According to our latest market study on “Automotive Camera Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, Vehicle Type, and Level of Autonomy,” the market is projected to reach US$ 30,140.14 million by 2028 from US$ 6,911.10 million in 2021; it is expected to grow at a CAGR of 24.3% from 2021 to 2028.
The evolution of electric cars is moving at a faster pace. Currently, electric cars are equipped with ADAS and automotive cameras, such as mono cameras, rear view cameras, and surround view cameras, for a better driving experience. The growing adoption of electric vehicles is primarily attributed to the increasing demand for low-emission vehicles and growing supportive regulations for zero-emission vehicles through subsidies and tax rebates that compelled the manufacturers to provide electric cars worldwide. When switching to an electric vehicle, customers expect a higher level of digital experience, coupled with advanced driving features. The growing production capabilities of EVs strengthen the demand for automotive cameras. For instance, in May 2022, PMI Electro, an Electric bus maker, announced the plan to set up its largest commercial EV manufacturing plant having an annual production capacity of 2,500 vehicles. In May 2022, Hyundai Motor Group planned to establish its first dedicated EV plant and battery manufacturing facility in the US with an investment of around US$ 5.54 billion. It will hold the production capability of 300,000 units by the first half of 2025. Thus, such growth prospects in EV industry is anticipated to hold potential demand for automotive camera that helps drive the market growth over the projected period.
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Companies Profiled in this report includes: Aptiv; Autoliv Inc.; Continental AG; FLIR Systems, Inc.; Gentex Corporation; Magna International Inc.; Mobileye; Robert Bosch GmbH; STONKAM CO., LTD; and Valeo.
Impact of COVID-19 Pandemic on Automotive Camera Market
The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020. The crisis hampered the business activities in manufacturing industries. The pandemic slowed down the investment and production units, hampering the business dynamics of the automotive camera market. During the initial days of the pandemic, all business deals, collaborations, and partnerships were restricted, which significantly shattered the automotive camera market. However, from 2021, the automotive industry is improving faster with a significant rise in demand for automotive vehicles. The growing initiatives from key players for advancing the automotive camera is fueling the market growth in the post-pandemic period. For instance, in June 2020, Mercedes-Benz and NVIDIA entered a partnership to create a revolutionary in-vehicle computing system and AI computing infrastructure. The continued evolution of the electric vehicle (EV) category has presented the industry with a wide range of opportunities and solutions in the pandemic recovery period. For instance, in July 2021, Magna International Inc. and Veoneer announced a definitive merger agreement. The initiative aimed to enhance Magna’s ADAS systems capabilities and feature functionality. Thus, growing investment and increasing sales of automotive in the post-pandemic period are fueling the automotive camera market growth.
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Key Findings of Study:
Based on vehicle type, the automotive camera market is segmented into passenger cars and commercial vehicles. In 2021, the passenger cars segment accounted for a larger automotive camera market share owing to the high adoption of advanced safety systems in cars. Cameras in cars are used as standalone sensors and sometimes coupled with other components such as Lidar and radar sensors. The wide usage of cameras in passenger cars is propelling the automotive camera market growth for the segment. In terms of application, the automotive camera market is bifurcated into park assist and ADAS. In 2021, the stringent regulatory compliances with upcoming safety mandates and increased demand for semi-autonomous driving systems fueled the segment’s growth. The Asia Pacific region consists of many developing countries, which are witnessing high growth in transforming vehicles and making them more efficient. Asia Pacific is growing at a faster pace in terms of economy. The growing initiatives from the key players for incorporating autonomous cars is strengthening the demand for automotive cameras. In May 2022, South Korea planned to revise level 3 autonomous car safety rules, including eased speed limits. Hence, the government unveiled a revised road map on improving regulations for self-driving cars to accelerate their commercial adoption from 2022. Thus, such initiatives are propelling the automotive camera market growth.
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