Automotive Camera Market: Growth Drivers, Opportunities, Regional Trends & Forecasts to 2025
The automotive camera market is set to grow from its current market value of more than USD 5.5 billion to over USD 19.5 billion. The automotive camera industry has been gaining immense traction in recent years, with drivers creating a massive demand for hi-tech driving assistance equipment that can make vehicles safer for those on board as well for those outside the vehicle. At the 2019 New York International Auto Show, a slew of next-generation vehicles were put on display and most of them came fitted with in-car and exterior monitoring systems.
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According to the U.S. National Highway Traffic Safety Administration (NHTSA) 37,133 people died in 2017 due to motor vehicle crashes and most of these crashes can be attributed to human error. The NHTSA is therefore a strong advocate for the increased implementation of safety features on vehicles and is leaning towards the inclusion of newer and advanced technologies such as pedestrian automatic emergency braking, backup camera, lane assist and blind spot detection besides many others. Most of these technologies involve the use of cameras. For instance, a pedestrian automatic emergency braking system typically uses forward-looking cameras to detect and avoid collision by automatically applying the brakes if the system determines a pedestrian is in danger of being hit by a vehicle.
The rearview video system or the backup camera has possibly witnessed the strongest advocacy from the NHTSA as it helps prevent crashes and protects vulnerable people such as children, as they are almost impossible to detect while reversing a large vehicle. The support for making backup cameras on vehicles mandatory has been so strong that in 2014 the NHTSA announced that all vehicles sold in the U.S. after May 2018 should compulsorily be equipped with rearview camera system.
The Trump administration has even tried to repeal the law but consumer awareness for the need of backup camera has already been raised and even if new vehicles are not equipped with backup cameras, the aftermarket demand for such equipment is quite strong indicating robust prospects for the automotive camera market.
The North America automotive camera market size is expected to showcase a CAGR of 24% by 2025.The aforementioned information quite overtly indicates that North America is expected to be a major contender of the global automotive camera industry, pertaining to the rising number of vehicle crashes in the U.S. and Canada and the subsequent implementation of stringent norms to reduce road accidents. Driven by the rise in the demand for luxury vehicles and the upsurge in the deployment of ADAS & safety systems in cars.
The emergence of self-driving cars has also created a potential growth avenue for the automotive camera market as most self-driving or autonomous vehicles “see” the world around them through a combination of sensors and cameras. In fact, Elon Musk recently opined that LiDAR, the laser-based scanning technology that most autonomous car initiatives rely on is replaceable by cameras and Cornell University researchers have backed up the claim. According to them, autonomous cars can now use a new method of forming a 3D of the world around them by using a pair of comparatively inexpensive cameras.
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Data Tables
TABLE 1. Automotive camera industry 3600 synopsis, 2015 - 2025
TABLE 2. Automotive camera market size, 2015 – 2018 (USD Million)
TABLE 3. Automotive camera industry size, 2019 – 2025 (USD Million)
TABLE 4. Automotive camera industry size, 2015 – 2018 (Thousand Units)
TABLE 5. Automotive camera industry size, 2019 – 2025 (Thousand Units)
TABLE 6. Automotive camera industry size, by type, 2015 – 2018 (USD Million)
TABLE 7. Automotive camera industry size, by type, 2019 – 2025 (USD Million)
TABLE 8. Automotive camera market size, by type, 2015 – 2018 (Thousand Units)
TABLE 9. Automotive camera industry size, by type, 2019 – 2025 (Thousand Units)
TABLE 10. Automotive camera industry size, by vehicle type, 2015 – 2018 (USD Million)
TABLE 11. Automotive camera industry size, by vehicle type, 2019 – 2025 (USD Million)
TABLE 12. Automotive camera industry size, by vehicle type, 2015 – 2018 (Thousand Units)
TABLE 13. Automotive camera industry size, by vehicle type, 2019 – 2025 (Thousand Units)
TABLE 14. Automotive camera market size, by application, 2015 – 2018 (USD Million)
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