May 05, 2022 11:30 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD

LONDON, May 05, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the camera modules market, the rising popularity of automated and semi-automated cars is significantly contributing to the growth of the camera module market. Automated and semi-automated cars are advanced cars having Autonomous Driving System (ADS) that uses artificial intelligence, integrated cameras, and other software to perform all driving tasks on behalf of drivers or provide certain driving assistance like active steering, breaking, and acceleration based on roads and other environmental conditions. Camera modules are widely used in automotive camera systems, which are an integrated part of Autonomous Driving System to provide high-definition imaging to process data for driving cars autonomously. For instance, in 2020, according to an International Data Corporation (IDC) report, approximately 31.4 million vehicles have some kind of automation and that number is expected to reach around 54.2 million vehicles in 2024. Therefore, the rise in popularity of automated and semi-automated cars is expected to propel the growth of the camera module market over the coming years.

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The global camera module market size is expected to grow from $39.58 billion in 2021 to $43.70 billion in 2022 at a compound annual growth rate (CAGR) of 10.41%. The growth in the market is mainly due to the companies' resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global camera modules industry growth is expected to reach $59.83 billion in 2026 at a CAGR of 8.17%.

Strategic partnerships and collaborations are the key trends being followed by the companies operating in the camera module market. This is due to the presence of a large number of camera module manufacturing companies operating in the market and their desire to extend their growth into new areas of the market. For instance, in March 2021, OnePlus, a China-based smartphone manufacturing company, and Hasselblad, a Sweden-based camera manufacturing company, formed a strategic partnership for three years. This partnership will allow OnePlus to strengthen its mobile camera quality by developing next-generation camera systems for its new OnePluse 9 series devices and additionally improving and updating software, colour tuning, sensor calibration, and user-friendly camera interface.

Major players in the camera module market are Samsung Electro-Mechanics, LG Innotek, Sony Corporation, Sunny Optical Technology (Group) Company Limited, Hon Hai Precision Industry Co. Ltd, Sharp Corporation, Stmicroelectronics, Omnivision, Chicony Electronics CO. Ltd, Partron Co. Ltd, LITE-ON Technology Corporation, Toshiba Electronic Devices & Storage Corporation, cowell, Primax Electronics Ltd, AMS Technologies AG, ofilm, and McNex Co. Ltd.

The global camera modules market segmentation is categorized by product type into CMOS camera module, CCD camera module; by component into image sensors, lens modules, voice coil motors; by focus type into interface, pixel, process; by applications into medical, smartphone and tablet PC, automotive, defense and space, industrial and security, consumer electronics.

Asia-Pacific was the largest region in the camera module market in 2021 and is also expected to be the fastest-growing region in the global camera modules market during the forecast period. The regions covered in the global camera module market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Camera Modules Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide camera module market overviews, camera module market analyze and forecast market size and growth for the whole market, camera module market segments and geographies, camera module market trends, camera module market drivers, camera module market restraints, camera module market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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