Automotive Camera Market Growth 2022

1. Automotive Camera Market- Global Industry Size, Share, Growth, Opportunity and Forecast, 2021-2027

2. Global Automotive Camera Market- Industry Trends & Forecast Report 2028 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the automotive camera market was worth USD 6.5 billion in the year 2021. It is forecast to grow at a CAGR of over 10%, with revenues reaching USD 12.7 billion by the end of 2028. The market is flourishing at a high rate owing to the increasing demand for passenger cars and other vehicles owing to the rising disposable income of consumers along with expanding manufacturing and production operations with rising investments by automobile OEMs. Furthermore, stringent government regulations to ensure maximum safety of the riders, as well as people in the vehicle environment, also boost the installation of the automotive camera market in the forecast period.

3. Growth Drivers  Expanding Automotive Production Worldwide The increasing automobile production around the world due to rising market demand is emerging as one of the major driving factors for the growth of the automotive cameras market. The leading automotive OEMs are significantly investing in expanding their production output to meet the global demand. In 2020 alone, around 78 million vehicles were produced worldwide, according to the data revealed by the Organization Internationale des Constructeursd'Automobiles (OICA). Due to this, the demand for automotive cameras is also increasing.

4. Restraints  High Cost of Advanced Camera Systems Installations The high cost of advanced cameras that are used in the automotive industry acts as a huge restraining factor for the growth of the automotive camera industry. The cameras are extremely expensive due to the integration of sensitive equipment installed in them such as lenses, sensors, mirror less cameras, etc., which boosts their price. Furthermore, the extensive research and development activities involved in bringing innovations and advancements into the camera technology are also fueling its prices, further restricting its market growth.

5. Impact of COVID-19 The sudden COVID-19 pandemic outbreak directly impacted the growth of the entire automotive industry by halting its operations. The restrictions on the manufacturing and production operations due to lockdown due to the increasing number of COVID-19 infections resulted in a plunge in the demand for automotive cameras. Furthermore, the shortage of components and partial lockdown in different parts of the world created hindrance in the import and exports and supply of raw materials, which is also restricting the growth of the market. Sample Copy of the Report:https://www.blueweaveconsulting.com/report/automotive-camera-market/report-sample

6. Regional Insights Geographically, the automotive camera market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the automotive camera market owing to the high demand for luxury vehicles and electric cars embedded with innovative technologies and smart features. The stringent government regulations to maximize the safety of the drivers also act as a favorable factor for the growth of the market in this region. Europe also covers a substantial market share owing to the presence of leading automobile manufacturers in this region.

7. Competitive Landscape The leading market players of the automotive camera market are Gentex Corporation, Ricoh, Continental AG, Panasonic Corporation, Autoliv Inc., ZF Friedrichshafen AG, HellaKGaAHueck & Co., Magna International Inc., Bosch Mobility Solutions, Valeo SA, Ambarella, Omnivision Technologies Inc., Denso Corporation, Delphi Automotive PLC, Mobileye, Veoneer, Robert Bosch GmbH, TRW Automotive, and other prominent players.

8. Recent Development In January 2022, Arrow Electronics Inc., a US-based information technology and services company, announced it had signed an agreement with Appletec, an Israeli company, for the production of a wide range of compact camera modules (CCMs). In January 2022, Owl Autonomous Imaging, US-based thermal imaging, and ranging solutions provider announced it had raised USD 15 million in Series A funding led by State Farm Ventures.

9. Key Players Gentex Corporation, Ricoh, Continental AG, Panasonic Corporation, Autoliv Inc., ZF Friedrichshafen AG, HellaKGaAHueck & Co., Magna International Inc., Bosch Mobility Solutions, Valeo SA, Ambarella, Omnivision Technologies Inc., Denso Corporation, Delphi Automotive PLC, Mobileye, Veoneer, Robert Bosch GmbH, TRW Automotive, and other prominent players.

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