Global Automotive 360 Degree Camera Market Research Report: Forecast (2023-2028)

Market Definition

The 360 Degree Cameras in Automotive are an omnidirectional camera system, meaning it views and records each direction, roughly the whole sphere or at least a full circle horizontally, using either a single consumer camera or a rig with multiple camera lenses integrated into the device. Then, the footage from all directions is combined into one spherical video by camera or other software in the vehicle. An automotive 360 Degree Camera, also known as a top-view camera, bird’s-eye camera, or surround view camera, provides the driver with a real-time view of the area around the vehicle covering several feet.

Market Insights & Analysis: Global Automotive 360 Degree Camera Market (2023-28)

The Global Automotive 360 Degree Camera Market is projected to grow at a CAGR of around 12.2% during the forecast period, i.e., 2023-28. The automotive sector is constantly growing due to new innovations and recurring technological advancements such as machine vision, asset management systems, and the integration of artificial intelligence in modern vehicles. The market for automotive 360-degree camera growth is driven by the rising need for advanced vehicle safety features branching from growing congestion and road accidents.

Besides, multiple advantages of the surround-view camera, including general automotive safety, assistance in driving, obstruction awareness, etc., are likely to accelerate their adoption, upgrading the market size. Furthermore, as the top-view cameras capture images from every angle & direction, they can also provide reliable proof in the event of collision or accident, extending their demands in the industry for insurance security.

Moreover, the new addition of features by the manufacturer and market players launching new products with varying characteristics, including size, shape, models, lenses, etc., amplifies the market value. Additionally, the growing popularity and adoption of automotive smart cameras are expected to drive the industry further. However, occurrences of the Parallax effect and obstacles in the real-time processing of images leading to degraded quality could hinder market growth. On the other hand, surging technological advancements & increasing adoption of ADAS, with added innovations, which is becoming a trend, are likely to exemplify the industry growth in the long run.

Market Dynamics

Key Driver: Rising Need for Advanced Safety Features Owing to The Growing Congestion On Roads and Parking Spaces

Navigating safely through congested areas and crowded parking spaces has become challenging for drivers as the number of vehicles on the road continues to increase. Thus, automakers are adopting advanced safety features such as 360-degree cameras to ensure complete coverage of the vehicle's surroundings. These cameras aid drivers in detecting obstacles, pedestrians, and other vehicles in blind spots, subsequently reducing the risk of accidents. Given the benefits, the adoption of 360-degree cameras is expected to grow in the automotive industry as safety becomes a top priority for consumers and manufacturers alike.

Possible Restraint: Parallax Effect and obstacles in real-time processing degrading image quality

Parallax Error is the difference in the position of an object when viewed from two different lines of sight. In the case of a bird-view camera, multiple lenses are arranged next to each other, forming a round-shaped gear. The spacing between the lenses or multiple cameras does not matter for capturing images of farther objects. Often, with things in closer range, the parallax effects can cause picture defects and downgrade image quality. This occurrence of the parallax effect could hinder market growth by causing mini accidents or displaying compromised quality images. Moreover, the real-time processing of images from multiple lenses and cameras could also deteriorate when displayed on the screen, raising the risk of unfortunate accidents.

Growth Opportunity: Surging Technological Advancements and New Innovations in ADAS

Market players and manufacturers are constantly investing in research and development in the automotive industry leading to surging technological advancements in multiple parts of the automotive, especially ADAS systems. Furthermore, the growth of autonomous technologies in ADAS systems encourages automatic driving, compelling the need for an onboard navigation system that depends heavily on cameras. Thus the further scope for development and improvement in the ADAS system and its utilization of numerous cameras and sensors, including a 360-degree camera, proposes lucrative market opportunities to the industry.

Market Segmentation

By Application

• Park Assist
• ADAS

Among the two, ADAS or Advanced Driver Assistance System is projected to acquire the largest market share in the forthcoming years. ADAS technology uses numerous sensors, cameras, and radar, besides other systems, to monitor the environment around a vehicle. For example, a bird’s view camera offers a 360-degree view of the car, improving ADAS’s accuracy and assistance efficiency, and accelerating the segment’s growth, additionally improving people’s financial conditions and rising inclination toward connected and autonomous cars for enhanced comfort and convenience, coupled with strict government mandates for automakers to include advanced safety features like ADAS in their vehicles. 

On the other hand, Park Assist Application is also anticipated to garner considerable market share in the forecast period owing to the vital requirement of 360-degree view in parking assistance along with sensors. Moreover, to stray away from avoidable parking accidents, consumers are opting more for a parking assistance system, extending the market ascension. Furthermore, surround-view cameras providing information to determine steering angle and display hidden corners on the screen, triggering the backup cameras when needed, is further enhancing the market.  

Regional Projection

Geographically, the Global Automotive 360 Degree Camera Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Globally, North America is expected to acquire the largest market share in the coming years. It is attributed to the well-established automotive industry in the region, including the production of automobiles, trucks, military vehicles, and several others, raising demands for automotive enhancement. Additionally, early adoption and easy integration of consumers with new technology will likely alter the market value positively. Moreover, the presence of major automobile manufacturing companies and consumer interest in automobile modifications are likely to bode well for the industry.

However, Asia Pacific is anticipated to experience the fastest market growth in the forecast period owing to the region being the primary manufacturer of automobiles with the presence of numerous brands and market participants. Moreover, the rising disposable income amongst developing countries is leading to surging sales of cars and concerns about the vehicle and passenger safety, compelling the manufacturers to provide new advanced safety features, promising lucrative growth to the region, and flourishing the industry further.

Recent Developments in the Market

• In February 2022, Brigade Electronics Group PLC announced the launch of a new AI (Artificial Intelligence) based commercial vehicle safety system CAREYE- “Safety Angle Turning Assistant” in countries across Europe, such as the U.K., France, Poland, and the Netherlands.
• In September 2021, Gentex Corporation announced the acquisition of Guardian Optical Technologies. This Israel-based startup pioneered a unique, multi-modal sensor technology designed to provide a comprehensive suite of automotive driver and cabin monitoring solutions. 

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