CHICAGO, July 10, 2020 /PRNewswire/ -- According to the new market research report "Automotive Camera Market by Application (ADAS, Park Assist), View Type (Single View, Multi-Camera), Technology (Thermal, Infrared & Digital), Level of Autonomy (L1, L2&3, L4, L5), Vehicle & Class, Electric Vehicle and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Automotive Camera Market is projected to reach USD 12.2 billion by 2025 from USD 6.8 billion in 2020, at a CAGR of 12.4% during the forecast period. The rising demand for semi-autonomous and autonomous driving, focus on advanced safety systems, increasing adoption of driving assistance features, and increasing consumer disposable income will fuel the demand for automotive cameras. Moreover, increasing adoption of ADAS & safety features, focus on vehicle safety, government safety regulations, and focus on reducing accidents are going to play a pivotal role in the adoption of automotive cameras in the future.
The COVID-19 pandemic has resulted in halted production and plunged sales and has forced key players in the global automotive field to rethink their strategies. Rescheduling the launch of models and projects, stabilizing dealer networks, tightly managing cash, and reviewing investment portfolio has affected the production and sales of passenger and commercial vehicles across the globe, which has resulted in a dip in the Automotive Camera Market in 2020.
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Park assist segment, by application, is estimated to hold the largest market share during the forecast period.
The park assist segment is estimated to be the largest segment of the Automotive Camera Market. The government mandates and increasing penetration of camera-based features are some of the major factors driving this segment. Currently, park assist features are most commonly used in vehicles. The majority of vehicles are equipped with the digital rearview camera that assists the driver while parking a vehicle. Moreover, the US and Canadian governments have mandated the rearview camera because of its safety benefits. Canada has made rearview camera systems mandatory in new cars since May 2018.
Passenger Car segment is estimated to be the fastest growing market, by vehicle type, from 2020 to 2025
The passenger car segment makes a major contribution to the Automotive Camera Market. The increased demand for safety systems in emerging markets can be attributed to improving road safety standards, supporting legislation, and consumer awareness. Additionally, several countries in Europe, North America, and Asia Pacific have introduced regulations that mandate the incorporation of various types of ADAS in the passenger car segment. The standard of living is also improving in several countries, which results in increased demand for luxury vehicles. ADAS and park assist are installed widely in luxury vehicles as a standard package than in mid and lower segment vehicles, where they are offered as optional or not available in specific variants. Hence, provide opportunities for the growth of the Automotive Camera Market in passenger car.
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Asia Pacific to be the largest market for automotive camera in 2025
Asia Pacific is expected to account for the largest market share by 2025, followed by Europe and North America. Increasing demand for a safe, efficient, and convenient driving experience; rising disposable income in emerging economies; and stringent safety regulations across the globe are the drivers of the Automotive Camera Market in Asia Pacific. Low automobile market penetration and increased vehicle production in this region offer attractive market opportunities to automobile manufacturers and tier-1 suppliers. With an increase in the production of vehicles, the demand for driver assist features is expected to increase. This, in turn, is expected to drive the growth of the Automotive Camera Market in the region. Further, steady growth in the demand for semiautonomous vehicles in the emerging markets of Asia Pacific has also created an opportunity for the growth of the Automotive Camera Market.
The Automotive Camera Market is dominated by globally established players such as Continental (Germany), Robert Bosch (Germany), Valeo (France), Aptiv (Ireland), and Magna (Canada). Also, Intel (Mobileye) (US), Autoliv (Sweden), Ficosa (Spain), and Clarion (Japan) provide automotive camera.
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