Global Automotive Camera Market Holds Lion's Share

Global Automotive Camera Market Holds Lion's Share

Provided by BIS Research

In 2016, over 25.500 people died in road accidents in the European Union, and overall nearly 135.000 people were injured. The same year on average 102 people were killed per day in motor vehicle crashes in the US (NHTSA 2016).

To increase road safety technical advancements of e.g. vehicle onboard electronics are demanded by some legislative bodies as well as the consumers. Deployment of the Advanced Driver Assistance Systems (ADAS) is expected to reduce accidents substantially. Owing to the various advantages of ADAS, several legislative authorities have mandated some of this system features in vehicles. For instance, in 2014, the U.S. Department of Transportation National Highway Traffic Safety Administration (NHTSA) ruled that rear visibility technology has to be integrated into all new vehicles below 10,000 pounds by May 2018.

The past few years have already witnessed a noticeable surge in the number of vehicles equipped with ADAS. Consumer demand and more stringent government regulations are expected to increase the number of automated vehicles (ADAS and higher levels of automation) to 116 million in 2026.

ADAS and Automotive Cameras

Major components of ADAS include cameras, radars, lidars, ultrasonic sensors, and electronic control unit (ECUs), which in combination or separately perform several functions, such as adaptive cruise control, parking assistance, lane departure warning, traffic jam assist, automated emergency braking, and blind spot detection, among others.

One of ADAS’ and automotive vehicles’ essential features are automotive cameras. They can detect traffic signals and differentiate color, along with aiding the driver in parking, night vision, traffic jams, and object detection. It finds its application in every level of automation from rear visibility technology to fully autonomous vehicles.

Impressive Growth for Global Automotive Market

According to the latest market intelligence report ‘Global Automotive Camera Market - Analysis and Forecast 2018-2026’, the global automotive camera market is expected to reach $14.2 billion by 2026 registering a CAGR of 39.5%. This growth is attributed to the increasing collaborations among the key component manufacturers and rising number of original equipment manufacturers.

The global automotive camera market has fundamentally benefitted from changing paradigms in governmental regulations and increasing safety awareness among consumers. In addition to this, the number of new product developments, collaborations, and merger and acquisitions have increased in the past few years.

Among the different automotive cameras used for autonomous and ADAS functionalities, namely rear view, side view, and front view cameras were estimated to hold the lion’s share (67%) in the automotive camera market for the year 2017. The low cost and high operational performance of rear view cameras have led to a mass deployment of these cameras in vehicles supported and driven by government regulations such as in the US.

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