Asia-Pacific Multi Camera System Market Overview
The Asia-Pacific multi camera system market is expected to witness significant growth in coming years owing to rising consumer demand for safety features and technology in automobiles, increasing mandates and regulation in many countries coupled with the growing demand of premium vehicles integrated with advanced driver assistance systems (ADAS).
On the basis of function, the Asia-Pacific multi camera system market is bifurcated into parking and ADAS. ADAS system provides assistance to the driver and significantly improves the drivers experience. During the forecast period, ADAS is expected to hold a larger share in the industry, driven by regulatory mandates and consumer interest in safety applications. For instance, both the European Union and the U.S. plan to mandate that all new vehicles must be equipped with autonomous emergency-brake systems and forward-collision warning systems, by 2020.
The infotainment panel can project 2D and 3D view of the object. During the forecast period, 3D is expected to be the faster growing category in terms of revenue in the Asia-Pacific multi camera system market. This can be attributed to growing consumer demand for technologically advanced display systems and rising trend of premium segment cars installed with 3D display.
On the basis of vehicle type, the industry is bifurcated into passenger car and commercial vehicle. The passenger car category is expected to hold a larger share in the Asia-Pacific multi camera system market during the forecast period, due to high production of passenger cars in the region coupled with the increasing preference of passenger car customers toward advanced safety features.
Of all the level of Autonomous driving, Level 1 category is expected to be the largest category owing to its low installation cost, and rising demand in light and heavy commercial vehicles and mid-range vehicles. However, the fastest growth during the forecast period will be experienced by the Level 2 & 3 category.
Asia-Pacific Multi Camera System Market Dynamics
The increasing road fatality rate has become a prime concern of vehicle buyers in recent years. Automobile customers are increasingly demanding advanced safety features in vehicles, thereby driving the growth of the Asia-Pacific multi camera system market. The multi camera system monitors the road and compensates for human error when driving. The system buzzes an alarm when lane departure or collision is unavoidable, giving the driver warning to avoid road accident. The legislations in many Asian countries are mandating the installation of ADAS technology to reduce road accidents. Further, the growing demand of premium segment cars, autonomous, and semi-autonomous vehicles will benefit the growth of the Asia-Pacific multi camera system market, during the forecast period.
One of the major restraints for Asia-Pacific multi camera system market is the high installation cost. Installation of multi camera systems can cost an additional amount of $250 to $1000, which significantly increases the cost of the vehicle, restricting their adoption in economy and low segment cars. However, the cost of the product is expected to decrease in the coming years mainly due to high economy of scales and increasing number of suppliers; thus, benefitting the market in the coming years.
Asia-Pacific Multi Camera System Market Competitive Landscape
The Asia-Pacific multi camera system market is competitive due to the presence of a considerable number of manufacturers. The leading vendors in the industry are Robert Bosch GmbH, Continental AG, and Delphi Technologies PLC, which together constitute considerable share in the total sales of multi camera system. Some other key players of the industry include Ambarella Clarion Co. Ltd., Magna International Inc., NXP Semiconductors N.V., OmniVision Technologies Inc., Samvardhana Motherson International Limited, DENSO Corporation, Valeo SA, and Xilinx Inc.