Automotive Camera Market to Register Substantial Expansion by 2027

Northbrook, IL -- (SBWire) -- 02/07/2020 --The Automotive Camera Market is projected to grow at a CAGR of 10.62% during the forecast period. It is estimated to be USD 7.5 billion in 2018 and is projected to reach USD 15.1 billion by 2025. The market growth is primarily driven by factors such as regulatory changes and increasing demand for active safety system.

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The emergence of newer safety technologies in the automotive industry and the growing demand for electric cars have driven the automotive camera market. Added safety and convenience for the driver has been a major objective of developing camera systems. Moreover, the increasing government mandates related to active safety system are driving the automotive camera market. For instance, in May 2018, the government of Canada and the US mandated that all vehicles under 10,000 pounds must be equipped with a backup camera. Also, the US government has a voluntary agreement with many manufacturers to fit autonomous emergency braking (AEB) by 2022. European governments are focusing on mandating ADAS such as an emergency braking system and lane departure warning system. These mandates are expected to drive the automotive camera market. However, the regional adoption of camera technology varies according to government norms and customer preference. Moreover, vehicle manufacturers plan to offer advanced features such as a multi camera system in vehicles to acquire more customers and boost profitability, thereby inflating the growth of the automotive camera market.

The Asia Pacific automotive camera market is expected to grow at the highest rate, followed by RoW, North America, and Europe. The growth of the Asia Pacific market can be attributed to the growing automotive sector in countries such as China, Japan, South Korea, and India. Moreover, the increase in per capita income, improved lifestyle of consumers, and speedy urbanization have boosted the demand for passenger vehicles as well as commercial vehicles in the region. The increase in demand for vehicles is likely to trigger the growth of the automotive camera market in the region.

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The ADAS segment of the automotive camera market, by deployment, is expected to grow at the highest CAGR during the forecast period due to the increasing trend of integrating additional safety features in the vehicles. The camera system helps in the functioning of ADAS features such as object detection, blind spot detection, and traffic sign recognition. OEMs now offer advanced features to gain a competitive advantage. Most of these features use cameras for their operation. Thus, the increase in ADAS features in vehicles will fuel the demand for automotive cameras.

Key Questions addressed by the report

- How will the developments in automotive safety features impact the automotive camera industry in the mid- to long-term?
- How will the increasing adoption of electric vehicles and government safety norms impact the market?
- What are the new application areas of the automotive camera?
- Which are the key players in the market and how intense is the competition?
- How will the advent of autonomous vehicles impact the market?

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