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From $1.95B to $3.86B: Backup Camera Market Accelerates Toward a Safer Future
Automotive Backup Camera Market
Allied Market Research published a report, titled, "Automotive Backup Camera Market by Position (Surface Mounted, Flush Mounted and License Mounted), Vehicle Type (Passenger Vehicle and Commercial Vehicle) and Sales Channel (Original Equipment Manufacturers (OEMs) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global automotive backup camera industry garnered $1.95 billion in 2018, and is estimated to reach $3.86 billion by 2026, witnessing a CAGR of 8.7% during the forecast period, 2019-2026.
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Backup cameras are widely installed in huge trailers that occupy a larger area on the road as it is difficult for the drivers to look at the rear side of the vehicle while reversing. With the introduction of advanced components in vehicles, the installation of backup camera in vehicles is mandatory and is gaining popularity among vehicles, which leads to the automotive backup camera market growth.
Current trend for the installation of backup camera in vehicles has increased due to its accident prevention feature, which has made it popular among vehicles. This has led the component manufacturers to develop better and advanced featured camera for vehicles, which eventually leads to the growth of the automotive backup camera share.
The surface mounted segment to lead the trail till 2026-
Based on position, the surface mounted segment contributed to nearly half of the global automotive backup camera market in 2018, and is expected to retain its dominance throughout 2019-2026. The same segment is also projected to register the fastest CAGR of 9.8% by the end of 2026. Increasing trend toward the aftermarket installation of backup cameras in existing vehicles to ensure safety has boosted the growth of the segment.
The passenger vehicle segment to dominate during the estimated period-
Based on vehicle type, the passenger vehicle segment accounted for three-fourths of the global automotive backup camera market in 2018, and is anticipated to rule the roost during the estimated period. Installation of backup camera in passenger automobiles helps identify the rear blind spots of the vehicle, thereby ensuring safety of the same while reversing, and this factor has stimulated the growth of the segment. Simultaneously, the commercial vehicle segment would cite the fastest CAGR of 10.2% by 2026. This is because commercial vehicles tend to find major application of backup cameras in them.
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North America garnered the major share in 2018-
Based on geography, North America held the largest share in 2018, generating more than one-third of the global automotive backup camera market. The mandatory installment for rear camera/backup camera has accelerated the demand for the system in the region. The region across Asia-Pacific, on the other hand, would showcase the fastest CAGR of 12.6% throughout the forecast period. This is due to the presence of strict government regulations for the installation of backup camera in vehicles.
Leading players in the market-
Continental AG
Aptiv PLC
Yada
Stonkam AG
Valeo
Magna International
Robert Bosch GmbH
OmniVision Technologies
Delphi Technologies
Pyle
Factors such as surge in number of fatalities leading to increased adoption of backup camera and rise in demand for passenger vehicles coupled with safety and security concerns among consumers are driving the growth of automotive backup camera industry. However, high installation cost of the rear camera is expected to hamper the growth of the automotive backup camera market share. Further, rise in trend of installing advanced driving system and legislations mandating installation of cameras in vehicles are expected to create numerous opportunities for the expansion of the automotive backup camera market.
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Key Finding of The Automotive Backup Camera Market:
Based on position, the surface mounted automotive backup camera system generated the highest revenue in 2018.
Based on vehicle type, the passenger vehicle segment was the highest revenue contributor in 2018.
Based on region, North America contributed the highest automotive backup camera market revenue in 2018, followed by Europe, Asia-Pacific and LAMEA.
Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
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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.
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