Global Automotive Cameras Market is expected to reach $33 billion by 2024; growing at a CAGR of 17.5% from 2016 to 2024. Automotive cameras are image sensing cameras installed inside and outside the vehicle for safety purposes.
Global Automotive Cameras Market Report, published by Variant Market Research, forecast that the global market is expected to reach $33 billion by 2024 from $9 billion in 2016; growing at a CAGR of 17.5% from 2016 to 2024. By geography, Asia Pacific and rest of the world (RoW) are expected to grow at a CAGR of 18.6% and 18.2%, respectively, during the forecast period.
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The global automotive cameras market is primarily driven by surge in demand for sensing cameras in advanced driver assistance systems, increasing demand for luxury vehicles, and vast requirement by passenger cars. Though, high price of automotive cameras is the major hindrance in the growth of the market.
Moreover, replacement of side-view mirrors with cameras is expected to bring useful opportunities for the market in the forecast period.
The global automotive cameras market has been classified on the basis of product, technology and application. The classification by product contains rear-view enhancement, forward-view cameras, side-view cameras, and interior-view cameras.
The technology segment is further categorized into mono cameras, infrared cameras, stereo cameras, and others. By application the market comprises into LDWS, parking, night vision, parking surround view, blindspot, drowsiness, distance, AFS and others.
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By product, the rear-view enhancement dominated the largest market share in the year 2016, driven by its wide usage in parking and reverse driving. While, the side view cameras are expected to achieve the fastest CAGR throughout the forecast period.
The technology segment is dominated by stereo cameras segment with the supreme market share in 2016. Distance cameras are likely to achieve the fastest growth rate in the complete application segment throughout the forecast period 2016-2024.
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the major geographical segments of the global automotive cameras market. The largest market share of 35% was occupied by North America in 2016, driven by progress in demand of luxury vehicles in countries such as U.S., and Canada.
Increased demand for installation of ADAS in commercial vehicles has also boosted the growth of automotive cameras in the North American market. Europe held the second position in the market with a total market share of 33.3% in 2016.
While, Asia-Pacific is likely to achieve the fastest CAGR of 18.6% throughout the forecast period.
The major players in the market include Continental AG, Autoliv Inc., Delphi Automotive LLP, Robert Bosch GmbH, Qrontech Co. Ltd., Valeo Inc., KYOCERA Corporation, Transcend Information Inc., Media Data Systems Pte Ltd., Ficosa International S.A., and others.
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Scope of Automotive Cameras Market
- Rear View Enhancement
- Side View Cameras
- Forward View Cameras
- Interior View Cameras
- Infrared cameras
- Parking surround view
- Night vision
- North America
- United Kingdom
- South Korea
- South America
- Middle East
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