Side View Camera System Market by Camera Type (Single Camera & Multi-Camera), Component (Camera, ECU, and Display), Vehicle (Passenger Car & Commercial Vehicle), and Region (Asia Pacific, Europe, North America and RoW) – Global Forecast to 2027
Northbrook, IL -- (SBWIRE) -- 11/08/2019 -- The report Side View Camera System Market by Camera Type (Single Camera & Multi-Camera), Component (Camera, ECU, and Display), Vehicle (Passenger Car & Commercial Vehicle), and Region (Asia Pacific, Europe, North America and RoW) – Global Forecast to 2027" The global side view camera system market is projected to grow from USD 2 million in 2020 to USD 388 million by 2027, at a CAGR of 112.0%. The increasing luxury vehicle production drives the growth of the side view camera system market, focus on increasing vehicle safety and increasing the adoption of advanced electronic components in vehicles.
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Passenger car is expected to be the largest market
The passenger car segment is expected to be the largest market during the forecast period. Passenger cars constitute the largest segment of the side view camera system market. Early adoption of side view camera systems in the premium passenger cars would result in increasing demand for side view camera systems for passenger cars. OEMs such as Lexus already launched vehicles without side-view mirrors in 2018. Existing regulations regarding side view camera systems in the European region would be a significant factor for growth in the region. Major luxury car makers such as Audi, Mercedes Benz, BMW, Lexus, Cadillac, and Lotus are relying upon more connected and safety features. For instance, most of the premium passenger vehicles launched in 2018 were equipped with some level of autonomous capabilities, advanced HMI, and more ADAS features. OEMs launched vehicles with visually appealing interiors, smarter infotainment systems, and more interactive features for a comfortable driving experience.
Multi-Camera System is expected to lead the side view camera system market
The multi-camera system is expected to grow faster than the single-camera system during the forecast period due to the planned installation of side view camera systems in commercial vehicles. Multi-camera systems are beneficial as commercial vehicles have large and difficult blind spots than small passenger cars. Stoneridge Inc developed MirrorEye camera monitor systems, especially for buses and trucks. The company received approval from the Federal Motor Carrier Safety Administration (FMCSA) in 2019 for the installation of side-view camera systems in commercial vehicles in the US. Such measures would boost the demand for multi-camera systems in the future.
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Europe is expected to be the largest market during the forecast period
Europe is the largest market for side view camera systems because of the growth in Germany, the UK, France, and others. The European Commission passed legislation to allow side view camera systems in place of optical side view mirrors. Safety regulations and supportive guidelines regarding side view camera systems will fuel early adoption in this region. Moreover, the region is home to premium car manufacturers such as Mercedes, BMW, Audi, Renault, and many others. Increasing production and sales of luxury vehicles due to strong economic growth is going to play a major role in the region.
Key Market Players
The global Side View Camera System Market is dominated by major players such as Hyundai Mobis (South Korea), Continental AG (Germany), Valeo (France), Samvardhana Motherson (India), Magna International (Canada), Robert Bosch (Germany), Denso Corporation (Japan), and Stoneridge (US). Denso Corporation (Japan) and many others. These companies have secure distribution networks at a global level. Besides, these companies offer a wide range of services in the market. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.
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