Albany, NY -- (SBWIRE) -- 04/27/2018 -- Multi-camera system is a combination of a camera and an integrated electronic unit used for various applications in the vehicle. The multi-camera system helps in functioning of ADAS (Advanced Driver Assistance System) features such as object detection, blind spot detection, and traffic sign recognition.

Multi-camera Systems Market: Drivers and Restraints

Technological developments in electronic components are augmenting the use of multi-camera systems. Furthermore, the ever-increasing production of vehicles and rising demand for lightweight and luxurious vehicles are projected to boost the multi-camera systems market during the forecast period. Development of autonomous and electric vehicles leads to more use of multi-camera systems. Consumers of automobiles are demanding the vehicles incorporated with more user-friendly features. Taking this into consideration, vehicle manufacturers are focusing on making more user-friendly dashboard with advanced technology features.

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Multi-camera systems reduce the manual work by providing information of everything around the vehicle. By taking safety of the consumer into account, manufacturers are concentrating more on safety measures and multi-camera systems are useful in providing the information related to safety of the vehicle. A multi-camera system also works along with an in-dash navigation system equipped with GPS, which enables the driver to opt for the shortest possible route and thereby, during the process, reduce vehicular emissions. Complexity and high cost are major issues which may hamper the multi-camera systems market in the near future.

Multi-camera Systems Market: Key Segments

Based on vehicle type, the multi-camera systems market can be classified into passenger vehicles (PVs) and commercial vehicles (CVs). Passenger vehicles include hatchback cars, sedans, multipurpose vehicles (MPVs), and sport-utility vehicles (SUVs). Commercial vehicles include lightweight commercial vehicles (LCVs) and heavy commercial vehicles (HCVs). Use of multi camera system is more in passenger vehicles than commercial vehicles.

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Based on mode of operation of vehicle, the multi-camera systems market can be segmented into autonomous vehicles and other two types. An autonomous vehicle is a self-driving vehicle, which uses various in-built technologies and sensors such as adaptive cruise control, active steering (steer by wire), anti-lock braking system (brake by wire), GPS navigation technology, laser, and radar. As they have more technology advanced features, use of multi-camera systems is more advanced than other two.

Based on use or application, multi-camera systems are broadly categorized into two system. ADAS (advanced driver assistance system) has been sub-categorized into safety/security application, informative application, and warning application. Most entertainment and information-related systems work along with multi-camera systems.

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Based on geography, the global multi-camera systems market can be segmented into North America, Europe, Asia Pacific, and Rest of World (RoW). North America and Europe collectively hold a major share of the global multi-camera systems market. This is attributable to technological advancements in the sector in these regions.

Asia Pacific accounts for a significant share of the global multi-camera systems market. This is attributable to rising standards of living and increasing population of youngsters. Boom in the automotive sector in Asia Pacific is leading to increased production of vehicles with automotive multi-camera systems, especially in China and India.

Multi-camera Systems Market: Key Players

Some of the key players operating in the global multi-camera systems market are Continental AG., Denso Corp., Harman International Industries Inc., Panasonic Corp., Robert Bosch GmbH, Bose Corp., Blaupunkt GmbH, Delphi Automotive plc. Valeo, Texas Instruments Incorporated, and NXP Semiconductors.