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The North America Automotive Camera Market size is forecast to increase by USD 3.94 billion, at a CAGR of 17.64% between 2023 and 2028. Several factors play a crucial role in the market's growth, such as the priority of automotive safety among customers, a large number of road accidents and road rage, and the steady growth of the advanced driver assistance systems (ADAS) market creating demand for camera modules. The report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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Our 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.
Priority of automotive safety among customers is the key factor driving the market. The market has experienced growth, driven by consumer demand for enhanced safety features and regulatory initiatives promoting the integration of advanced driver assistance systems (ADAS) in vehicles. Consumers in North America are increasingly aware of the importance of safety features in vehicles. Information about crash test ratings, safety technologies, and advancements in ADAS has become more accessible, influencing purchasing decisions.
Moreover, regulatory bodies in North America, such as the National Highway Traffic Safety Administration (NHTSA), have implemented safety standards and initiatives that encourage the adoption of advanced safety technologies. Compliance with these standards has become a priority for market players such as Robert Bosch GmbH. Furthermore, insurance companies such as McKinsey and Company are investing in automotive cameras to increase the interest in automotive safety among customers, which is likely to drive market expansion during the forecast period.
Increased use of wide-angle camera technology is the primary trend in the market. Wide-angle cameras are extensively used in the automotive sector for advanced driver assistance systems (ADAS) and surround-view monitoring. Wide-angle cameras are integral to the development of 360-degree surround-view camera systems. The US, Canadian, and Mexican markets have seen a growing demand for 360-degree surround-view camera systems, which use wide-angle cameras to create a comprehensive view around the vehicle.
Furthermore, the adoption of wide-angle cameras is particularly prominent in electric and autonomous vehicles in North America. These cameras play a crucial role in the safety and perception systems of such vehicles, supporting navigation and object detection. Thus, as the adoption of wide-angle cameras contributes to advancements in safety, driver assistance systems, and overall vehicle perception, it is expected to contribute to the growth of the market in focus during the forecast period.
High replacement costs associated with modules is a major challenge that affects market growth. High replacement costs are a barrier to the market players in the US, Canada, and Mexico. Automakers are hesitant to integrate expensive camera modules into their vehicles if the associated replacement costs are perceived as prohibitive for customers. For end-users, the high replacement costs of camera modules contribute to the overall total cost of ownership for a vehicle.
Furthermore, prospective buyers are circumspect of potential replacement expenses, impacting the resale market for such vehicles. Market players such as Teledyne Technologies Inc. are facing high replacement costs that are expected to incentivize research and development efforts to focus on developing more cost-effective solutions without compromising performance. Thus, high replacement costs associated with camera modules pose a challenge for the market during the forecast period.
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
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 market 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.
The digital segment is estimated to witness significant growth during the forecast period. Digital camera technology allows for higher resolution and improved image quality compared to traditional analog cameras. Maret players such as DENSO Corp. and Continental AG are incorporating higher megapixel sensors and advanced image processing capabilities to enhance the accuracy and clarity of visual information captured by automotive cameras. Digital camera technology is integral to surround-view systems, providing a 360-degree view of the vehicle.
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The digital segment was the largest segment and was valued at USD 926.49 million in 2018. Furthermore, the adoption of digital rearview mirrors, which replace traditional mirrors with camera-based displays, is gaining traction. Digital camera technology is crucial for connected and autonomous vehicles, supporting functions like lane-keeping assistance, object detection, and pedestrian recognition. Further, the incorporation of machine learning and artificial intelligence (AI) in digital camera systems enables more advanced functionalities, such as object recognition, traffic sign recognition, and intelligent decision-making. Thus, such factors further propelled the market expansion during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is experiencing rapid growth, driven by a heightened focus on Safety and Driver Assistance Systems (ADAS). Manufacturers are integrating advanced camera technology to comply with stringent regulations like FMVSS and to meet consumer demand for safer vehicles. These cameras aid in detecting pedestrians, recognizing traffic signs, and maintaining alignment with lane lines. Research experts predict a surge in ADAS applications across government initiatives and car owners seeking enhanced safety features. OEMs collaborate with camera manufacturers like Veoneer and OmniVision Technologies, Inc. to develop mono vision camera systems and infrared cameras. With the rise of electric vehicles (EVs) like Tesla and BMW, equipped with rearview cameras and plug-in hybrid technology, the market anticipates increased adoption of multi-camera systems for 360-degree visibility. Ambarella, Inc.'s CV22FS and CV2FS SoCs enable CVflow AI processing for ASIL B compliance, aligning with standards such as European NCAP and New Car Assessment Program (NCAP), thus propelling the automotive camera market forward.
North America Automotive Camera Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.64% |
Market Growth 2024-2028 |
USD 3937.93 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
16.98 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Autoliv Inc., BorgWarner Inc., Continental AG, DENSO Corp., Fluke Corp., Garmin Ltd., Gentex Corp., HELLA GmbH and Co. KGaA, Hitachi Ltd., Intel Corp., LG Electronics Inc., Magna International Inc., NVIDIA Corp., Panasonic Holdings Corp., Ricoh Co. Ltd., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Teledyne Technologies Inc., Valeo SA, and ZF Friedrichshafen AG |
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 the forecast period. |
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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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