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ALBANY, N.Y. , June 9, 2022 /PRNewswire/ -- OEMs, software companies, and automotive electronics manufacturers are garnering long-term growth prospect from growing adoption of ADAS for improving vehicle safety and driving comfort. Advancements in image control technologies and sensors have expanded revenue possibilities in the automotive camera market, as they are setting the stage for next-gen automotive camera solutions. A TMR study on the automotive camera market projects the global valuation to advance at CAGR of 9.25% during 2021–2031.
Increasing trend of using cutting-edge technologies in automotive camera for ADAS is cataylzing the sales of autonomous vehicles, notably to meet stringent road safety norms by governments in several countries. Of note, emerging economies have witnessed colossal lucrative avenues on the back of use of camera modules to assist drivers in parking assistance, blind spot detection, and adaptive cruise control.
Camera-based applications have proliferated in passenger vehicles, observed the analysts of TMR in an in-depth study, and will propel revenue growth for players in the automotive camera market. Thermal cameras are gathering traction among OEMs and vehicle manufacturers to advance autonomous driving features. Advancements in computer vision technologies have expanded the canvas for companies in the automotive camera market.
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Key Findings of Automotive Camera Market Study
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Automotive Camera Market: Key Drivers
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Automotive Camera Market: Regional Growth dynamics
Asia Pacific held a major share of the global automotive camera market in 2020. The regional market has been generating steady revenues streams from the growing sales of vehicles equipped with ADAS features. Moreover, increased focus on safer driving experience pivots massive customer propositions for camera developers. Expansion of automobile production units in the emerging economies has catalyzed the revenue growth of the Asia Pacific automotive camera market.
Automotive Camera Market: Key Players
Prominent players in the automotive camera market are Valeo SA, Robert Bosch GmbH, Magna International Inc., Gentex Corporation, Ficosa International SA, DENSO Corporation, Continental AG, Aptiv, and Continental AG.
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