Automotive Surround View Systems Market Analysis Europe, North America, APAC, Middle East and Africa, South America - US, UK, Germany, China, Japan - Size and Forecast 2024-2028

Automotive Surround View Systems Market Size 2024-2028

The automotive surround view systems market size is forecast to increase by USD 10.32 billion at a CAGR of 16.6% between 2023 and 2028.

• The market is witnessing significant growth due to the increasing demand for advanced safety features in passenger vehicles. One of the primary driving factors is the continuous advancements in technology, leading to the development of affordable camera-assisted safety technologies. High-resolution cameras are becoming increasingly common, offering improved driving comfort and safety. However, the high installation cost and difficulty of use are currently impeding the widespread adoption of these systems, particularly in budget-allocated vehicles. Moreover, the luxury car segment and the emerging electric vehicle market are expected to significantly impact the market's growth. Automotive headrests integrated with surround view systems are gaining popularity in luxury cars, offering enhanced safety and convenience.
• In the electric vehicle market, the integration of surround view systems is essential due to the absence of rearview mirrors, making these systems a necessary safety feature. The impacting factors on the market include the need for No Objection Certification (NOC) from various regulatory bodies and the increasing competition among vehicle sensors manufacturers. The market analysis report provides a comprehensive study of these factors and their impact on the market's growth trajectory.

What will be the Size of the Automotive Surround View Systems Market During the Forecast Period?

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• The automotive surround view system market is witnessing significant growth due to the increasing demand for advanced safety features and driving comfort in vehicles. These systems utilize multiple low-resolution and high-resolution cameras, as well as vehicle sensors, to provide the driver with a 360-degree view of the vehicle's surroundings. Automotive surround view systems offer numerous benefits, including improved traffic safety by helping drivers identify blind spots and potential collisions. These systems also enhance driving comfort by providing a bird's-eye view of the vehicle's surroundings, making parking and maneuvering in tight spaces easier and less stressful.
• Moreover, the integration of these systems in luxury cars and electric vehicles is becoming increasingly common, as consumers seek out the latest safety technologies. Vehicle safety laws are also driving the adoption of automotive surround view systems, as manufacturers strive to meet regulatory requirements and provide customers with peace of mind. The electronic control unit (ECU) serves as the brain of the automotive surround view system, processing data from various sensors, including pressure sensors, temperature sensors, position sensors, speed sensors, level sensors, capacitive sensors, ultrasonic sensors, infrared sensors, piezoelectric sensors, and LIDAR sensors. The use of multiple sensors allows the system to provide accurate and reliable information to the driver, enhancing situational awareness and improving overall vehicle safety.
• Additionally, the LCD screen, typically located on the dash, displays the surround view image to the driver, providing a clear and unobstructed view of the vehicle's surroundings. In conclusion, the automotive surround view system market is experiencing steady growth due to the increasing demand for advanced safety features and driving comfort in vehicles. These systems offer numerous benefits, including improved traffic safety, enhanced driving comfort, and regulatory compliance. The integration of multiple sensors and an electronic control unit enables accurate and reliable data processing, providing the driver with a comprehensive view of the vehicle's surroundings.

How is this market segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Vehicle Type
  • Passenger cars
  • Commercial vehicles
• Geography
  • Europe
    • Germany
    • UK
  • North America
    • US
  • APAC
    • China
    • Japan
  • Middle East and Africa
  • South America

By Vehicle Type Insights

• The passenger cars segment is estimated to witness significant growth during the forecast period.

The automotive passenger vehicle market in Asia Pacific is witnessing significant growth, leading to an increasing demand for advanced safety features such as surround view systems. OEMs are allocating larger budgets towards the development and installation of these systems in response to consumer preferences for enhanced driving comfort and safety. Automotive surround view systems utilize vehicle sensors and cameras installed in various locations around the vehicle to provide a 360-degree view to the driver, improving situational awareness and reducing the risk of collisions. The luxury car segment is a major contributor to the global automotive market, and the adoption rate of surround view systems is particularly high in this segment.

Electric vehicles are also increasingly incorporating these systems as standard features. The cost of installation is a significant factor impacting the market growth, but the benefits in terms of safety and driving comfort are expected to outweigh the initial investment. The automotive passenger car market is the largest segment in the global automotive industry, accounting for over 75% of sales. Regional market needs vary, but there is a growing trend towards the integration of camera-based safety systems in automobiles to ensure passenger and pedestrian safety. As consumer expectations evolve, OEMs are responding by offering more advanced safety features as standard equipment.

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The passenger cars segment was valued at USD 5.33 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• Europe is estimated to contribute 47% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The European automotive market is experiencing significant growth in the adoption of surround view systems, driven by stringent vehicle safety regulations set by the European Commission. These regulations, such as the Euro NCAP ratings, prioritize the availability of advanced safety features, including surround view systems, in vehicles. Additionally, Europe is a major market for luxury passenger cars, where in-car camera-assisted systems are increasingly popular. Key technologies driving this market include Hall-Effect Sensors and Resistive Sensors, while high-tech cameras and 3D visualization technology provide augmented reality experiences. Anti-lock Braking Systems (ABS) and radar sensors are also integral components of these systems. Leading car companies in Europe, including those based in Germany and France, are investing in these technologies to meet consumer demand for advanced safety features. The market is expected to continue growing during the forecast period, as the region's developed automotive industry and innovative automakers drive technological advancements.

Market Dynamics

Our automotive surround view systems market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of Automotive Surround View Systems Market?

Advancements in technology leading to affordable camera-assisted safety technologies are the key driver of the market.

• The automotive industry is experiencing significant advancements with the integration of safety and infotainment systems. New players and established automobile original equipment manufacturers (OEMs) are investing heavily in the development of these technologies, driven by increasing consumer demand for modern designs and comfort.
• Moreover, the safety sector, in particular, has gained traction due to government regulations and a rising focus on ensuring passenger safety. For instance, an American telecommunications company collaborated with BMW and Hyundai to implement cost-effective in-car connectivity technology using Ethernet, enabling the installation of backup cameras. This development underscores the growing importance of safety and infotainment electronics in the automotive sector. With disposable income on the rise and consumers seeking more advanced features, the international market for automotive surround view systems is poised for substantial growth.

What are the market trends shaping the Automotive Surround View Systems Market?

The development of high-resolution cameras is the upcoming trend in the market.

• The automotive industry is experiencing significant advancements, particularly in the field of Advanced Driver-Assistance Systems (ADAS). One such innovation is the Automotive Surround View System, which has evolved from providing low-resolution, single perspective images to delivering high-definition, 360-degree views of the vehicle's surroundings. Leading automotive suppliers, such as Bosch and Continental, are revolutionizing parking experiences by offering drivers a clear, obstacle-free view of their vehicle's surroundings.
• Moreover, these intelligent camera systems, integrated with an LCD screen on the dashboard, provide real-time visuals, eliminating blind spots and enhancing traffic safety. The latest systems offer the flexibility to rotate the view inside the car for added convenience. This technological progression in automotive surround view systems is transforming the way we park and maneuver our vehicles, ensuring a safer and more confident driving experience.

What challenges does Automotive Surround View Systems Market face during the growth?

The low adoption rate of ADAS due to high prices and difficulty of use is a key challenge affecting the industry growth.

• The market is projected to expand at a moderate rate in the coming years. However, market penetration remains a significant obstacle due to the slow adoption rate of Advanced Driver Assistance Systems (ADAS) features, including surround view systems. These systems, which were first introduced in new vehicles in 2007, have seen limited growth. Consumers' reluctance to pay high prices for these advanced technologies is a major factor in the slow adoption rate. Continental, a leading automotive technology company, offers the Ultra Contact NXT tire label, which includes a surround view system.
• This system uses multiple cameras to provide a 360-degree view around the vehicle, aiding in parking and maneuvering in tight spaces. The automatic and manual functioning of these systems varies depending on the vehicle type. Despite the benefits of surround view systems, consumers have been hesitant to adopt them due to their high cost. The uncertainty surrounding the market, including consumer acceptance of more advanced applications like computer controls and driving assists, also plays a role in the slow adoption rate.

Exclusive Customer Landscape

The automotive surround view systems market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry. The automotive surround view systems market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, 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.
• Valeo SA

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

Autonomous driving and enhanced safety are two major trends shaping the automotive industry. One technology that aligns with these trends is the surround view system. This advanced safety feature uses multiple high-resolution and low-resolution cameras to provide the driver with a 360-degree view of the vehicle's surroundings. The system's LCD screen, usually located on the dash, displays the real-time feed from the cameras, helping the driver to park more easily and avoid blind spots. Surround view systems are not limited to luxury cars but are increasingly being adopted by commercial and passenger vehicles as well. The impacting factors for the market include vehicle safety laws, budget allocation for infotainment/interior electronics, and the rising disposable income of consumers.

The system's installation cost, which includes the electronic control unit, vehicle sensors, and LCD screen, is a significant consideration for automobile OEMs. The technology's development is driven by the integration of advanced safety features such as anti-lock braking systems, radar, and augmented reality with 3D visualization technology. New players are entering the market through mergers and deals, while established car companies continue to innovate with full-view systems and high-tech cameras. The international market is expected to grow significantly due to the increasing demand for driving comfort and modern designs.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across Europe, North America, APAC, Middle East and Africa, and South America
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of industry companies

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