Automotive Camera Market Size Expected to Rise USD 18.09 billion by 2031, Due to Increasing Emphasis on Vehicle Safety

According to a report by SNS Insider, Automotive Camera Market size reached USD 7.96 billion in 2023 and is expected to reach USD 18.09 billion by 2031, reflecting a compound annual growth rate (CAGR) of 10.75% from 2024 to 2031.

Market Report Scope

The automotive camera market is in high demand due to several driving forces. First, government regulations mandating features like rearview cameras are forcing automakers to equip cars with more cameras. Second, consumer demand for ADAS features like automatic braking heavily relies on camera data, further boosting the market. Finally, the development of autonomous vehicles, which require cameras for navigation, is another key factor. AI-powered cameras are expected to see even faster growth due to their wider use in advanced driver-assistance systems. Passenger cars are currently the dominant segment in the automotive camera market.

Market Analysis

The demand for automotive cameras, particularly in passenger cars, is a significant growth driver for the industry. The increasing adoption of complementary metal-oxide-semiconductor (CMOS) image sensors in car cameras is another key factor propelling market expansion. Furthermore, the growing focus of governments on road safety is projected to stimulate further industry growth. Stringent regulations mandating features like rearview cameras and ADAS are expected to lead to a notable rise in camera installations per vehicle. This trend, coupled with escalating consumer preference for safety features, is predicted to propel the market towards significant growth. Consequently, investments in the sector to surge, with analysts anticipating a CAGR of approximately 12.5%. The growing popularity of these semi-autonomous functionalities presents a lucrative market for automotive cameras. Camera systems capable of delivering a wider range of advanced features are expected to witness a flourishing market due to this evolving trend.

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Major Key Players of Automotive Camera Market

• Continental (Germany)
• Robert Bosch (Germany)
• Valeo (France)
• Aptiv (Ireland)
• ADA-ES Inc. (U.S.)
• Allied Vision Technologies (Germany)
• Balluf (Germany)
• Basler AG (Germany)
• Autoliv Inc (Sweden)
• Delhi Automotive PLC (U.K.)
• Denso Corporation (Japan)
• TRW Automotive (U.S.)
• Magna (Ireland)

Segmentation of Automotive Camera Market

By Camera Type:

• Digital camera
• Infrared camera
• Thermal camera

By Vehicle Type:

• Passengers car
• Commercial vehicles

By Application Type:

• Lane Departure Warning
• Blind Spot Detection
• Adaptive Cruise Control
• Park Assist System
• Pedestrian Detection
• Night vision
• Road Sign Recognition
• Driver Monitoring

By Region

• North America
• Europe
• Asia-Pacific
• The Middle East & Africa
• Latin America

Segment Analysis

Camera type, vehicle type, and application type are the segments of the automotive camera market. Digital cameras dominate the market holding 60% market share, due to their affordability and suitability for most ADAS functions under normal lighting. Passenger cars with 72% market share are the primary driver of camera demand due to rising ADAS adoption and safety regulations. In commercial vehicles, rear-view enhancement cameras are popular, particularly in North America. Looking at functionalities, Lane Departure Warning (LDW) cameras hold the largest share of 25-30% due to their prevalence in basic ADAS systems and regional mandates. Blind Spot Detection (BSD) cameras with market share of 15-20% address a critical safety concern, while Park Assist System cameras work with sensors for comprehensive parking solutions. Pedestrian Detection cameras holding market share of 10-15%  benefit from safety regulations, while Night Vision and Road Sign Recognition (RSR) segments are currently smaller but hold future growth potential. Driver Monitoring cameras, an emerging segment show promise for enhanced safety features.

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Impact of Russia-Ukraine War

The Russia-Ukraine war disrupts the automotive camera market. Disruptions in wiring harnesses, key components from Ukraine, slow production and cause parts shortages. LMC Automotive predicts a 400,000 unit drop in global vehicle production for 2022. Sanctions and logistical challenges inflate costs of neon and palladium, impacting camera component prices. Consumers, facing inflation and high fuel prices, might shift towards smaller cars with fewer cameras, hurting the high-end camera segment. While governments seek alternative suppliers, solutions take time, leaving the market vulnerable in the short term.

Impact of Economic Slowdown on the Automotive Camera Market

Economic downturns can slam the brakes on the automotive camera market. Consumers delay car purchases, leading to fewer camera-equipped vehicles. This mirrors the 2009 recession’s 16% drop in global vehicle sales (IHS Markit). Tighter budgets may push consumers towards base models lacking ADAS, further reducing demand for advanced camera systems. This can lead to production cuts and order cancellations for Tier 1 camera suppliers, making it difficult to maintain profitability.

Key Regional Development

The automotive camera market is flourishing in APAC (Asia Pacific), driven by a powerful combination of government regulations for safety features and rising consumer demand. This region is expected to see a staggering CAGR of 11.9%, outpacing the global average. Factors like rapid industrialization, increasing disposable incomes, and a surge in vehicle production (especially in China and India) fuel this growth. Additionally, government initiatives promoting ADAS and mandatory rearview cameras further boost adoption. North America, while experiencing a steadier growth of 9.2%, boasts a mature automotive industry with established players readily integrating camera technology. Government investments in autonomous vehicle research drive demand for high-resolution, advanced camera systems here. Despite APAC’s higher growth rate, North America holds a sizable market share due to its well-developed infrastructure. Both regions offer promising opportunities for camera manufacturers: APAC with immense growth potential and North America with a reliable market landscape.

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Key Takeaways for Automotive Camera Market Study

• The demand for ADAS functionalities and stringent government regulations mandating safety features in vehicles are fueling significant growth in the automotive camera market.
• The increasing adoption of AI-powered cameras and the dominance of the passenger car segment are prominent trends shaping the market landscape.
• While APAC exhibits the highest growth potential, North America holds a substantial market share due to its well-established automotive industry.
• The ongoing Russia-Ukraine war and potential economic slowdowns pose challenges in terms of supply chain disruptions, rising costs, and potentially reduced consumer demand.

Recent Developments

• In January 2022 Boschentered into a wide-ranging collaboration with Cariad, a subsidiary of the Volkswagen Group. This partnership focuses on developing partially and highly automated driving functions within SAE Levels 3 and 4. The collaboration aims to introduce automated driving functionalities across all vehicle classes.
• In February 2023 BMWand Valeo signed a Strategic Cooperation Agreement. This agreement centers on the development of Fully Automated Parking Systems up to Level 4. The collaboration aims to leverage in-vehicle technology and sensors to deliver functionalities ranging from automated maneuver assistance to Level 4 automatic valet parking. This partnership strives to ensure a world-class driving and parking experience for customers.

Table of Content

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Automotive CameraMarket Segmentation, By Camera Type
9. Automotive CameraMarket Segmentation, By Vehicle Type
10. Automotive CameraMarket Segmentation, By Application Type
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion

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