Global Automotive Cameras Market Report, published by Variant Market Research, forecast that the global market is expected to reach $33 billion by 2024 from $9 billion in 2016; growing at a CAGR of 17.5% from 2016 to 2024. By geography, Asia Pacific and rest of the world (RoW) are expected to grow at a CAGR of 18.6% and 18.2%, respectively, during the forecast period.
Increase in demand for sensing cameras in advanced driver assistance systems, huge requirement by passenger cars, and rise in demand for luxury vehicles are the major factors driving the global automotive cameras market. However, high cost of automotive cameras is expected to restrain the market growth. Replacement of side-view mirrors with cameras would provide several growth opportunities for the market in the coming years.
The global automotive cameras market is bifurcated by product, technology and application. The segmentations by product include rear-view enhancement, side-view cameras, forward-view cameras and interior-view cameras. The technology segment comprises mono cameras, stereo cameras, infrared cameras and others. By application the market is sub-segmented into LDWS, parking surround view, parking, night vision, drowsiness, distance, blindspot, AFS and others. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the World (RoW).
In 2016, the rear-view enhancement accounted for the largest market share in the global automotive cameras market by product, owing to its extensive usage during parking and reverse driving. The side view cameras are anticipated to grow at the fastest CAGR during the forecast period. The stereo cameras dominated the technology segment with the maximum market share in 2016. Distance cameras are expected to attain the fastest growth rate in the overall application segment during the forecast period.
In 2016, North America accounted for the largest market share of 35% owing to growth in demand of luxury vehicles in countries such as U.S., and Canada. Increased demand for installation of ADAS in commercial vehicles has also propelled the growth of automotive cameras in the North American market. Europe was the second largest market with a total market share of 33.3% in 2016. In terms of growth, Asia-Pacific is to attain the fastest CAGR of 18.6% during the forecast period 2016-2024.
Market players have implemented various strategies to increase their market share and global presence. For instance, company such as Ambarella launched its A7LA automotive camera solution that enables full 30fps 1080p full HD single and dual view camera configuration. The major players in the market include Autoliv Inc., Continental AG, Qrontech Co. Ltd., Ficosa International S.A., KYOCERA Corporation, Transcend Information Inc., Valeo Inc., Robert Bosch GmbH, Delphi Automotive LLP, Media Data Systems Pte Ltd. and others.