The Multi Camera System Market is projected to grow at a CAGR of 19.13% during the forecast period, to reach USD 2,843.4 million by 2025. The increased emphasis of insurance companies on safety features and rise in trend of integrating additional safety features in the vehicle have led to the increase in demand for advanced driver assistance systems (ADAS) such as multi camera system in vehicles.
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The 3D display type of multi camera system technology will integrate a wider array of ADAS features into the vehicle. Technologically advanced markets such as North America and Europe are currently developing Level 3 and 4 vehicles. The development of Level 3 and Level 4 cars would act as a catalyst for the growth of ADAS such as multi camera system that provides real-time information. OEMs in these regions are working on the development of such technologies. By the year 2022 and beyond, the automotive industry will witness an increasing integration of software for several driving functions. Currently, vehicle manufacturers have started embedding software for ADAS features to meet the elevated level of safety. With the development of software technologies and advanced levels of autonomous driving, functions such as multi camera system will be adopted at a rapid pace.
OEMs are also focusing on developing the multi camera system for the commercial vehicle segment. With increasing installation of these systems in the passenger car segment and reducing installation costs of the system, the technology is projected to penetrate the commercial vehicle segment by the end of 2018. Considering the large market for commercial vehicle segment in India and China, the multi camera system manufacturers can anticipate a positive impact on their revenue from the Asia Pacific multi camera system market. Increasing penetration of automotive technology in passenger vehicle segment and growing awareness of vehicle and pedestrian safety among consumers are expected to drive the demand for multi camera system market in the commercial vehicle segment.
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With the rapid growth of premium vehicle production in the region and the fast implementation of advanced technology, North America is projected to be the largest market, by value, for multi camera system market during the forecast period. The US is the largest contributor to the North American multi camera system market. The increasing demand for premium cars and ADAS equipped commercial vehicles on the road drives the multi camera system market in the region.
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Key Players:
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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