Automotive Camera Market to Reach US$ 24.98 Bn by 2031, Finds TMR Study

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Jun 09, 2022, 07:30 ET

Need for improving vehicle safety, users' convenience, and driver's comfort reinforcing automotive camera market; Vehicle manufacturers keen on adopting cameras of remarkable precision and high lens quality
Rise in demand for camera modules featuring cutting-edge technologies particularly thermal to expand avenues; Asia Pacific market to witness massive revenue growth, bolstered by adoption of ADAS

ALBANY, N.Y., June 9, 2022 /PRNewswire/ -- OEMs, software companies, and automotive electronics manufacturers are garnering long-term growth prospect from growing adoption of ADAS for improving vehicle safety and driving comfort. Advancements in image control technologies and sensors have expanded revenue possibilities in the automotive camera market, as they are setting the stage for next-gen automotive camera solutions. A TMR study on the automotive camera market projects the global valuation to advance at CAGR of 9.25% during 2021–2031.

Increasing trend of using cutting-edge technologies in automotive camera for ADAS is cataylzing the sales of autonomous vehicles, notably to meet stringent road safety norms by governments in several countries. Of note, emerging economies have witnessed colossal lucrative avenues on the back of use of camera modules to assist drivers in parking assistance, blind spot detection, and adaptive cruise control.

Camera-based applications have proliferated in passenger vehicles, observed the analysts of TMR in an in-depth study, and will propel revenue growth for players in the automotive camera market. Thermal cameras are gathering traction among OEMs and vehicle manufacturers to advance autonomous driving features. Advancements in computer vision technologies have expanded the canvas for companies in the automotive camera market.

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Key Findings of Automotive Camera Market Study

ADAS Especially in Passenger Vehicles Steer Revenue Growth: Vehicle companies and various automotive companies are betting big on ADAS, and their popularity in autonomous vehicles have led to a massive uptick in demand for products in the automotive camera market. New-age ADAS features are enriching the entire value chain, extending revenue possibilities for sensor manufacturers, automotive electronics companies, and camera module manufacturers. Rise in demand for passenger vehicles equipped with ADAS and autonomous driving features has offered vast value-grab opportunities for market players during the forecast period. The TMR analysts assert that the passenger vehicle segment holds incredible revenue stream. Emerging economies are witnessing these players to strengthen their supply chain, thus retaining growth momentum in spite of the COVID-19 disruptions on businesses.
Thermal Camera Modules Underpins Incredible Opportunities: Sales of products in the automotive camera market have thrived notably from rising adoption of thermal cameras in the camera module. The popularity of these among market players and end users stems from their use in complementing the capabilities of visible sensors, LIDAR, and radar used for ADAS. Furthermore, the TMR study on the automotive camera market found that infrared (IR) technologies also hold a substantive revenue potential. The demand for IR cameras to track driver behaviour for fatigue and alertness has grown.
Constant Need for Improving Vehicle Safety and Passengers Comfort Catalyzing Market Prospects: Vehicle manufacturers are increasingly seeking new-age technologies in rear view cameras, surround view cameras, and mono cameras, thus steering the growth of the automotive camera market. A bevy of camera modules are used in in-cabin system, out-cabin system, and autonomous driving system whereby they meet the next standard for safety.

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Automotive Camera Market: Key Drivers

Relentless focus of automotive companies to comply with stringent road safety regulations and rising attention of ADAS among car buyers are expanding the avenue for smart camera for automotive applications
Growing demand for passenger vehicles equipped with autonomous features in numerous emerging economies is a key driver for the automotive camera market. Vehicle manufacturers are keen on adopting cameras that are of remarkable precision and have stable lens quality

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Automotive Camera Market: Regional Growth dynamics

Asia Pacific held a major share of the global automotive camera market in 2020. The regional market has been generating steady revenues streams from the growing sales of vehicles equipped with ADAS features. Moreover, increased focus on safer driving experience pivots massive customer propositions for camera developers. Expansion of automobile production units in the emerging economies has catalyzed the revenue growth of the Asia Pacific automotive camera market.

Automotive Camera Market: Key Players

Prominent players in the automotive camera market are Valeo SA, Robert Bosch GmbH, Magna International Inc., Gentex Corporation, Ficosa International SA, DENSO Corporation, Continental AG, Aptiv, and Continental AG.

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Automotive Camera Market Segmentation

Camera View Type

Mono Camera
Rear View Camera
Surround View Camera

Technology

Digital Camera
Infrared Camera
Thermal Camera

Vehicle Type

Passenger Vehicle

Hatchback
Sedan
Utility Vehicles

Light Commercial Vehicle
Heavy Commercial vehicle

Application

Park Assist System
Driver Monitoring System
Blind Spot Detection
Night Vision System
Adaptive Cruise Control
Pedestrian Detection
Road Sign Recognition
Others

Sales Channel

OEMs
Aftermarket

Regions

North America
Europe
Asia Pacific
Middle East & Africa
Latin America

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