The automotive camera market is projected to grow from USD 8.0 billion in 2023 to USD 13.9 billion by 2028, at a CAGR of 11.7%. The growth of this market can be attributed to the growing trend of ADAS-featured vehicles and the surge in the demand for electric vehicles.
According to primary and secondary analysis, North America is the largest market for automotive cameras while Asia Pacific is the second largest market during the forecasted period. Key factors which are attributing to the growth of the automotive camera market in these regions are the higher popularity of electric vehicles supporting the growth of ADAS technologies and ultimately the demand for the automotive camera. Automakers are launching new electric vehicles with standard ADAS features with new camera technology to stand out in the competitive market.
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High investments in R&D by automakers with advanced driver assistance safety features offerings results in an increase in camera-based safety features in vehicles. This camera system can fulfill the purpose of driver-assist safety features for automobiles. The surround-view camera system is effective in recent years globally specifically in developed countries such as the US, Canada, Germany, France, and Japan. The surround view camera segment is projected to grow with the highest growth owing to its futuristic growth approach in wide applications of the active safety system. OEMs like Toyota, Nissan, and Hyundai started to include this multi-view camera as a standard or optional feature in their newer vehicles, which offers a surround-view monitor and helps to stand out in the competition.
Companies are focusing their development activities on autonomous and highly automated driving. In the area of autonomous driving, the Group is consolidating its development partnerships. General Motors with its vision of Zero Crashes is currently operational in developing a range of new technologies and features for future GM vehicles to enhance comfort, convenience, and safety. Among these technologies is a new connected camera platform that can provide theft alerts, provide a record of accidents in the absence of the owner.
Further, Numerous tier-1 suppliers and autonomous vehicle developers focus on developing and adopting AI-based cameras as these systems offer safety features, such as adaptive cruise control, adaptive headlamp control, traffic sign recognition, forward collision warning, pedestrian detection, and automated braking. The advantages of AI camera systems include cost-savings, the fusion of various complementary technologies for reliable safety, and a highly competitive factor.
Key Market Players
The automotive camera companies Continental AG (Germany), Robert Bosch (Germany), Valeo (France), Aptiv (Ireland), and Denso (Japan) are the key companies that are dominating the market. The market comprises several global market players that make it highly competitive. These players have adopted various strategies to expand their presence globally and increase their respective market share.
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