The automotive camera market employs the most significant cutting-edge technological developments, such as cameras with AI technology, 360-degree surround-view camera systems, and wide-angle camera technology, creating huge potential for driving enhancement, from park assistance to blind spot detection. Some of the key trends in the automotive camera market are the increasing penetration of cameras per vehicle, a shift from monocular cameras to stereo camera systems in ADAS, increasing application of CMOS image sensors, new technology developments, and strict government regulations regarding safety and driver assistance. The major drivers of this market are the growing demand for advanced driver assistance systems in cars, with an increasing focus on connected vehicle features and mandatory government regulations for installation of a rearview backup camera in every vehicle.
The automotive camera market is divided into several segments, such as digital cameras, thermal cameras, and infrared cameras. Key players in the automotive camera market include Bosch, Continental, Gentex, and Panasonic. These have been working on different strategies to drive sales using highly influential marketing approaches; however, as we examine the challenges and opportunities ahead in this market, companies can benefit from a strategy of pursuing technological advancements and product differentiation, to drive toward the key target market trends we have identified. Lucintel predicts that the global automotive camera market will be valued at $7.9 billion by 2025, with an expected CAGR of approx.14.9% between 2020 and 2025.
Lucintel identifies five trends set to influence the global automotive camera market. Most of the industry players and experts agree that these five trends will accelerate developments in the automotive camera industry in the near future. In terms of the widespread knowledge about the automotive camera already on the horizon, there is still a lack of unified perspective on the direction the industry is moving to proactively address developments. To help bring more clarity to this gap, our study aims to provide insights concerning the direction that changes are taking and how these changes will impact the automotive camera market.
1. Increasing Penetration of Cameras per Vehicle
The number of cameras per car is increasing with the growing number of driving assistance features in each vehicle. The 2020 Hyundai Sonata has 5 cameras installed throughout the car to provide the driver with enhanced bird’s eye views of the exterior of the vehicle. Tesla’s autopilot makes use of 8 surround-cameras that provide 360 degrees of visibility around the car up to a range of 250 meters (820 ft). The 2019 Kia K900 was built with 16 cameras and sensors to eliminate blind spots. Growth of the autonomous vehicle market will also drive the number of cameras per car. Level 4 and 5 autonomous vehicles will have 6 to 8 cameras per car.
2. Shift from Monocular Cameras to Stereo Camera