Automotive Rear-View Camera System Market

Automotive Rear-View Camera System Market Size

Automotive camera refers to an onboard camera that is installed at the front side, the rear side, or the inside of a vehicle for purpose of safety. Rear-view cameras aid with movements for low-speed vehicles like slow curbside driving or parking. The vehicle vision system is changing continuously from the traditional parking system to new rear parking sensor-based systems. The rear-view camera-assisted parking system has also advanced the surround view system to 360-degree to allow for improved vision and decreased accident. They are designed to capture the highest video quality to enhance visibility for the passenger. An automotive camera contains image sensors that are joined with electronic components inside of a vehicle. Cameras used in automotive are generally used for assisting the driver in parking the vehicle, for assessing the vehicle’s performance, for driving at night time, and in gathering evidence.

Market Highlights

Global Automotive Rear-View Camera System Market size was registered at USD 3.47 billion in 2019, and is estimated to reach USD 9.31 billion by 2030, registering a CAGR of 9.4% from 2020 to 2030. Due to its wide field coverage and improved image quality, the use of wide-angle lenses in automotive camera modules is increasing in importance. OEMs and camera module manufacturers are aggressively investing in wide-angle cameras to increase performance. Innovations in this category include the introduction of advanced wide-angle lenses that are fitted with aspheric plastics to provide greater coverage. Such developments will lead to the growth of the rear-view camera market in automobiles.

                                          Global Automotive Rear-View Camera System Market Opportunity Analysis                  

Source: Fatpos Global

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Global Automotive Rear-View Camera System Market: Segments

Global Automotive Rear-View Camera System Market is segmented based on type, application, and region.

By Type (in %), Automotive Rear-View Camera System Market, 2019

The passenger segment to grow with the highest CAGR of XX% during 2020-2030

By type, it can be classified into passenger car and commercial vehicle segments.  The passenger car segment dominated the market due to the high demand for passenger cars and the emergence of new auto-manufacturers in the world.

By Application (in %), Automotive Rear-View Camera System Market, 2019

The adaptive cruise control system segment to grow with the highest CAGR of XX% during 2020-2030

By application the market is segmented into Blind spot detection, park assist system, Driver monitoring system, Adaptive cruise control system, and others. The adaptive cruise control system helps in maintaining a safe distance between two vehicles and alerts the driver if the other vehicle comes too close. Additionally, if the driver is unable to apply breaks the cruise control system automatically slows down the vehicle. The growing awareness of consumers towards advanced safer technologies is likely to maintain the dominance of the segment.

The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA                            

Automotive Rear-View Camera System Market Dynamics:

Technological advancements and higher per-capita automotive spending to increase growth

One of the primary factors driving the growth of the automotive rear-view camera market is the emphasis on reducing the rising number of accidents when reversing. Also, regulatory safety requirements have led the OEMs to incorporate rear-view cameras into all cars. Subsequently, demand for rear-view cameras is rising among OEMs and is driving the growth of the market size of the automotive rear-view camera. The rising use of wide-angle camera technology is one of the main developments in the demand for rear-view camera vehicles. Due to its wide field coverage and improved image quality, the use of wide-angle lenses in automotive camera modules is increasing in importance. OEMs and camera module manufacturers are aggressively investing in wide-angle cameras to increase performance. Innovations in this category include the introduction of advanced wide-angle lenses that are fitted with aspheric plastics to provide greater coverage. Such developments will lead to the growth of the rear-view camera market in automobiles.

High installation cost and rising vehicle prices to hamper the market growth

High costs for installation of automotive cameras as well as the rise in prices of vehicles to act as restraining factors in the market. Additionally, the high cost incurred during the designing and testing of the camera is also likely to hamper the market.

Automotive Rear-View Camera System Market: Regions

In terms of value and volume, North America and APAC accounted for XX% of total market volume share in 2020

North America is expected to dominate the regional segment due to the increase in the demand for luxury vehicles in the region. Rise in the installation of advanced driver assistance systems is also likely to increase growth. New technological advancements in camera technology, as well as large production output of the product, are likely to increase the market growth of the automotive rear-view camera in the region. APAC is likely to dominate the segment during the forecasted period due to the emergence of new opportunities, improvements in automotive and rising disposable income, and economic growth in the developing countries of the region.

The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.

Source: Fatpos Global

Global Automotive Rear-View Camera System Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Global Automotive Rear-View Camera System Market: Impact of COVID-19

Global pandemic COVID-19 has become global stress, not just for human lives, but also for industries across different industry verticals. The COVID-19 disease has infected several million people globally, with an increasing number of active cases daily, the duration of the pandemic is still difficult to predict. In the space of only a few months, there has been a major decrease in vehicle sales, leading to shutdowns across regions as well as volatility in oil prices. Renowned car OEMs are pursuing various strategies to minimize the pandemic's detrimental effect on their companies by reviewing their dealerships to restore services. In the automotive sector, the short-term effect of COVID-19 has led to the shutdown of assembly plants in the United States, manufacturing interruptions across Europe, and cessation of exports of Chinese parts, in the face of the lockdown situation. On the bright side, the automotive industry will remain strong until a COVID-19 breakthrough is achieved, thanks to ongoing attempts by leading companies to curb sales losses through the implementation of turnaround strategies such as fusions and acquisitions and more. Despite the major impact the novel coronavirus has on the automotive industry, online vehicle sales may emerge as one of the growth boosters in the market.

Automotive Rear-View Camera System Market: Competitive landscape

New technological advancements in camera technology, as well as large production output of the product by key players, are likely to increase the market growth of the automotive rear-view camera. Moreover, the growing security and safety concerns among individuals and New Car Assessment Programs launched by companies around the globe are other factors that are fueling the market of the automotive rear-view camera market.

Global Automotive Rear-View Camera System Market: Key players

• Magna International Inc.           
  • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
• Ichikoh Industries Ltd.
• Ficosa Internacional SA
• Lumax Automotive Systems Ltd
• Burco Inc.
• Samvardhana Motherson Reflectec
• Murakami Corporation
• Valeo SA
• Gentex Corporation
• Other prominent players

Global Automotive Rear-View Camera System Market report also contains analysis on:

• Automotive Rear-View Camera System Market segments: -
• By Type:
  • Passenger vehicles
  • Commercial vehicles
• By Application:
  • Blindspot detection
  • Park assist system
  • Driver monitoring system
  • The adaptive cruise control system
  • others
• Automotive Rear-View Camera System Market dynamics
• Automotive Rear-View Camera System Market size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints