Press release
Side View Camera System Industry Set to Achieve $0.07 Billion Milestone by 2029 | Steady 79.7% CAGR
Side View Camera System
What Is the Long-Term Growth Forecast for the Side View Camera System Market Size 2025?
In recent years, the side view camera system market has experienced significant growth. This market which was valued at $0 billion in 2024 is projected to rise to $0.01 billion in 2025, registering a compound annual growth rate (CAGR) of 84.8%. This rapid growth during the historic period is as a result of factors such as increased regulatory requirements for vehicle safety, growing consumer demands for improved driver assistance systems, a rise in the demand for autonomous and electric vehicles, an increase in road accident incidents, a shift towards smart and connected vehicles within the autonomous vehicles sector, and a heightened consumer demand for improved vehicle visibility.
What CAGR is Forecasted for the Side View Camera System Market Through 2029?
In the forthcoming years, the market for side view camera systems is predicted to witness robust growth, escalating to a value of $0.07 billion in 2029 with a compound annual growth rate of 79.7%. This growth during the prediction period can be ascribed to the heightened focus on vehicle protection regulations, soaring demand for luxury and upscale cars, development of electric and autonomous vehicle industries, increased consumer inclination towards superior vehicle aesthetics and aerodynamics, and an amplified consciousness regarding the minimization of blind spots and road mishaps. Key trends for the forecasted period encompass progress in automotive safety technology, the embrace of advanced driver-assistance systems (ADAS), breakthroughs in camera technology, AI integration for augmented functionalities, advancements in self-driving vehicle technology, and cutting-edge innovation in sensor technology.
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What Are the Critical Factors Driving Side View Camera System Market Development?
The side-view camera system market is predicted to grow significantly due to the rising demand for vehicles. The surge in vehicle numbers on roads is a result of population expansion, urbanization, and economic progression, subsequently increasing vehicle ownership and enhancing access to transport infrastructure. Side-view camera systems contribute to vehicular safety by increasing driver visibility of blind spots, and facilitating safer lane shifting and parking. For example, the US Energy Information Administration, a statistical department of the Department of Energy, reported in January 2024 that in 2023, the combined sales of hybrid, plug-in hybrid electric, and battery electric vehicles (BEVs) made up 16.3% of the total new light-duty vehicle (LDV) sales in the US. Thus, the growing need for vehicles is anticipated to fuel the market for side-view camera systems.
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How Does the Side View Camera System Market Break Down Across Major Segments?
The side view camera system market covered in this report is segmented -
1) By Component: Camera, Electronic Control Unit (ECU), Display, Other Components
2) By Technology: Infrared Camera, Thermal Camera, Digital Camera
3) By Mounting Location: Body Mounted, Door Mounted
4) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
5) By Application: Park Assist System, Driver Monitoring System, Blind Spot Detection, Night Vision System, Other Applications
Subsegments:
1) By Camera: Front Camera, Rear Camera, Side Camera
2) By Electronic Control Unit (ECU): Centralized ECU, Distributed ECU
3) By Display: In-Dash Display, Rearview Mirror Display, Head-Up Display (HUD)
4) By Other Components: Wiring Harness, Sensors (Proximity Sensors), Mounting Kits, Power Supply Units
What Are the Major Trends Transforming the Side View Camera System Industry?
Leading firms engaged in the production of side view camera systems are enhancing their technology by incorporating speed assist systems. These ameliorations seek to bolster security measures and step up the precision in object detection. The speed assist system embedded in cameras can track and supervise vehicle velocities in real-time, issuing warnings to drivers whenever speed limits are surpassed or cars are approached swiftly. For example, in July 2023, Mobileye Global Inc., a company hailing from Israel that specializes in autonomous driving, introduced their first ever speed assist system exclusively utilizing camera technology. This unique solution equips original equipment manufacturers (OEMs) with the capacity to abide by the newly established EU General Safety Regulation (GSR), enforcing the insertion of sensors in all newly manufactured vehicles for automatic speed limit detection. Mobileye's Intelligent Speed Assist (ISA) is leading the way in fulfilling this necessity devoid of reliance on third-party maps or GPS intelligence. Instead, traffic signs and other visual signals within the vehicle's area are identified.
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Which Players Are Driving Innovation in the Side View Camera System Market?
Major companies operating in the side view camera system market are 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
Which Regions Are Driving Global Side View Camera System Market Expansion?
Europe was the largest region in the side view camera system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the side view camera system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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