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The automotive backup camera market share is expected to increase by 40.43 million units from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 12.09%.
This automotive backup camera market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive backup camera market segmentations by application (passenger car and commercial vehicle) and geography (North America, Europe, APAC, South America, and MEA). The automotive backup camera market report also offers information on several market vendors, including Aptiv Plc, BorgWarner Inc., Continental AG, DENSO Corp., Gentex Corp., HELLA GmbH & Co. KGaA, Magna International Inc., Robert Bosch GmbH, Valeo SA, and ZF Friedrichshafen AG among others.
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The rising number of fatalities leading to increased adoption of backup camera is notably driving the automotive backup camera market growth, although factors such as high price of backup camera may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive backup camera industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Backup Camera Market Driver
The rising number of fatalities leading to increased adoption of backup cameras is one of the key factors driving the growth of the global automotive backup camera market. The growing number of road accidents causing severe injuries and fatalities has been a major reason for the adoption of automotive backup cameras. The yearly total social cost for all road fatalities is estimated to be in the billions in Europe. To reduce fatalities, European legislations promote or encourage the inclusion of more safety systems in vehicles. Additionally, nearly 33,000 Americans die each year in accidents, and about 4 million non-fatal injuries are caused by motor vehicles. As a result, various OEMs across the globe are offering automotive backup cameras to reduce the fatalities arising while reversing the vehicle. The adoption of automotive backup cameras will lead to a significant reduction in the number of fatalities as it will enhance the rear view visibility of the driver. As a result, to enhance the safety standards, OEMs are equipping more of their vehicles with the automotive backup camera.
Key Automotive Backup Camera Market Trend
The growing trend of equipping more commercial vehicles with a backup camera will fuel the global automotive backup camera market growth. The automotive backup camera is increasingly being adopted by OEMs in their passenger cars. There is also a growing trend where more commercial vehicles are now being equipped with backup cameras. Increasing accident rates and fatalities involving commercial vehicles, especially in construction, mining, and quarrying, made the experts think and come up with an optimal solution. According to statistics provided by NHTSA, rear-end collisions account for roughly 29% of all collisions in the US. Every year, approximately 2,000 deaths and 23,000 injuries are caused due to a blind spot in the country. The automotive backup camera in commercial vehicles has the potential to significantly reduce the number of accidents due to blind spots while reversing the vehicle. The penetration of the backup camera is low, especially in emerging countries. Most of the light commercial vehicles (LCVs) and medium and heavy commercial vehicles (M&HCVs) in APAC are not equipped with backup cameras, which opens a wide opportunity for backup camera manufacturers.
Key Automotive Backup Camera Market Challenge
The high price of a backup camera is a major challenge for the global automotive backup camera market growth. A backup camera is a safety feature that provides the drivers with a more precise and safer driving experience while reversing the vehicle. Earlier, it was mostly offered as an optional feature in the premium and luxury brands; however, now it is increasingly being equipped in the vehicle makes and models due to regulatory push and convenience. The backup camera has not been able to penetrate the entry-level and lower variants of the mid-segment cars, especially in emerging nations, as it increases the price of the vehicle. However, the backup camera manufacturers are trying to bring down the cost of manufacturing backup camera systems, which will lead to its adoption in the lower variant of mid-trim and entry-segment vehicles. The high-end camera systems include several features like large screen monitors, GPS navigation, multiple cameras, better /image resolution, and night vision cameras. These may cost between $1,000-$1,200. As a result, consumers may be reluctant to equip the backup camera due to the higher cost associated with it.
This automotive backup camera market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global automotive backup camera market as a part of the global automotive components and accessories market within the global auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive backup camera market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive backup camera market encompasses successful business strategies deployed by the key vendors. The automotive backup camera market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive backup camera market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive backup camera market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global auto components market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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33% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for automotive backup camera market in APAC. Market growth in this region will be slower than the growth of the market in regions.
The rising number of fatalities leading to increased adoption of backup cameras will facilitate the automotive backup camera market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The total number of COVID-19 cases reported in India, Indonesia, and Japan was around 18,762,976, 1,668,368, and 580,988, respectively, as of April 30, 2021. From March 2020 to the first half of May 2020, India imposed a nationwide lockdown to prevent the community spread of COVID-19. Owing to the high mortality rate of COVID-19, various industries, including the automobile industry, closed or halted their operations in 2020. This impacted the growth of the automotive backup camera market in the region in 2020 and 2021. However, operations in various industries have been gradually resuming with limited capacity while maintaining social distancing norms and are expected to stabilize the market growth in the region during the forecast period.
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The automotive backup camera market share growth by the Passenger car segment will be significant during the forecast period. The number of camera systems being equipped in passenger cars is gradually being increased. For instance, in a Mercedes-Benz S-class, there are several camera systems, such as a front parking camera, parking camera right, parking camera left, near-infrared camera, far-infrared camera, and multipurpose stereo cameras (for predestination detection, cross-traffic assist, active lane-keeping assist, adaptive high beam assists plus) to provide a 360° visibility. This factor is leading to increased adoption of the backup camera system.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive backup camera market size and actionable market insights on post COVID-19 impact on each segment.
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Automotive Backup Camera Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.09% |
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Market growth 2021-2025 |
40.43 mn units |
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Market structure |
Fragmented |
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YoY growth (%) |
11.82 |
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Regional analysis |
North America, Europe, APAC, South America, and MEA |
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Performing market contribution |
APAC at 33% |
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Key consumer countries |
US, China, Germany, UK, and Japan |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Aptiv Plc, BorgWarner Inc., Continental AG, DENSO Corp., Gentex Corp., HELLA GmbH & Co. KGaA, Magna International Inc., Robert Bosch GmbH, Valeo SA, and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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