Press Release

Automotive Camera Market Set to Surge with 17.3% CAGR from 2024 to 2030

The Global Automotive Camera Market size is projected to grow at a CAGR of 17.3% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The market expansion is attributed to the increasing usage of technologically advanced trifocal cameras, the application of safety standards by the government, and the snowballing production of passenger vehicles. Apart from this, growing customer inclination toward luxury automobiles & the robust developing automotive sector are contributing to the market growth over the projection period.

Moreover, the growing concern about road safety and the aim to reduce accidents has accelerated the development of Advanced Driver Assistance Systems (ADAS) technologies, which include lane departure warning, automatic emergency braking, and adaptive cruise control. Furthermore, advances in sensor technology have made ADAS more effective & dependable, increasing the demand for consumers. Besides, the rising trend towards semi-autonomous & autonomous vehicles has accelerated the development & deployment of ADAS, which is a critical step toward completely automated driving. With the increasing need for ADAS technologies, the demand for new & innovative automotive cameras is predicted to rise, driving the growth of the worldwide Automotive Camera Market.

Also, rapid improvements in autonomous driving technologies are boosting demand for car cameras. As consumers value convenience, safety, and the potential of hands-free driving, the appeal of self-driving cars grows considerably. Automotive cameras play an important part in allowing autonomous driving systems by delivering real-time visual data for environment perception, object recognition, and navigation, increasing their popularity among consumers. Moreover, manufacturers launching self-driving vehicles increase demand for automotive cameras. As a result, with the rise of autonomous vehicles and consumer adoption of ADAS technology, the requirement for automotive cameras is predicted to increase, boosting the industry growth, further states the research report, “Global Automotive Camera Market Analysis, 2024.”

Global Automotive Camera Market Segmentation Analysis

Digital Cameras Segment Expected to Hold Major Market Share

Based on the technology, the market is segmented into Infrared Cameras, Thermal Cameras, and Digital Cameras. Among them, the Digital Camera segment is presumed to account for the largest share of the Automotive Camera Market owing to advancements in digital imaging technology. Digital cameras operate well in a variety of driving circumstances, including low-light & inclement weather, making them excellent for applications like lane departure warning, collision avoidance, and pedestrian identification. Furthermore, the low cost of digital camera components, combined with their versatility & interoperability with existing car systems, makes them a cost-effective choice for automakers seeking to expand their market share.

North America to Over Power Other Global Regions

North America is likely to capture a substantial share of the Automotive Camera Market due to its strong automotive sector, with leading manufacturers spending heavily on advanced driver assistance systems & autonomous driving technologies leading to automotive camera adoption. Furthermore, severe safety requirements & consumer desire for safety features contribute to the extensive usage of automotive cameras in automobiles across the region. Also, the presence of significant automotive camera manufacturers & technology providers in the region contributes to market growth.

Global Automotive Camera Market Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, Robert Bosch GmbH, Continental AG, Aptiv PLC, Valeo Inc., Autoliv, Inc., Magna International Inc., Mobileye N.V., Stonkam Co., Ltd., Gentex Corporation, Ficosa International S.A., DENSO Corporation, Integrated Micro-electronics, Inc. Panasonic Automotive Systems Europe GmbH, ZF Friedrichshafen AG, Garmin Ltd., etc. and others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Global Automotive Camera Market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?