Press Release Description
Automotive 360 Degree Camera Market Thrives with Advanced Safety Features Demanded by the Growing Congestion
The Global Automotive 360 Degree Camera Market is projected to grow at a CAGR of 12.2% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market growth is attributed to the rising advancement in security and safety features by installing surround view cameras onto the vehicle. Additionally, multiple advantages of these cameras, including general automotive safety, assistance in driving, obstruction awareness, and more, are likely to accelerate industrial expansion. Moreover, since the camera provides live images from every angle and each direction, they can also offer reliable proof in the event of collision or accident, extending their demands and enhancing the market value, further states the research report, “Global Automotive 360 Degree Camera Market Analysis, 2023.”
The market is broadly fragmented on the basis of Technology, Vehicle Type, Vehicle Class, Level of Autonomy, and Application. Firstly, based on Technology, the market is segmented into Digital Cameras, Infrared Cameras, and Thermal Cameras. Depending on Vehicle Type, the market is distributed amongst Passenger Cars, LCVs, and HCVs. Based on Vehicle Class, the market is segmented into Economy, Mid-Priced, and Luxury. On the basis of the Level of Autonomy, the market is distributed amongst L1, L2, L3, L4, and L5. Finally, based on Application, the market is divided between Park Assist and ADAS.
Surging Technological Advancements in ADAS Propel the Industrial Ascension
Advanced Driver Assistance System (ADAS) is projected to acquire the largest market share in the Application segment during the forecasted period. The technology uses numerous sensors, cameras, and radars to monitor the environment around the vehicle. The surging prevalence of advantages of using 360 degree cameras in ADAS is likely to fuel market growth. On the other hand, Park Assist Application is also anticipated to garner considerable market share in the forthcoming period owing to the vital requirement of a 350-degree view in the system to avoid accidents and provide assistance.
Being A Major Manufacturer Gives Asia Pacific the Fastest Growing Market
Globally, Asia Pacific is anticipated to experience the fastest market growth in the forecasting period because the region is the primary manufacturer of automobiles and has numerous brands and market participants. Additionally, the improving disposable income and the rising sales of automobiles in developing countries are opening new lucrative growth opportunities for the region. On the other hand, North America is expected to acquire the largest market share in the coming years due to increasing demands for automotive enhancement and easy integration of consumers with new technology.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Robert Bosch GmbH, Continental AG, Aptiv, Valeo, Magna, Veoneer Holdings Company, LLC, Ficosa International, Inc., Mobileye, Denso, Gentex Corporation, ZF Friedrichshafen AG, Brigade Electronics Group PLC, Mcnex Co Ltd, Stonkam Company Limited, Teledyne Flir LLC, and Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the Automotive 360 Degree Camera industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from Automotive 360 Degree Camera manufacturers been evolving during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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