Automotive Camera Market To Generate $17,326.1 Million Revenue by 2030
- Published: January 2024
The automotive camera market size is expected to advance at a CAGR of 11.8% during 2024–2030, to reach USD 17,326.1 million by 2030.
Along with the introduction of ADAS in the automobile industry, cameras are gaining importance for enabling driving autonomy. Additionally, the demand for automotive cameras is propelled by the higher standards of living as a consequence of the rise in disposable incomes, as well as the growing demand for comfortable and safe driving experiences.
The market is also growing with the rise in the extent of R&D in the automotive industry, an increase in the number of manufacturing facilities in the emerging economies in APAC, and the consistent rate of development of the IT and road infrastructure. Additionally, the rising adoption of AI-based cameras is predicted to drive the market growth as various auto parts suppliers and autonomous car manufacturers introduce forward collision warning, adaptive cruise control, adaptive headlight control, automatic braking, and various other systems in more models.
Growing Introduction of Autonomous Driving Features Is Strengthening Market Growth
Automotive cameras are finding increasing usage in adaptive cruise control as it provides real-time data to the driver, which helps them maintain a safe distance from other vehicles and avoid accidents or collisions. These cameras use unconventional image processing to scrutinize the road and detect road traffic, thus enabling the system to adjust the vehicle speed. Besides adaptive cruise control, these devices are utilized by forward collision warning and traffic sign recognition systems.
Growing Usage of Cameras in Commercial Vehicles
Commercial vehicles is expected to grow with 12.1% CAGR during the forecast period, due to the stringent regulations on road safety in many countries that freight and public transportation companies must abide by. Dash cams record the driver’s activity as well as what happens in front of the vehicle. When it comes to commercial vehicles, usually two to four cameras are installed around the vehicle to detect the driver detours, theft, or any other undesired activity in the vehicle.
Interior cameras have not been much popular in India but have been mandated in vehicles in certain countries. However, after the occurrence of a bus accident in J&K, India, in November 2023, the union territory started a drive to install dash cams in commercial vehicles to enhance vehicle and traveler safety. Further, the continuous product development by various auto and related product manufacturers to maximize safety and reduce the rate of road traffic injuries is propelling the automotive camera market revenue growth.
For instance, in December 2023, Stellantis N.V. and Valeo launched their first windshield-mounted automotive video camera, which was remanufactured to save natural resources.
Further, in September 2023, Sony Semiconductor Solutions Corporation announced the upcoming launch of IMX735, a new CMOS image sensor with enhanced configuration for automotive cameras. It will support sophisticated detection and recognition, hence contributing to safe and secure autonomous driving.
The biggest automotive camera market players are Robert Bosch GmbH, Continental AG, Valeo, ZF Friedrichshafen AG, DENSO CORPORATION, Aptiv plc, Magna International Inc., Veoneer HoldCo LLC., Ficosa Internacional SA, and Mobileye Global Inc.