Market Overview
The value of the worldwide automotive camera market was USD 8,091.4 million in 2023. It is projected to reach USD 17,326.1 million by 2030, growing at a compound annual growth rate of 11.8% from 2024 to 2030.
Wide research and development in the automotive industry has spurred improvements, especially in advanced driver assistance systems, boosting worldwide demand for automotive cameras. Such cameras are essential to ADAS, advancing safety by offering HD visuals of the vehicle’s surroundings.
They aid in detecting traffic elements, pedestrians, and vehicles, contributing to better road safety. Various camera types cater to functions like pedestrian and blind-spot detection, as well as parking assistance. These cameras also serve as self-diagnosis tools in adverse weather, fostering their integration into modern car models. OEMs are investing in research and alliances to integrate cameras into new models due to their numerous benefits.
The rising strictness of government guidelines is improving the acceptance of surround, rear, and other cameras in all vehicle kinds. For example, a few years back, the Indian government directed a backup camera or rearview detectors on all new cars, in order to decrease collision danger with walkers or any other hindrance.
Regional Outlook
- Passenger cars grip a 65% revenue share in the vehicle type segment and are projected to advance significantly.
- Front cameras in passenger cars provide progressive features like lane departure warning and forward collision warning.
- Rear cameras help in backup support and obstacle avoidance, while top-down view cameras assist in parking and avoiding collisions.
- Commercial vehicles will witness noteworthy development in the automotive camera industry because of the augmented need for safety features.
- These cameras monitor cargo loading, driver attentiveness, and vehicle performance, enhancing overall safety.
- Original equipment manufacturers (OEMs) are incorporating these components to improve vehicle performance and road safety, particularly important for commercial vehicles prone to severe accidents due to their size.
- Automotive cameras are for both drivers and driving which includes the features like collision warnings and rearview cameras and not just the Level 0 vehicles.
- Adaptive cruise control that allows the driver to control the car on the highway is a typical example of level 1 automation.
- Cameras of level 4 and 5 automations are more versatile, having a larger selection—front, interior, rear, and surround—for higher automation up to full automation.
- In 2023, the Asia-Pacific region had a substantial revenue share in the worldwide automotive camera industry, propelled by increasing vehicle production and need in China, Japan, India, and South Korea.
- Factors like growing per-capita incomes, advancing technologies, urbanization, changing customer preferences, and infrastructure growth contribute to the region’s fast acceptance of automotive cameras.
- The growing middle-class populace and affordability of cars have directed to increased sales of cars with progressive features such as ADAS and camera sensors.
- Connectivity choices, security systems, and pioneering designs are among the necessitated features in modern cars, enabled by dense telecom infrastructure enabling V2V, V2I, and V2G connectivity, vital for automotive cameras’ optimal performance.
- The automotive camera industry is extremely competitive, with important players like Bosch, Continental, Aptiv, and Valeo vying for industry share through technical improvements and strategic partnerships.
Source: P&S Intelligence
