automotive camera Market

The automotive camera market is expected to grow from US$ 6,911.10 million in 2021 to US$ 30,140.14 million by 2028. It is estimated to grow at a CAGR of 24.3% from 2022 to 2028.

The European Commission is currently formulating regulatory standards to enhance motor vehicle safety, including occupants and vulnerable road users. In November 2019, the Regulation (EU) 2019/2144 of the European Parliament and of the Council introduced new mandatory safety features such as driver drowsiness and distraction warning, intelligent speed assistance, reversing safety using cameras or sensors, and a data recorder in the event of an accident ('black box') in cars, vans, trucks, and buses. These safety features were planned to be made mandatory starting from 2022. As a result, government regulations and substantial investments in automotive camera technology for safety and convenience are expected to drive growth in the market.

Moreover, major players in the automotive industry are investing heavily in developing advanced safety features for vehicles. These features include sophisticated software services and systems-on-a-chip (SoCs) that enable autonomous driving. Advanced sensors such as cameras and radar capture data, which is then translated and transmitted to the vehicle's powertrain to enable emergency braking and other features. As the demand for improved driving comfort and safety continues to grow, Tier I companies are adopting advanced ADAS technology. Additionally, there is a significant increase in demand for both light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs), which is expected to drive growth in the automotive camera market.

As an example, ROHM received the ISO26262 certification from TUV Rheinland, a German certification body, and launched the "ComfySIL" brand in 2021 to enhance safety and comfort for automotive users. The ComfySIL series of integrated circuits (ICs) and functional safety are in compliance with the ISO 26262 standards, which is crucial due to the increasing number of onboard cameras and the evolution of ADAS technology. Such efforts by companies like ROHM add significant value and accelerate the growth of the automotive camera market.

Major automotive camera providers are actively embracing advanced technologies to cater to the evolving trends of the market. As an illustration, StradVision, a prominent AI-based vision processing technology company for autonomous vehicles and automotive ADAS, launched the latest features of its camera perception software, "SVNet," in May 2021. The deep learning-based perception software, SVNet, is equipped to support ADAS features such as highway driving assist and automated valet parking. This strategic move is expected to boost the growth of the automotive camera market.

Further, in June 2022, Foresight Autonomous Holdings Ltd. entered into an agreement with Hitachi Astemo Americas, Inc. to enhance distance measurement and object detection under a POC project.

The automotive camera market growth is driven by the increasing adoption of advanced cameras, including the rearview camera offered by STMicroelectronics for automotive vehicles. The camera has state-of-the-art HDR image sensors VG6640 and a versatile image signal processor (ISP) that provides flicker-free image quality at HD resolution, making it suitable for various applications. Furthermore, the company's product offerings for driver monitoring system (DMS) applications offer greater flexibility for high-end computer vision applications.

Impact of COVID-19 Pandemic on Asia Pacific Automotive Camera Market
The outbreak of COVID-19 had a significant impact on the automotive camera market in two major markets in the APAC region, namely India and China. The restrictions imposed by the government and the slowdown in industrial activities led to a disruption in the supply chain of various raw materials and goods. The automotive industry, which was witnessing a rapid increase in the adoption of ADAS for multiple vehicles, was expected to propel the growth of the automotive camera market before the pandemic struck. However, the pandemic disrupted the market dynamics considerably during the first half of 2020, leading to the shutdown of manufacturing industries, supply chain disruption, and low consumer confidence.

The relaxation of lockdown measures in 2021 led to the resumption of production facilities, which helped to recover from the negative impact of the COVID-19 pandemic. The EV category continued to evolve and provided the automotive industry with opportunities and solutions for recovery. In July 2021, Magna International Inc. and Veoneer announced a merger agreement to enhance Magna's ADAS capabilities and feature functionality. Consequently, the automotive camera market is witnessing growth due to increasing sales and investment in the post-pandemic period.

The automotive camera market is classified into different segments based on application, type, vehicle type, and geography. The application segment includes park assist and ADAS, while the type segment comprises mono camera, sound-view camera, and rear camera. On the other hand, the vehicle type segment is categorized into passenger cars and commercial vehicles. Geographically, the market is segmented into five major regions, namely North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America.

The global automotive camera market ecosystem comprises various stakeholders, including raw material suppliers, automotive camera manufacturers, OEMs, and end users. Among these, raw material suppliers play a crucial role in the market. Key raw material supply chain players include Dynaflex Corporation, Ohara Corporation, AGC Inc., SCHOTT, Canon Inc., Universe Kogaku (America) Inc., and Sunex Inc. In July 2021, Renesas Electronics Corporation launched its Automotive HD Link (AHL) technology, which enables car manufacturers to provide high-definition video using low-cost cables and connectors that currently support standard-definition video. This type of initiative taken by raw material suppliers is expected to drive the production of automotive cameras and thus propel the growth of the automotive camera market.

The automotive camera market size has been determined through a comprehensive research methodology that involves both primary and secondary sources. The research process began with extensive secondary research conducted using internal and external sources to gather qualitative and quantitative information about the market. The purpose of this process was to obtain a comprehensive overview and forecast of all market segments. Additionally, primary interviews were conducted with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders, who specialize in the automotive camera market. These interviews helped validate the data collected and provided further analytical insights into the market.

The key companies operating in the automotive camera market include Aptiv; Autoliv Inc.; Continental AG; FLIR Systems, Inc.; Gentex Corporation; Magna International Inc.; Mobileye; Robert Bosch GmbH; STONKAM CO., LTD; and Valeo.