PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1064129
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1064129
According to Stratistics MRC, the Global Vehicle Camera Market is accounted for $23.87 billion in 2022 and is expected to reach $52.40 billion by 2028 growing at a CAGR of 14.0% during the forecast period. Vehicle camera is an electronic device, sticks on the windscreen and records the front road. The camera uses memory cars to record the video footage. The camera continually records by automatically starting and stopping as you turn the car on and off. The vehicle camera is also referred to as a dashcam. The camera ensures safety and security and is featured with ability photographs, GPS tracking, and parking protection. They act as a powerful tool for many applications including, taxi surveillance, law enforcement, fleet risk management, accident reconstruction, student & advanced driver training, racing car driver training, aerial flight instructors, nautical recording, tourist scenic video, and personal audio or video projects.
North America accounted for over a third of the whole market, followed by Europe with a share of some 29 percent and China with a share of almost 18 percent of the global market. The Chinese automotive camera market reached the size of over 1.1 billion U.S. dollars in 2019. Internal, rear, side, and front cameras provide drivers with an increased vision for safer merging, more accessible parking, and increased security. As of 2020, estimates suggest that the global market for automotive sensors will cross 40 billion U.S. dollars by 2025.
Market Dynamics:
Driver:
Growing demand for vehicle cameras
Automotive cameras are now becoming an integral part of parking-assistance solutions, including high-end surround view systems that include four or more cameras per vehicle. Also, the advent of autonomous vehicles and the potential demand for multi-camera expects a boost to the market in the coming years. Cameras are now competitive in terms of application, performance, and price associated with radar or lidar sensors, such as adaptive cruise control and automatic emergency braking. Players within the market are coming up with a new model with an integrated feature. For instance, ZF developed a dual-lens camera for a commercial vehicle with integrated ADAS technologies. Additionally, the recordings of these cameras help the insurance companies to block dishonest statements in the case of accidents. Consumers are looking for different type of camera as they prioritize safety, security, and Inclination of government and insurance companies towards the advancement of technology and installation of vehicle cameras are the key factors anticipated to drive the vehicle camera market.
Restraint:
High Installation Cost
The installation cost of vehicle cameras is considerably high. In addition, latest technologies such as advanced driver assistance systems (ADAS) require cameras for numerous applications such as lane detection systems, blind spot detection, lane departure systems, and others, which are expensive. Moreover, rising prices of vehicles along with the high cost incurred during designing and testing of these cameras may hamper the growth of said market in future. Hence, high cost of the cameras is anticipated to significantly hamper the growth of the vehicle camera market.
Opportunity:
Rising technological advancements
The major factor contributing to the growth of the market are the technological advancements in the cameras. Many car manufacturers are taking the technology to the next step. Incorporating computer vision intelligence enables the back-over prevention system to automatically detect objects and warn the driver or even apply the brakes to prevent a collision with a pedestrian or other object. In addition, the use of advanced technologies such as 3D imaging, night vision cameras, and dual lenses cameras, and GPS are expected to provide several growth opportunities for the key players in the vehicle camera market over the upcoming years. Moreover, armored vehicles military ground transport vehicles, such as trucks, tanks, armored personnel carriers that operates in the total darkness are engaged with advanced featured cameras equipped with night vision and GPS tracking. Furthermore, installing an "in-vehicle camera" has become a necessity to monitor activities of drivers and passengers as well. Thus, this feature is expected to have a significant effect on the market in the years to come.
Threat:
Limitations in real-time image processing
The DSP-based multi-camera system has major difficulty in extracting various views from inputs of multiple cameras and display it in real-time in a short period. The architecture of multi-camera systems is based on integrated digital signal processing (DSP) units. This architecture operates in a particular order set by the programmed algorithm. Also, gathering data from different cameras and translating it into a single image involves significant risk of deteriorating the quality of the rest of the image, thereby creating barriers for real-time streaming of video.
COVID-19 Impact
The COVID-19 pandemic hindered the growth of the market as suspension of vehicle production, and supply disruptions brought the automotive industry to a halt. However, the automotive camera market started gaining momentum owing to the mandates by different countries. Furthermore, the development of new technologies like night vision systems, cruise control systems, etc., and growing e-mobility drive demand in the market.
The passenger vehicle segment is expected to be the largest during the forecast period
The passenger vehicle segment is estimated to have a lucrative growth owing to the rising adoption of ADAS features in the mid and economy segment passenger vehicles. Moreover, passenger vehicle segment is the largest vehicle segment in the global automotive industry and is the most promising market for active safety systems. Governments in developed and developing nations are planning to mandate the ADAS system in passenger cars. For example, the EU has extended the scope of mandating the ADAS system as AEB and LDW systems in passenger cars. These mandates are likely to drive the automotive camera market for passenger cars. The increasing demand for luxury vehicles in developing countries is another driving factor for the growth of the automotive camera market. The US Department of Transportation (US DOT) predicts that the rise of autonomous passenger vehicles would drastically decrease the number of deaths due to road accidents. Autonomous vehicles provide opportunities for the ADAS and camera markets.
The advance driver assistance systems (ADAS) segment is expected to have the highest CAGR during the forecast period
The advance driver assistance systems (ADAS) segment is anticipated to witness the fastest CAGR growth during the forecast period. Camera-based technology is used to help both the driver and the vehicle react and respond to the world around them. The key to delivering the most reliable camera-based ADAS systems is by using the best cameras available. The better a camera can detect and recognize the environment; the quicker the software can interpret what it sees and then initiate the appropriate response to improve safety. The information captured by ADAS cameras is quickly analyzed by supporting software and used to trigger a response by the vehicle to improve safety - such as automatic emergency braking, lane departure warning, driver awake and alert monitoring, blind spot alerts, etc.
Region with highest share:
North America is projected to hold the largest market share during the forecast period due to the existence of countries such Canada and U.S. In these developed countries many insurance companies have started providing various schemes such as in-car camera incentive program. The safety regulations introduced by the government in this region has encouraged the customers to install these cameras in the vehicles. The high adoption of advanced driver assistance systems in automobiles used for private and commercial purpose proved North America to be the largest region.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period owing to the factors such as the increasing number of accidents in the region along with the increasing awareness for benefits of installation of vehicle cameras such as protection from thieves. Rising population and government policies promoting industrial growth have made the Asia Pacific region a perfect destination for automobile manufacturers to set up their facilities. These factors have helped make Asia Pacific the largest automotive market with increasing sales and production. The implementation of new technologies, the establishment of additional manufacturing plants, and the creation of value-added supply chains between OEMs and component manufacturers have created a platform for future growth in this region.
Key players in the market
Some of the key players profiled in the Vehicle Camera Market include Autoliv Inc, BMW, Continental AG, DCS Systems Ltd, Delphi Automotive LLP, Falcon Electronics LLC, Ficosa International S.A, GoPro Inc, KYOCERA Corporation, Media Data Systems Pte Ltd, Qrontech Co. Ltd, Robert Bosch GmbH, Transcend Information Inc, Valeo Inc, and S.Will Industrial Ltd.
Key Developments:
In March 2020, BMW released the 330e and 330e xDrive plug-in hybrids. Its ADAS incorporates active cruise control with stop and go, which automatically accelerates and slows to maintain the driver's chosen pace. Active guard, frontal collision warning, city collision mitigation, and lane departure warning are all standard features.
In October 2019, Continental AG developed a left-turn assist for agricultural machinery. The device uses an auditory or optical signal to alert the agricultural machine's driver about obstructions on the left side of the vehicle. At a distance of up to 250 meters, the system can identify oncoming automobiles. Radar technology allows this to happen. It will be integrated with camera technology in the near future to provide a more effective solution.
In September 2021, Robert Bosch developed an automated valet parking with Hycan Automobile Technology. This technology will be installed in Hycan Z03. When the driver activates the automated valet parking function on the smartphone, the vehicle will automatically drive to the parking lot as commanded and park at the destinated location by accurately identifying the direction while avoiding obstacles.
In October 2021, Continental developed an integrated solution for interior sensor technology, which meets future safety standards and increases vehicle comfort. It offers real-time object monitoring of the entire vehicle interior. The technology meets future safety regulations of the European Commission and the consumer protection organization European New Car Assessment Program.
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Table 1 Global Vehicle Camera Market Outlook, By Region (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.