Multi Camera System Market for Automotive by Function (Parking, and ADAS), Display Type (2D, and 3D), Level of Autonomous Driving (Level1, Level 2 & 3, and Level 4), Vehicle Type (Passenger, and Commercial Vehicle), and Region - Global Forecast to 2025
Northbrook, IL -- (SBWIRE) -- 01/16/2020 -- The Multi Camera System Market is estimated to be USD 700.7 Million in 2017 and is projected to reach USD 2,843.4 Million by 2025, at a CAGR of 19.13% from 2018 to 2025. The key growth drivers for the market are the increased emphasis of insurance companies on safety features, faster generation of real-time and reliable data from advanced driver assistance systems (ADAS), and the growth of autonomous and semi-autonomous vehicles.
The 2D display type segment is estimated to hold the largest market share in 2017. However, the 3D multi camera system is estimated to be the fastest growing market during the forecast period and is anticipated to grow at a rapid pace due to technological advancements. In addition, the technology-driven companies are using the 3D multi camera system as a tool for developing autonomous and semi-autonomous vehicles.
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The parking segment is estimated to hold the largest market share of this market, by function type. However, the ADAS segment is estimated to be the fastest growing market owing to the growth of semi-autonomous and autonomous vehicles and advanced driver assistance functions based on the multi camera system.
By the level of autonomous driving, the Level 2 & 3 segment is estimated to be the fastest growing segment of the multi camera system market during the forecast period. However, the level 1 segment is estimated to be the largest segment of the market during the forecast period. The growth of this segment can be attributed to the demand for a multi camera system in commercial vehicles, mid-range, and premium cars.
The passenger vehicle segment is estimated to hold the largest share of the multi camera system market. A key growth driver for the market for passenger cars is the rising consumer awareness of road and vehicle safety. The commercial vehicle segment is expected to adopt the multi camera system at a significant rate from 2019. The adoption of advanced technologies continues to be slow in commercial vehicles due to the impact of technology on the overall cost of the vehicle. However, increasing mandates, regulations, increasing road fatality rates, accidents while parking, and consumer awareness of safety system are driving the adoption of advanced safety functions in a wide range of commercial vehicles.
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A key factor restraining the growth of the multi camera system market is the high cost of developing the system and its related technologies. However, the cost of the multi camera system is likely to decrease in the coming years because of large-scale production and increasing number of suppliers. While cost is not a matter of concern for the premium segment vehicles, it can substantially affect the economic and mid-segment vehicles. The multi camera system market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Bosch (Germany), Continental (Germany), Delphi (UK), Magna (Canada), and Valeo (France).
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