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The automotive surround view systems market share is expected to increase by USD 9.60 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 15.74%.
This automotive surround view systems 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 surround view systems market segmentation by type (passenger cars and commercial vehicles) and geography (Europe, North America, APAC, the Middle East and Africa, and South America). The automotive surround view systems market report also offers information on several market vendors, including Advanced Micro Devices Inc., Ambarella Inc., BorgWarner Inc., Continental AG, FURUKAWA Co. Ltd, Gazer Ltd., Intel Corp., Kocchi Technology Hong Kong Ltd., Magna International Inc., NXP Semiconductors NV, OMNIVISION Technologies Inc., Orlaco Products BV, Renesas Electronics Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd, Spillard Safety Systems Ltd., Stellantis NV, Texas Instruments Inc., and Valeo SA among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The advancements in technology leading to affordable camera-assisted safety technologies is notably driving the automotive surround view systems market growth, although factors such as the low adoption rate of ADAS due to high prices and difficulty of use may impede the 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 surround view systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Surround View Systems Market Driver
One of the key factors driving growth in the global automotive surround view systems market is advancements in technology leading to affordable camera-assisted safety technologies. The new automotive applications, such as ADAS and other systems, make use of advanced electronic systems and components. In addition, changing consumer demands and the need for safety and comfortable driving are driving the market for such systems. Moreover, with safety being mandated by governments and ratified by automotive OEMs in recent times, there has been a major push in the safety and infotainment/interior electronics space. Furthermore, the increased disposable income of customers and their preference for advanced systems have also fueled developments in the safety and emergency systems and display space in the automotive interior and exterior electronics spaces. The increasing demand for safety, convenience, and comfort in vehicles promises to drive the automotive surround view systems industry in the forthcoming years. In addition, the gradually decreasing development and production costs, with the availability of the latest technologies, will also push the global automotive surround view systems market toward growth.
Key Automotive Surround View Systems Market Trend
The development of high-resolution cameras is another factor supporting the global automotive surround view systems market growth. High-tech fish-eye front- and rear-mounted cameras and those in the mirrors provide a complete perspective through multiple processors that stitch all the /images to provide a single /image. Hence, the visual quality of the /images is improved by applying a wide dynamic range (WDR) imaging algorithm. For instance, in November 2021, Continental introduced the next generation of its innovative surround view camera technology. The new ProViu 360 2nd Generation Surround View System delivers a full digital capability that gives sharper and higher quality /images in HD resolution. Therefore, the drivers can easily and safely monitor their entire vehicles and their surroundings at a single glance. Furthermore, due to the evolution of technology, automotive surround view systems these days do not have blind spots and can spin around inside the car if necessary. Such factors will further drive the growth of the market during the forecast period.
Key Automotive Surround View Systems Market Challenge
The low adoption rate of ADAS due to high prices and difficulty of use will be a major challenge for the global automotive surround view systems market during the forecast period. Consumers have been slow to adopt many of the ADAS features, despite their availability because they are unwilling to pay the high prices. Moreover, it has been recognized that the safety impact of these ADAS technologies often falls short of the expected benefits because drivers change their behavior as they integrate these new support systems into their driving routine. Furthermore, it is important to ensure that the driving public does not associate unrealistic expectations with these new assistive technologies. Drivers must understand that the increased automation in vehicles through ADAS technologies does not release them of their responsibility to drive the vehicle safely. They should also be aware of the conscious and unconscious behavioral changes that can occur in their driving. Therefore, the low adoption rate of ADAS due to high prices and difficulty of use will restrict the growth of the global automotive surround view systems market during the forecast period.
This automotive surround view systems 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 2022-2026.
Technavio categorizes the global automotive surround view systems 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 surround view systems 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 surround view systems market encompasses successful business strategies deployed by the key vendors. The automotive surround view systems market is fragmented and the vendors are deploying growth strategies such as functionality, reliability, and accuracy 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 surround view systems 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 surround view systems 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.
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46% of the market’s growth will originate from Europe during the forecast period. Germany is the key market for automotive surround view systems in Europe. Market growth in this region will be faster than the growth of the market in other regions.
The high-volume sales of premium and luxury vehicles, which comes equipped with ADAS will facilitate the automotive surround view systems market growth in Europe 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
In 2020, the market witnessed a downturn in growth due to the outbreak of COVID-19. The imposition of social distancing norms led to the closure of more than 67 automobile manufacturing plants in Brazil. For instance, Ford Argentina's sales declined by 41% to 1,180 units in May 2021 when compared to those in May 2020. However, in 2021, the decline in COVID-19 cases amid the increasing vaccination rate showed the mark of the pandemic recovery in the region. Also, the demand for EVs has been accelerating in the region. Therefore, all these factors will drive the automotive industry market in the region, which will positively impact the market in focus during the forecast period.
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The automotive surround view systems market share growth by the passenger cars segment will be significant during the forecast period. OEMs are adding more camera-based safety systems in passenger cars with a view to addressing passenger and pedestrian safety. The segment includes high-end, mid-end, and entry-level passenger cars. The luxury segment and luxury SUVs represent heavy consumers of automotive surround view systems that enhance vehicle safety.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive surround view systems market size and actionable market insights on post COVID-19 impact on each segment.
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Automotive Surround View Systems Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 15.74% |
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Market growth 2022-2026 |
$ 9.60 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
15.36 |
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Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 46% |
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Key consumer countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Advanced Micro Devices Inc., Ambarella Inc., BorgWarner Inc., Continental AG, FURUKAWA Co. Ltd, Gazer Ltd., Intel Corp., Kocchi Technology Hong Kong Ltd., Magna International Inc., NXP Semiconductors NV, OMNIVISION Technologies Inc., Orlaco Products BV, Renesas Electronics Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd, Spillard Safety Systems Ltd., Stellantis NV, Texas Instruments Inc., and Valeo SA |
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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, and Market condition analysis for the 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 Vehicle Type
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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