Side View Camera System Market: Segmented: By Camera Type (Single Camera and Multi-camera Type), By Component (Camera, ECU and Display), By Vehicle Type (Passenger Vehicle and Commercial Vehicle), And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
Side View Camera System Market to surpass USD 7,866.6 million by 2031 from USD 4.6 million in 2021 at a CAGR of 110.6% in the coming years, i.e., 2021-31.
A side view camera is a form of safety camera that is commonly fitted in vehicles. Increasing the driver's view tends to deliver a better driving experience. It provides the driver with a 360-degree perspective of the environment, ensuring a safe, simple, and enjoyable driving experience. The camera system is made up of numerous components, including a display, a sensor, and a camera, among others. The cameras are mounted on both sides of the vehicle's side mirrors to provide a right and left view. It also aids the driver in maneuvering through road congestion, parking assistance, lane deviation, blind side recognition, pedestrian recognition, & adaptive cruise control. As a result, when the driver's view is impeded, the side view camera system provides a complete view of the vehicle's surroundings, boosting occupant safety & enabling autonomous driving.
Global Side View Camera System market is expected to project a notable CAGR of 110.6% in 2031.
The side-view camera system growth is highly driven by factors such as rising passenger car & commercial vehicle production, a concentration on improving fuel efficiency through lightweight technologies, and greater use of electrical components in cars.
Multi-camera systems component segment to grow with the highest CAGR during 2021-31
The globally side-view camera system market is divided into single-camera systems and multi-camera systems based on camera type. Due to increased demand for multi-camera-based side-view camera systems, the multi-camera system sector is likely to account for a comparably bigger revenue share throughout the projection period. The multi-camera system allows visibility of the entire vehicle's surroundings when parking and maneuvering. Due to very advanced video-based object detection, the multi-camera system's 3D surrounds view establishes new benchmarks & provides a variety of benefits.
Display segment to grow with the highest CAGR during 2021-31
The global side view camera systems market is divided into three segments based on component types: Electronic control unit (ECU), camera, and display. Due to the increasing use of display inside view systems, the display segment is projected to dominate in share in terms of revenue during the forecast period. The requirement for the number of side-view camera systems will increase as more advanced display technologies are used in vehicles. The growing use of advanced driver assistance systems (ADAS) in high-end automobiles is likely to drive revenue growth in this market.
Demand for luxury and premium vehicles is increasing
The demand for luxury and premium vehicles, which come with all advanced features such as side-view camera systems, blind-spot information systems, reverse assistants, and others, is being driven by an increase in disposable money. For example, because Germany is the world's automotive capital, the side-view market is expected to develop at the fastest rate. ADAS systems are heavily researched and developed by prominent vehicle manufacturers like BMW, Mercedes Benz, and Audi AG. In addition, the demand for side-view camera systems for passenger vehicles is increasing, according to the European Manufacturers Association, because they improve passenger safety and minimize the frequency of road accidents.
Increasing supply for automotive solutions
During the projected period, there will be an increase in the supply of automotive solutions that improve driver & passenger safety. As a result, carmakers are incorporating various components, such as side-view cameras, that provide a clear vision of the vehicle's surrounds, increasing the global side view camera system market. Similarly, as more stringent legislation controlling car safety requirements is passed around the world, the market for side-view camera systems is likely to rise. The international demand for side view camera systems is predicted to grow as entertainment systems become more integrated into vehicles. The expansion of the side-view camera systems is being driven by the use of advanced features in vehicles, such as blind-spot monitoring devices, night vision camera systems, traffic management systems, & lane departure systems.
The expensive expanse of designing
The hefty expense of placing cameras in cars may stifle sales in this industry. However, future market expansion may be hampered by vehicle inflation as well as the expensive expense of designing & testing these cameras.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Side View Camera System market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The Asia Pacific area has the biggest market share among all regions. The expansion of this market sector will be primarily driven by rising population and, as a result, rising demand for vehicles, as well as increased vehicle manufacturing and sales. Furthermore, favorable government regulations encouraging the use of electric vehicles to enhance air quality would aid the growth of the Asia - Pacific region Side View Camera Systems market.
Due to the COVID-19 epidemic, the supply-side cycle for side view cameras has become susceptible. Furthermore, because of the pandemic, automotive manufacturing has come to a halt, putting a damper on the market for side view cameras. Furthermore, due to the pandemic's lockdown and government limitations, repair & maintenance shops were shuttered, disrupting the demand for aftermarket side view cameras. Furthermore, side view cameras are a developing industry that has been impeded by the ongoing epidemic, as manufacture and installation in the affected nations have been halted.
|Market size value in 2021
|USD 4.6 million
|The revenue forecast in 2031
|USD 7,866.6 million
|CAGR of 110.6% from 2021 to 2031
|The base year for estimation
|Revenue in USD million and CAGR from 2021 to 2031
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Component, Camera type, Vehicle Type, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|Panasonic Corporation, Samsung Electronics Co., Ltd., Ficosa Internacional SA, Magna International Inc., Continental AG, Stoneridge Inc., Robert Bosch GmbH, Pioneer Corporation, Kyocera Corporation, and Mitsubishi Electric Corporation, and Other Prominent Players
The Side View Camera System Market size was estimated at USD 1.43 billion in 2021 and expected to reach USD 2.2 billion by 2031
Key players: GE Healthcare (US) • Koninklijke Philips N.V. (Netherlands) • Masimo Corporation (US) • Nihon Kohden Corporation (Japan) • Nonnin Medical (US) • Smiths Medical (US) • Mindray (US) • Contec Medical Systems Co., Ltd. (China) • Shenzhen Creative Industry Co.Ltd. (China) • iHealth Labs Inc. (US) • Beurer GmbH (Germany), and Other Prominent Players
Finger pulse segment and Hospitals & Clinics segment are anticipated to hold the largest Side View Camera System Market
Drivers: Increased prevalence of cardiovascular and respiratory disorders due to a growing senior population and Advancement in R&D
A side view camera is a form of safety camera that is commonly fitted in vehicles. Increasing the driver's view tends to deliver a better driving experience. It provides the driver with a 360-degree perspective of the environment, ensuring a safe, simple, and enjoyable driving experience. The camera system is made up of numerous components, including a display, a sensor, and a camera, among others.
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