period include integration of artificial intelligence (ai) and machine learning, development of high-resolution and low-light performance cameras, customization of camera systems for specific vehicle models and applications, collaboration between automakers and technology providers for innovative camera solutions, use of cameras for augmented reality (ar) displays and enhanced driver assistance features.
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Market Drivers and Trends:
An increase in the number of road fatalities is expected to propel the growth of the automotive camera market going forward. Any person killed or dying within 30 days as a result of a road injury accident is considered a road fatality. The vehicle camera systems include an accelerometer and g-sensor, as well as GPS tracking and motion detection, which allow for the identification of a wide range of safety-related incidents, such as extremely sharp braking or turning, and crashes. To allow for early viewing, the system immediately uploads footage from before and after the incident. For instance, according to World Health Organization data published in June 2021, approximately 1.3 million people die each year as a result of road traffic crashes. Also, 93% of the world's road fatalities occur in low-and middle-income countries, even though these countries have approximately 60% of the world's vehicles. Therefore, the increase in the number of road fatalities is driving the growth of the automotive camera market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Continental Automotive GmbH, Robert Bosch GmbH Mobility Solutions, Valeo SA, Aptiv PLC, Magna International Inc., Mobileye NV, OmniVision Technologies Inc., ZF Friedrichshafen AG, Denso Corporation, Hella GmbH & Co KGaA, Ficosa International SA, Basler AG, Autoliv Inc., Ricoh Company Ltd., Garmin Ltd., Ambarella Inc., Aisin Seiki Co Ltd., Renesas Electronics Corporation, Clarion Co Ltd., Valeo Vision Systems, Aptina Imaging Corporation, Hyundai Mobis Co Ltd., Lear Corporation, Magneti Marelli, Seeing Machines Ltd., Sony Corporation, Samsung Electronics Co Ltd., Panasonic Corporation, NXP Semiconductors NV, STMicroelectronics NV
Automotive Camera Market 2024 Key Insights:
• The automotive camera market size is expected to see rapid growth in the next few years. It will grow to $15.77 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%.
• Surge In Road Fatalities Sparks Growth In The Automotive Camera Market
• Automotive Camera Market Witnesses Technological Advancements As Key Industry Trend
• Asia-Pacific was the largest region in the automotive camera market in 2023
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