The global automotive camera market is poised for substantial growth, with a projected market size of $17.04 billion by 2030. This surge is primarily fueled by the rising demand for camera-based driving assistance sensors and vehicle safety systems. As technology continues to advance and production volumes increase, it is anticipated that prices will decrease, further propelling market expansion.
As per a report by SNS Insider, the market’s value stood at $7.89 billion in 2022 and is expected to achieve a CAGR of 10.1% over the forecast period from 2023 to 2030.
Key participants in the automotive camera market include industry giants such as Continental (Germany), Robert Bosch (Germany), Valeo (France), and Aptiv (Ireland), among others.
Advancements in camera-based driving assistance sensors, vehicle safety systems, and the aftermarket sale of parking cameras are pivotal factors catalysing the growth of the global automotive camera market. With ongoing technological enhancements and increased production volumes, prices are projected to decrease, underscoring substantial market potential in the future.
The market is segmented based on application type, camera type, and vehicle type, with the park assist systems segment commanding a market share of $2.59 billion in 2022 and experiencing a compound annual growth rate of 6.9% over the forecast period.
The Asia Pacific region emerged as a significant contributor to the global market in 2022, driven by heightened sales of vehicles equipped with advanced driver assistance systems and a growing awareness of vehicle safety among young car buyers.
Automotive cameras serve a vital role in improving driver safety and visibility, equipped with advanced computer vision algorithms to assist in parking, provide night vision, and gather crucial evidence.
Recent developments in the industry include ASM Pacific Technology Ltd.’s acquisition of Automation Engineering, Inc. from Mycronic Group, strengthening their foothold in the global automotive camera assembly and testing solutions markets. Additionally, Brigade Electronics introduced a new AI-based commercial vehicle safety system, CAREYE – “Safety Angle Turning Assistant,” in multiple European countries.
In conclusion, the automotive camera market is positioned for notable expansion, driven by technological advancements and the escalating demand for vehicle safety systems. With a projected market size of $17.04 billion by 2030, the future appears promising for this burgeoning market.
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