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Automotive Camera & Camera Module Market is Anticipated to Generate USD 16,223.8 million by 2028 | AMR
Automotive Camera & Camera Module Market
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In terms of revenue, North America leads the market, followed by Europe, Asia-Pacific, and LAMEA. The rise in demand for autonomous vehicles across North America fosters the growth of automotive camera & camera module in the North American region. U.S. dominated the automotive camera & camera module market share in 2020 and is expected to grow at a significant rate during the forecast period. Automotive cameras & camera modules are increasingly being used to enhance road safety in major North American economies.
Based on type, the single view segment accounted for the highest market share in 2020, contributing to more than three-fourths of the total share, and is expected to maintain its leadership status during the forecast period. In addition, the multi view system segment is estimated to manifest the highest CAGR of 13.1% from 2021 to 2028.
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By technology, the automotive cameras & camera modules market is categorized into digital, thermal, and infrared. The digital segment accounted for the highest revenue in 2020, owing to the rise in government regulations mandating the installation of rearview camera in developed economies. Increased demand for added convenience such as low light visibility, pedestrian monitoring, and adaptive cruise control, in luxury vehicles segment has increased the adoption rate of infrared cameras by automotive manufacturers.
Based on application, the park assist segment held the largest share in 2020, accounting for more than two-thirds of the global automotive camera & camera module market, and is projected to maintain its leadership status during the forecast period. However, the ADAS segment is expected to portray the fastest CAGR of 13.1% from 2021 to 2028.
The key players profiled in this report include
Leading players of the global automotive camera & camera module market analyzed in the research include Intel Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG, Aptiv PLC, Veoneer Inc., Continental AG, DENSO Corporation, Ficosa Internacional SA, Magna International Inc., Hyundai Mobis Co., Ltd. and Valeo.
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Factors such as increase in demand for autonomous vehicles, rise in demand for safety application by automotive customers and government legislation and regulations mandating the installation of cameras in vehicles accelerate the growth of the automotive camera & camera module market. However, the fluctuating price of raw materials used in manufacturing automotive camera and software failures associated with automotive camera are the factors, which hamper the growth of the automotive camera & camera module market. Conversely, implementation of cameras as an alternative surround view system and increase in the number of traffic accidents are expected to provide lucrative opportunities for the expansion of the growth of the automotive camera & camera module market.
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Regional Analysis:
Based on region, North America contributed to the highest share in 2020, holding around one-third of the total share, and is expected to continue its dominance in terms of revenue by 2028. On the other hand, the market across LAMEA region is estimated to witness the largest CAGR of 12.8% during the forecast period. The research also analyzes regions including Asia-Pacific and Europe.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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