North America Automotive Camera Market to Record CAGR of 24% By 2025
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
Regarded as a business vertical that has remained quite unnoticed and away from the mainstream popularity, automotive camera market has been gradually making its presence felt in the humongous global transportation industry. The roll-out of the auto sector’s first thermal camera-equipped commercial test vehicle by FLIR Systems, Inc., proves that automotive camera market is evolving to cater the auto enthusiasts and professionals in this age of self-driving cars and is further expanding its sphere of influence across various business verticals.
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Most vehicle safety features made mandatory by policymakers, such as airbags and seat-belts, ensure protection of those travelling in the vehicle. As a result of such policies, numerous verticals such as automotive airbags market, which is slated to surpass a remuneration scale of USD 85 billion by 2025, have been proliferating at an unprecedented pace.
However, in a move that could change the mindset of the automakers and other prominent stakeholders, the US Department of Transportation's National Highway Traffic Safety Administration (NHTSA) has recently made it compulsory across the nation to install a rear camera in all new vehicles weighing under 10,000 pounds from May 2018.
Even though the world is witnessing an unprecedented emergence of automation technologies and ADAS systems in passenger vehicles, the appropriate usage of automotive camera remains a cause of concern. It has to be noted that nine out of ten serious road accidents occur due to human behavior and these ADAS systems like automotive cameras possess the potential to save thousands of lives. Therefore, just sticking a camera in a car is of no use if people are not educated on the effective ways to use the information that is displayed on their screens and avoid crashes. Automotive camera market to surpass a remuneration figure of USD 19 billion by 2025.
In this context, the auto regulators across developed and emerging nations are not only formulating rules for mandatory installation of rear automotive cameras but are also making efforts to educate people on the correct usage of these devices. Initiatives such as Global National Car Assessment Program in the U.S. and the programs unveiled by National Highway Traffic Safety Administration are of extreme importance in propagating the guidelines pertaining to passenger and pedestrian safety.
The advent of trifocal cameras has enhanced the overall quality of automotive cameras. Moreover, these cameras are integrated with advanced LiDAR sensors which adds to the cost of the overall vision systems. Consequentially, it has been observed that price-conscious customers are reluctant to install automotive cameras in economic and low-cost vehicles, dampening the growth prospects of automotive camera market.
However, with the launch of improved and technically-superior automotive cameras by startups, the prominent market players are making an effort to reduce the costs of popular automotive cameras. This trend might prove to be instrumental in revitalizing the automotive camera market size.
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Some Point from Table of Contents:
Chapter 5. Automotive Camera Market, By Vehicle Type (Revenue & Shipment)
5.1. Key trends by vehicle type
5.2. Passenger Cars
5.2.1. Market estimates and forecast, 2015 – 2025
5.3. Utility Vehicles
5.3.1. Market estimates and forecast, 2015 – 2025
5.4. Commercial Vehicles
5.4.1. Market estimates and forecast, 2015 – 2025
Chapter 6. Automotive Camera Market, By Application (Revenue & Shipment)
6.1. Key trends by application
6.2. ADAS
6.2.1. Market estimates and forecast, 2015 – 2025
6.2.2. Lane departure systems
6.2.2.1. Market estimates and forecast, 2015 – 2025
6.2.3. Emergency braking systems
6.2.3.1. Market estimates and forecast, 2015 – 2025
6.2.4. Forward collision warning
6.2.4.1. Market estimates and forecast, 2015 – 2025
6.2.5. Others
6.2.5.1. Market estimates and forecast, 2015 – 2025
6.3. Parking Assist
6.3.1. Market estimates and forecast, 2015 – 2025
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