Northbrook, IL -- (SBWIRE) -- 10/20/2021 -- The global automotive camera and integrated radar and camera market size is projected to grow from USD 6.1 billion in 2021 to USD 10.1 billion by 2026; it is expected to grow at a CAGR of 10.5% from 2021 to 2026.
The growth of the automotive camera and integrated radar and camera market is majorly driven by increasing consumer demand for advanced security systems, rising demand for vehicles safety systems for premium segment vehicles, and increasing number of regulations mandating safety features in vehicles.
COVID-19 impact on the automotive camera and integrated radar and camera market
Post the outbreak of COVID-19, major automotive camera providers, such as Bosch and Continental, and integrated radar and camera providers, such as Aptiv PLC and ZF Friedrichshafen, have announced the suspension of production due to trimmed demand and supply chain bottlenecks, and to protect the safety of their employees in France, Germany, Italy, and Spain. Manufacturers are likely to adjust production to prevent bottlenecks and plan production according to demand from OEMs and tier 1 manufacturers. Major automotive camera and integrated radar and camera solution providers lost revenue in Q1 2020. As resumption of vehicle production is not likely in the near future due to the severity of the pandemic, especially in the US and major European countries, tier 1 players expect a further decline in revenue. For instance, Aptiv's advanced safety and user segment logged revenue of USD 902 million in Q1 2020 compared to USD 1,023 million in Q1 2019, a decline of 13%.
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Front view segment expected to contribute the largest share to the automotive camera and integrated radar and camera market during the forecast period
The front view segment is projected to account for the largest size of the integrated radar and camera market from 2021 to 2026. The growth of this segment is driven by the increasing demand for ADAS functions to monitor the traffic ahead to enable the car to maintain a safe and legal speed, stay in its lane, keep its distance with vehicles ahead, and react to emergencies. Front view cameras are mainly used for dash camera applications and ADAS applications. ADAS front view cameras enhance active safety and driver assistance functions, such as autonomous emergency braking (AEB), adaptive cruise control (ACC), lane-keeping assist system (LKAS), and traffic jam assist (TJA). Rising trends of connected vehicles and autonomous vehicles, and growing adoption of ADAS drives the growth of the front view segment. Increasing encouragement from governments for OEMs to adopt advanced safety features in vehicles and growing preference of end users for advanced safety features are the major factors driving the growth of ADAS in vehicles, which, in turn, drives the demand for front view automotive cameras.
Integrated radar and camera segment expected to grow at the highest CAGR in the automotive camera and integrated radar and camera market in 2021
The integrated radar and camera segment is expected to register a higher growth rate during the forecast market. It is currently a niche market. An integrated radar camera system includes camera and radar components housed in a single module. The module can be employed in a vehicle for safety applications such as ACC, forward collision warning (FCW), collision mitigation or avoidance via autonomous braking, and LDW. The integration of the camera and the radar into a single module results in a reduction in sensor costs. Additionally, camera and radar integration employs common or shared electronics and signal processing. With the increasing adoption of ADAS, the integrated radar and camera market is expected to witness significant growth in the coming years.
Automotive Camera and Integrated Radar and Camera Market by Region
Automotive camera and integrated radar and camera market in Europe contributed the largest share in 2020.
Europe accounted for the largest share of the automotive camera and integrated radar and camera market in 2020. Some of the major drivers for the growth of the market in Europe include the technological developments within the country, emerging applications, demand for automotive cameras and integrated radar and camera systems in the region, and the presence of a strong automotive industry in the region. These factors would further boost the automotive camera and integrated radar and camera market in Europe. This, in turn, has created a significant demand for automotive camera and integrated radar and camera.
Key Market Players
Automotive camera and integrated radar and camera players have implemented various types of organic as well as inorganic growth strategies, such as product launches, product developments, and acquisitions to strengthen their offerings in the market. The major players are Robert Bosch GmbH (Germany), Continental AG (Germany), Valeo SA (France), Aptiv PLC (Ireland), and Magna International (Canada), are some of the major players in automotive camera and integrated radar and camera market.