Pune, Sept. 24, 2020 (GLOBE NEWSWIRE) — The global automotive camera market size is projected to reach USD 10.1 billion by 2027, exhibiting a CAGR of 21.5% during the forecast period. The increasing number of road traffic accidents worldwide will be a crucial factor in driving the growth of this market, states Fortune Business Insights™ in its report, titled “Automotive Camera Market Size, Share & COVID-19 Impact Analysis, By Application Type (Park Assist System, Lane Departure Warning System, Lane Keep Assist, Adaptive Cruise Control, Road Sign Assistance, Blind Spot Detection, Intelligent Headlight Control and Others), By Technology Type (Stereo and Monocular), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecasts, 2020-2027”. Latest data from the World Health Organization (WHO) show that road traffic crashes kill nearly 1.35 million people every year and injure between 20 million and 50 million people. Motorcyclists, cyclists, and pedestrians have the largest share of road fatalities, the WHO highlights. Automotive cameras can play an instrumental role in preventing accidents as they can compensate for human errors such as driving under influence, driving while fatigued, or distracted driving. These cameras are an essential component of advanced driver-assistance systems (ADAS), which have features such as blind-spot detection, automatic braking, adaptive cruise control, and pedestrian detection. Together, these features not only enhance the safety of the vehicles but also ensure the safety of other road users.
As per the report findings, the global market value stood at USD 3.8 billion in 2019. The main highlights of the report include:
- Unparalleled intelligence on the factors driving the market growth;
- Actionable insights into the challenges facing the market;
- Exhaustive analysis of the competitive developments and regional dynamics of the market; and
- In-depth evaluation of the individual market segments.
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List of Key Companies Profiled in the Market Report:
- Ambarella (California, United States)
- Mobileye (Jerusalem, Israel)
- Garmin Ltd (Kansas, United States)
- Magna International (Aurora, Canada)
- Ricoh (Tokyo, Japan)
- ZF Friedrichshafen (Friedrichshafen, Germany)
- Autoliv, Inc (Stockholm, Sweden)
- Kappa optronics GmbH (Lower Saxony, Germany)
- OmniVision (California, United States)
- Denso (Aichi, Japan)
- Valeo (Paris, France)
- Robert Bosch GmbH ( Gerlingen, Germany)
- Continental AG (Hanover, Germany)
COVID-19 to Hit the Market as Companies Grapple with Tumbling Profits
The automotive camera market growth is set to suffer because of the COVID-19 pandemic as reduced production, deflating demand, and trade restrictions have stymied the sales and revenues of major companies in this market. For example, in July 2020, Valeo, the French leader in auto parts, reported a loss of €1.2 billion in the first half of 2020 as a consequence of disruptions in production operations caused by the coronavirus. Similarly, the Japanese auto parts manufacturer, Denso Corp, announced a whopping 81% slump in its operating profits in the first quarter of 2020, suffering a loss of USD 571.8 million and reducing its global production by 50% owing to the upheavals generated by the pandemic. Plunging profits will inevitably hamper investments in R&D and halt the adoption of advanced automotive cameras and other safety technologies, which will naturally impact the growth of the market.
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Europe to Lead the Market Share Backed by Stringent Road & Vehicle Safety Norms
Europe is expected to dominate the automotive camera market share during the forecast period owing to the stringent implementation of road and vehicular safety standards by the European Union (EU). For example, under the (EC) 78/2009 and (EC) 661/2009 regulations, the EU makes it mandatory for automakers to install safety features in vehicles to ensure pedestrian safety. In 2019, the region’s market size stood at USD 1.3 billion.
Asia Pacific is slated to occupy the second-largest position in the global market on account of surging demand for cost-effective vehicle components from automakers in North America and Europe made in Asian countries. North America is anticipated to grow steadily owing to the quick adoption of advanced vehicle safety features in the region.
Key Players to Target Investments towards Innovation
With growing demand for smart safety features in cars, key players in this market are strategically investing in innovation to develop high-quality and reliable safety systems such as AI-enabled automotive cameras. These innovations are allowing companies to entrench their market position, widen their offerings, and expand global presence.
August 2020: Tesla announced the rollout of a software update that will enable the autopilot system in the company’s vehicles to detect speed limit signs through the camera. The update will allow camera to detect the speed limit, inform the driver about it, and automatically set a speed warning.
January 2020: US-based Ambarella, Inc. launched CV2FS and CV22FS, its latest automotive camera system on chips (SoC). Embedded with AI capabilities, the system is designed for targeting stereovision and forward-facing monocular ADAS cameras.
Browse Detailed Summary of Research Report With TOC:
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Drivers
- Market Restraints
- Market Opportunities
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
Global Automotive Camera Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Market Analysis, Insights and Forecast – By Application Type
- Adaptive Cruise Control
- Park Assist System
- Blind Spot Detection
- Lane Departure Warning System
- Lane Keep Assist
- Road Sign Assistance
- Intelligent Headlight
- Market Analysis, Insights and Forecast – By Technology Type
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia pacific
- Rest of the World
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