Automotive Camera Market Assessment, By Vehicle Type [Passenger Car, Commercial Vehicle], By Product Type [Front View Camera, Rear View Camera, 360-Degree Camera, Side View Camera, Interior Camera], By Application [Forward Collision Warning, Lane Departur

Automotive Camera Market Assessment, By Vehicle Type [Passenger Car, Commercial Vehicle], By Product Type [Front View Camera, Rear View Camera, 360-Degree Camera, Side View Camera, Interior Camera], By Application [Forward Collision Warning, Lane Departure Warning, Pedestrian Anti-Collision Warning, Traffic Sign Recognition, Lane Keeping Assist, Adaptive High Beam Lamp, Adaptive Cruise Control], By Technology [Driver Monitoring System, High-Resolution Thermal Camera], By Distribution Channel [Aftermarket, OEM], By Region, Opportunities and Forecast, 2017-2031F

Global automotive camera market is estimated to observe a CAGR of 12.83% in the forecast period 2024-2031, rising from USD 7.46 billion in 2023 to USD 19.6 billion in 2031. The market has observed significant growth in recent years. It is anticipated to maintain a strong pace of expansion in the coming years due to rising emphasis on vehicle safety, increasing demand for customer requirements for improved facilities, innovative advancements in camera systems, and growing production of vehicles. In emerging countries, the automotive industry is expanding significantly due to a considerable rise in production and sales of vehicles, the rapid trend of customization, and the high purchasing power of consumers, which further raises the global automotive camera market demand. In addition, governments across the globe are introducing strict rules and regulatory compliance that allow automakers to fit camera-based systems in cars with safety and legal requirements. Among the consumers, growing awareness concerning modern safety and convenience amenities is rising demand for automotive cameras from car owners. The demand for automotive cameras is being propelled by the growing prevalence of features, including automated parking help, 360-degree video systems, and others.

The advancement and development of autonomous and semi-autonomous vehicles drives the requirement for automotive cameras as they are helpful in lane keeping, traffic sign recognition, and object recognition. In the forecast period, the demand for automotive cameras is rising considerably due to the car industry's transitions to autonomous driving and enabling new applications to improve the performance of current camera-based systems. Key participants in the global automotive cameras market are efficiently working on introducing new technology in automotive cameras to enhance performance and expand their product portfolio.

For instance, in December 2023, Stellantis N.V. and Valeo SA announced their circular economy strategy cooperation to offer remanufactured video cameras. This collaboration guarantees consistent performance and quality of the entire product line dedicated to ADAS in the SUSTAINera Reman range.

Increasing Number of Accidents and Incorporation of 360-Degree Cameras Drives Market Demand

An increase in the number of accidents raises the demand for vehicle safety, features including lane departure warning, parking assistance, traction control, collision avoidance, electronic stability control, 360-degree cameras, and others. According to the World Health Organization, road traffic crashes result in the deaths of nearly 1.19 million individuals across the globe annually and leave between 20-50 million individuals with non-fatal injuries. Automotive cameras constantly offer and capture vehicle’s surroundings to make better decisions reliant on real-time images of the surroundings that help mitigate the risk of accidents or fatalities. Moreover, 360-degree cameras help the driver navigate vehicles safely through crowded places and congested locations and detect pedestrians, obstacles, and other blind spots, which further efficiently avoids the risk of accidents. The growing awareness concerning advanced safety features among car owners has pushed automakers to incorporate cameras in vehicles along with other advanced safety technologies, propelling the global automotive camera market growth in the forecast period.

For instance, in March 2024, Sheba Microsystems Inc. announced the launch of Sharp-7, the world’s first autofocus automotive camera that produces high-quality imaging in the automotive temperature range. It also presents the potential for even high-resolution image sensor acceptance in advanced driver-assistance systems cameras.

Growing Production of Autonomous and Electric Vehicles Pushes Market Growth

The significant rise in the production of autonomous and electric vehicles drives the global automotive camera market growth as cameras in autonomous and electric cars are specialized image sensors that easily detect the visible light range reflected from objects. For automotive applications, cameras are projected to be helpful equipment for sensing the surroundings of vehicles in advanced driver-assistance systems (ADAS) and autonomous driving systems. Inside and outside autonomous and electric vehicles, the cameras are combined with other advanced technologies, including ADAS, to sense different directions, supporting safe driving. In addition, in emerging countries, automakers are effectively working on advancing the performance of vehicles by integrating several cameras to protect passengers and mitigate the risk of accidents, aiding the market expansion.

For instance, in June 2023, Bengaluru-based Minus Zero Robotics Private Limited announced the zPod autonomous driving concept by using a series of 6 cameras to navigate the obstacles on the road and through complex traffic conditions coupled with unruly infrastructure.

Government Regulatory Compliance Forced OEMs to Adopt Automotive Cameras

Growing safety awareness, strict government regulations and safety standards drive the demand for automotive cameras among automakers and vehicle owners. The governments in emerging countries are also setting up different campaigns to spread awareness concerning road safety and applications of safety features including ADAS and autonomous driving. In emerging countries, several governments are introducing different initiatives concerning the safety of passenger cars, accelerating the integration of cameras in vehicles. Key market players in the global automotive camera market are launching new products to address government standards.

For instance, in July 2023, Mobileye Global Inc. announced the launch of its first camera-only intelligent speed assist to meet new European Union (EU) General Safety Regulation (GSR) standards. This launch is helpful in automatically sensing speed limits in all new vehicle models without needing to depend on third-party maps and GPS data.

Passenger Car Segment Holds the Largest Market Share

The passenger car segment registers the highest market revenue share in the global market due to an increase in production and sales of passenger cars, the high buying power of consumers, and rapid economic development. A rapid trend of personalization drives the demand for automotive cameras as they are helpful in park assistance and others. In emerging countries, the government introduced different regulations that direct automakers to install different safety features including cameras in the passenger car segment. The demand for luxury cars in different countries is propelling due to changes in the standard of living. Therefore, the rise in demand and supply of passenger cars creates different market growth opportunities for the global automotive camera market players. In addition, key participants in the global market are efficiently announcing partnerships and collaborations to offer enhanced safety and best-in-class imaging.

For instance, in January 2024, Ficosa International S.A. announced a partnership with indie Semiconductor, Inc. to offer AI-based automotive camera solutions for enhanced safety and to offer scalable neural network-based camera solutions for object recognition coupled with improved road safety.

Asia-Pacific Registers the Largest Market Share in the Global Market

Asia-Pacific accounts for the largest value of market revenue share in the global market due to an increase in the production of passenger cars in emerging nations. In May 2023, the European Automobile Manufacturers Association stated that China produces 34% of the 69 million cars that are produced across the globe annually, followed by Europe at 19% and North America at 15%. Also, foreign companies are planning to invest their money in the APAC region owing to cheap labor costs, easy accessibility of raw materials, and rapid economic growth. Furthermore, governments in the APAC region are introducing different strict regulations to install advanced features, including connectivity options, innovative designs, and safety systems, which further compelled market players to install ADAS coupled with camera systems in automobiles. Therefore, the demand for cameras is expanding in the forecast period.

For instance, in September 2023, oToBrite Electronics, Inc., a China-based Company, announced the launch of automotive grade 5MP/8MP camera modules to address the rising demand for high-level ADAS or autonomous driving applications. This launch enhances the perception capabilities of ADAS or AD systems and improves visibility.

Future Market Scenario (2024-2031F)

The significant increase in requirement for advanced driver assistance systems in developed as well as emerging countries is accredited to using automotive cameras.

A rise in the need for automobile protection and an increase in the implementation of stringent automotive safety norms have introduced market growth opportunities for market players.

The growing adoption of 360-degree view cameras is anticipated to present a positive market growth in the global market.

Growing sales of luxury passenger vehicles across the globe are propelling the global automotive camera market demand.

Key Players Landscape and Outlook

Key companies in the global automotive camera market are efficiently working to expand their footprint and address the rising demand for automotive cameras. They are investing highly in different research and development companies to address the demand from automakers and luxury car owners and introduce new features and applications. In addition, they are adopting different market growth strategies including joint ventures, new product launches, partnerships, collaboration, and others to expand the product portfolio and hold the largest global automotive cameras market share in the forecast period.

In January 2023, ZF Friedrichshafen AG introduced more than 50 million cameras for international customers to become a global leader and support advanced semi-automated driving functions.

In April 2023, Ficosa International S.A. announced the production of more than 7 million cameras for vehicles during 2023 to allow a safer mobility experience and offer overall improved safety.