The automotive camera market size is projected to reach US$ 37,436.72 million by 2031 from US$ 9,704.57 million in 2023. The market is expected to register a CAGR of 18.4% during 2023–2031. The growing focus on safety and increasing sales of electric vehicles is likely to remain a key trend in the market.
Automotive Camera Market Analysis
The major end-users of the automotive camera market include Daimler AG, Tata Motors, Eicher Motors, Hindustan Motors, Toyota, Volkswagen, Ford Motor and other automotive manufacturers. These companies produce commercial as well as passenger vehicles wherein these companies procured automotive cameras for their vehicles, which are further delivered to the customers. Thus, growing demand for passenger as well as commercial vehicles in coming years is expected to propel the development of automotive camera market during the forecast period.
Automotive Camera Market Overview
The major participants in the global automotive camera market ecosystem include raw material suppliers, automotive camera manufacturers, OEMs and end-users. The raw material supplier is a crucial stakeholder in the ecosystem of the automotive camera market. The major raw materials are glass, fluorite, quartz glass, fluoride compounds, and plastics, including germanium, acrylic, and meteoritic glass are usual raw materials employed to make an automotive camera. The major raw material suppliers include Dynaflex Corporation, Ohara Corporation, AGC Inc., SCHOTT, Canon Inc., Universe Kogaku (America) Inc., Sunex Inc. and other players. Thus, growing initiatives from supplying raw materials are strengthening the production of automotive cameras, which is propelling the market growth.
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Automotive Camera Market: Strategic Insights
Market Size Value in US$ 6,911.10 Million in 2021 Market Size Value by US$ 30,140.14 Million by 2028 Growth rate CAGR of 24.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Automotive Camera Market: Strategic Insights
| Market Size Value in | US$ 6,911.10 Million in 2021 |
| Market Size Value by | US$ 30,140.14 Million by 2028 |
| Growth rate | CAGR of 24.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Automotive Camera Market Drivers and Opportunities
Growing Adoption of Advanced Cameras in Vehicles to Favor Market
The automotive camera systems play a crucial role in recent applications, including Forward Collision Warning Systems, Blind Spot Warning, and Lane Departure Warning Systems. The high end cameras can be implanted with advanced computer vision algorithms for real machine vision systems for the Advanced Driver Assistance Systems. Thus, the encouraging in applications of cameras in automotive vehicles and the rise in developments in technologies fuel the adoption of advanced cameras in cars.
Rising Demand for Electric Vehicles
The growing environmental pollution due to fossil fuels is one of the major concerns for the government. To reduce the level of environmental pollution, various governments are emphasizing consumers adopting cleaner, sustainable, and environment-friendly alternatives in daily life by giving special rebates on sales, incentives, lucrative offers, and tax benefits. China, Japan, the European Union, India, Canada, and South Korea are some of the major geographies where governments are actively working towards boosting the adoption of passenger electric vehicles, which is anticipated to drive the development of the automotive camera market over the forecast period.
Automotive Camera Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive camera market analysis are application, type, vehicle type, and level of autonomy.
- Based on the application, the automotive camera market is divided into below park assist and ADAS. The park assist segment held a larger market share in 2023.
- Based on the type, the automotive camera market is divided into the mono camera, surround-view camera, and rear view camera. The rear view camera segment held a larger market share in 2023.
- Based on the vehicle type, the automotive camera market is divided into passenger cars and commercial vehicles. The passenger cars segment held a larger market share in 2023.
- Based on the level of autonomy, the automotive camera market is divided into L1, L2, L3, and others. The L1 segment held a larger market share in 2023.
Automotive Camera Market Share Analysis by Geography
The geographic scope of the Automotive Camera Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific dominated the automotive camera market in 2023. The Asia Pacific region includes China, India, Australia, Japan and South Korea. The high presence of automotive companies and the developing automotive and transportation sectors is acting as a major driver for the automotive camera market. Europe secured the second-largest position in the automotive camera market. The high adoption og electric vehicles is also acting as a major driver for the automotive camera market in Europe.
Automotive Camera Market Report Scope
Automotive Camera Market News and Recent Developments
The automotive camera market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive camera market are listed below:
- Autolive has agreed to partner with the Malaysian Institute of Road Safety (MIROS). Under the partnership, Autolive will work towards its vision of Saving more lives. (Source: Autoliv Inc., Press Release, June 2022)
- Magna International Inc. opened a new plant in Kechnec, Slovakia and expanded its ADAS and electrification footprint. (Source Magna International Inc., Press Release, April 2022)
Automotive Camera Market Report Coverage and Deliverables
The “Automotive Camera Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive camera market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive camera market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Automotive camera market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive camera market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
By Application, Type, Vehicle Type, Level of Autonomy, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Asia Pacific dominated the automotive camera market in 2023.
The surging usage of advanced driver assistance systems (ADAS) is the future trend of the automotive camera market.
Aptiv PLC, Autoliv Inc., Continental AG, Teledyne FLIR LLC, Gentex Corporation, Magna International Inc., Robert Bosch GmbH, Valeo, Mobileye, Stonkam Co., Ltd. are some of the leading players in the market.
US$ 37,436.72 million estimated value of the automotive camera market by 2031.
18.4% is the expected CAGR of the automotive camera market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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