The Automotive Camera Market is projected to grow at a CAGR of 10.62% during the forecast period. It is estimated to be USD 7.5 billion in 2018 and is projected to reach USD 15.1 billion by 2025. The market growth is primarily driven by factors such as regulatory changes and increasing demand for active safety system.
The emergence of newer safety technologies in the automotive industry and the growing demand for electric cars have driven the automotive camera market. Added safety and convenience for the driver has been a major objective of developing camera systems. Moreover, the increasing government mandates related to active safety system are driving the automotive camera market. For instance, in May 2018, the government of Canada and the US mandated that all vehicles under 10,000 pounds must be equipped with a backup camera. Also, the US government has a voluntary agreement with many manufacturers to fit autonomous emergency braking (AEB) by 2022. European governments are focusing on mandating ADAS such as an emergency braking system and lane departure warning system. These mandates are expected to drive the automotive camera market. However, the regional adoption of camera technology varies according to government norms and customer preference. Moreover, vehicle manufacturers plan to offer advanced features such as a multi camera system in vehicles to acquire more customers and boost profitability, thereby inflating the growth of the automotive camera market.
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The ADAS segment of the automotive camera market, by deployment, is expected to grow at the highest CAGR during the forecast period due to the increasing trend of integrating additional safety features in the vehicles. The camera system helps in the functioning of ADAS features such as object detection, blind spot detection, and traffic sign recognition. OEMs now offer advanced features to gain a competitive advantage. Most of these features use cameras for their operation. Thus, the increase in ADAS features in vehicles will fuel the demand for automotive cameras.
Thermal cameras are used in night vision technology to detect objects while driving a car at night. The system uses thermal cameras in conjunction with image sensors and display systems on dashboards. OEMs such as Audi, BMW, GM, and Honda provide thermal cameras in night vision systems in their high-end passenger car models. According to the NHTSA, in 2016, 42% of the fatal crashes happened during the night. Therefore, OEMs are focusing on deploying night vision systems to reduce accidents at night, which in turn would drive the market of thermal cameras. Moreover, commercial fleet owners have also started deploying a night vision system in their vehicles, which is driving the market for thermal cameras. The increasing use of cameras for driver assistance in the commercial vehicle segment can provide a huge opportunity for automotive camera manufacturers in the future.
• In October 2018, Continental developed a Virtual A-Pillar to help remove forward blind spots. The Continental Virtual A-Pillar tracks the driver’s movements using an interior camera mounted just above the steering wheel. At the same time, its Surround View camera, mounted on the vehicle’s exterior, feeds a live video of the vehicle’s external environment to the OLED displays embedded in the A-pillars.
• In June 2018, Aquantia, Robert Bosch, Continental, NVIDIA, and Volkswagen announced the formation of the Networking for Autonomous Vehicles (NAV) Alliance to drive the ecosystem development required for the next generation of Multi-Gig Ethernet networking in vehicles.
• In March 2017, Intel announced the acquisition of Mobileye, a company it has partnered with to develop the self-driving automobile technology. Intel purchased 84% of Mobileye's outstanding ordinary shares, and the company is now an Intel subsidiary.
Key Questions addressed by the report
1. How will the developments in automotive safety features impact the automotive camera industry in the mid- to long-term?
2. How will the increasing adoption of electric vehicles and government safety norms impact the automotive camera market?
3. What are the new application areas of the automotive camera?
4. Which are the key players in the market and how intense is the competition?
5. How will the advent of autonomous vehicles impact the market?
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