Automotive Camera Market: Competitive Analysis, Regional Trends & Growth Forecast To 2025
Automotive camera market is set to exceed USD 19 Billion by 2025. Technological advancement in advanced driver-assistance systems (ADAS) along with rise in demand for active vehicle safety features will support product penetration. Increasing number of road accidents coupled with stringent safety norms will encourage automakers to opt for advanced automotive cameras and sensors, augmenting global automotive camera industry size.
Even though the world is witnessing an unprecedented emergence of automation technologies and ADAS systems in passenger vehicles, the appropriate usage of automotive camera remains a cause of concern. It has to be noted that nine out of ten serious road accidents occur due to human behavior and these ADAS systems like automotive cameras possess the potential to save thousands of lives. Therefore, just sticking a camera in a car is of no use if people are not educated on the effective ways to use the information that is displayed on their screens and avoid crashes.
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The significance of this decision can be gauged from the fact that around 210 fatalities and 15,000 injuries are caused by a vehicle crashing into the other due to lack of visibility. Among these fatalities, adults aged 70 and more account for over 26 percent and children under five account for 31 percent. In this regard, reducing the risk of such accidents has long been recognized and the efficacy of rear-view cameras comes handy in ensuring the same. Numerous automakers have already made such technology standard equipment on many car models, essentially expanding the automotive camera market size.
In this context, the auto regulators across developed and emerging nations are not only formulating rules for mandatory installation of rear automotive cameras but are also making efforts to educate people on the correct usage of these devices. Initiatives such as Global National Car Assessment Program in the U.S. and the programs unveiled by National Highway Traffic Safety Administration are of extreme importance in propagating the guidelines pertaining to passenger and pedestrian safety.
Most vehicle safety features made mandatory by policymakers, such as airbags and seat-belts, ensure protection of those travelling in the vehicle. As a result of such policies, numerous verticals such as automotive airbags market, which is slated to surpass a remuneration scale of USD 85 billion by 2025, have been proliferating at an unprecedented pace.
However, in a move that could change the mindset of the automakers and other prominent stakeholders, the US Department of Transportation's National Highway Traffic Safety Administration (NHTSA) has recently made it compulsory across the nation to install a rear camera in all new vehicles weighing under 10,000 pounds from May 2018.
The aforementioned information quite overtly indicates that North America is expected to be a major contender of the global automotive camera industry, pertaining to the rising number of vehicle crashes in the U.S. and Canada and the subsequent implementation of stringent norms to reduce road accidents. Driven by the rise in the demand for luxury vehicles and the upsurge in the deployment of ADAS & safety systems in cars, the North America automotive camera market size is expected to showcase a CAGR of 24% by 2025.
The emergence of self-driving cars has also created a potential growth avenue for the automotive camera market as most self-driving or autonomous vehicles “see” the world around them through a combination of sensors and cameras. In fact, Elon Musk recently opined that LiDAR, the laser-based scanning technology that most autonomous car initiatives rely on is replaceable by cameras and Cornell University researchers have backed up the claim. According to them, autonomous cars can now use a new method of forming a 3D of the world around them by using a pair of comparatively inexpensive cameras.
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Some Point from Table of Contents:
Chapter 5. Automotive Camera Market, By Vehicle Type (Revenue & Shipment)
5.1. Key trends by vehicle type
5.2. Passenger Cars
5.2.1. Market estimates and forecast, 2015 – 2025
5.3. Utility Vehicles
5.3.1. Market estimates and forecast, 2015 – 2025
5.4. Commercial Vehicles
5.4.1. Market estimates and forecast, 2015 – 2025
Chapter 6. Automotive Camera Market, By Application (Revenue & Shipment)
6.1. Key trends by application
6.2. ADAS
6.2.1. Market estimates and forecast, 2015 – 2025
6.2.2. Lane departure systems
6.2.2.1. Market estimates and forecast, 2015 – 2025
6.2.3. Emergency braking systems
6.2.3.1. Market estimates and forecast, 2015 – 2025
6.2.4. Forward collision warning
6.2.4.1. Market estimates and forecast, 2015 – 2025
6.2.5. Others
6.2.5.1. Automotive Camera Market estimates and forecast, 2015 – 2025
6.3. Parking Assist
6.3.1. Market estimates and forecast, 2015 – 2025
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