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Global automotive camera module market is expected to grow at a significant CAGR of 21.2% in the upcoming period as the scope and its applications are rising enormously across the globe. Automotive camera module comprises image sensors that help in preclusion of accidents, record driver’s inclination, and offer enhanced driving experience.
The factors that are playing a major role in the growth of market are growing awareness among insurance companies regarding safety measures, high impact of new car assessment program (NCAP), and growing demand for luxury vehicles. However, the high cost of advanced driver assistance system (ADAS) may restrain overall market growth in the years to come. Automotive camera module market is segmented based on product type, technology, vehicle type, application, and region.
Driver support cameras and driver assistance cameras are the product types that could be explored in the automotive camera module in the forecast period. The driver assistance camera sector accounted for the substantial market share of the automotive camera module and is estimated to lead the overall market in the years to come.
Based on technology, thermal, infrared, and digital could classify automotive camera module in the forecast period. The digital sector accounted for the substantial market share of the automotive camera module in terms of volume and is estimated to lead the overall market in the years to come. In addition, the infrared sector is estimated to grow at the fastest pace in the years to come.
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Electric vehicles, passenger vehicles, and commercial vehicles are the vehicle types that could be explored in the automotive antenna in the forecast period. Electric vehicle sector comprises hybrid vehicles, battery-operated electric vehicles, and plug-in hybrid vehicles. Passenger vehicles comprise sports utility vehicles, hatchback cars, multi-purpose vehicles, and sedans. Commercial vehicles comprise heavy and lightweight vehicles.
The market may be categorized based on applications like blind spot detection (BSD), lane departure warning, adaptive cruise control (ACC), pedestrian detection, road sign recognition systems, park assist, night vision, driver monitoring, and the others that could be explored in the automotive camera module in the forecast period. The lane departure-warning sector is estimated to grow at the highest CAGR in the years to come. Also, park assist sector is estimated to grow at the fastest pace in the years to come.
Automotive camera module market is segmented geographically into Americas (North America, South America), Europe (Eastern Europe, Western Europe), Asia Pacific (India, China, Japan, New Zealand, and Australia), Middle East (UAE, Saudi, and Qatar) and Africa (South Africa).
Globally, North America accounted for the substantial market share of the automotive camera module and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in the region and the rising use of enhanced technology.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that could be ascribed to the growth comprise growing demand from consumers for technologically enhanced vehicles. The key players of the automotive camera module market are Continental AG, Robert Bosch Gmbh, Valeo, Delphi Automotive PLC, and Autoliv Inc. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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