Report : Asia Pacific Automotive Camera Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Application (Park Assist and ADAS), Type (Mono Camera, Surround View Camera, and Rear View Camera), Vehicle Type (Passenger Cars and Commercial Vehicle), and Level of Autonomy (L1, L2, L3, and Others)
At 25.9% CAGR, the Asia Pacific Automotive Camera Market is speculated to be worth US$ 15,130.35 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific automotive camera market was valued at US$ 3,807.72 million in 2022 and is expected to reach US$ 15,130.35 million by 2028, registering an annual growth rate of 25.9% from 2022 to 2028. Rising demand for electric vehicles and high adoption of advanced cameras in vehicles are the critical factors attributed to the market expansion.
ADAS covers a wide range of active and passive systems that improve safety and comfort of driver, passenger, and pedestrian with the help of embedded vision by reducing accidents and injuries. The system is equipped with various components, including cameras, sensors, radar, and software. It is also used for featured applications such as adaptive cruise control, park assist, lane warning departure system, navigation system, night vision, blind-spot detection, autonomous emergency braking, pedestrian detection/avoidance, driver monitoring system, traffic sign recognition, and other applications. These factors are helping the driver to have a safe and reliable drive, further augmenting the adoption of ADAS in various automotive segments. Major OEMs are embracing ADAS solutions to achieve high safety ratings to attract consumers. Thus, the advantageous features of ADAS would propel the demand for components, such as radar, ultrasonic sensors, cameras, and LiDAR, during the forecast period. Hence, the growing adoption of ADAS is expected to bolster the automotive camera market in the coming years.
On the contrary, high installation cost of advanced cameras hurdles the growth of Asia Pacific automotive camera market.
Based on application, the Asia Pacific automotive camera market has be bifurcated into park assist and ADAS. The Park Assist segment held 91.7% market share in 2022, amassing US$ 3,492.09 million. It is projected to garner US$ 14,214.87 million by 2028 to expand at 26.4% CAGR during 2022–2028.
Based on type, the Asia Pacific automotive camera market categorized into mono camera, surround view camera, and rear view camera. With 69.8% rear view camera segment accounted for the largest market share in 2022. It accrued US$ 2,658.70 million in 2022 and is estimated to generate US$ 10,378.88 million by 2028 to grow at a CAGR of 25.5% over the forecast period.
By the vehicle size, the Asia Pacific automotive camera market is segment into passenger cars and commercial vehicle. With 76.8% share of the domain, the passenger cars segment dominated the market in 2022. It accrued US$ 2,921.04 million in 2022 and is estimated to generate US$ 12,021.06 million by 2028 to grow at a CAGR of 26.6% over the forecast period.
By level of autonomy, the Asia Pacific automotive camera market is segment into LI, L2, and L3, and others. With 95.2% share of the domain, the L1 segment dominated the market in 2022. It accrued US$ 3,625.21 million in 2022 and is estimated to generate US$ 14,333.74 million by 2028 to grow at a CAGR of 25.7% over the forecast period.
Our regional analysis states that China captured 40.7% market share in 2022. It was assessed at US$ 1,551.41 million in 2022 and is likely to hit US$ 6,354.75 million by 2028, exhibiting a CAGR of 26.5% during the forecast period.
Key players dominating the Asia Pacific automotive camera market are Aptiv PLC; Autoliv Inc.; Continental AG; FLIR Systems, Inc.; Gentex Corporation; Magna International Inc.; Mobileye; Robert Bosch GmbH; Stonkam Co., Ltd.; and Valeo among others.
- In 2021, Autoliv and SSAB has formed collaboration to develop fossil-free steel from SSAB for manufacturing of automotive safety products.
- In 2022, Magna is opening new plant in Kechnec, Slovakia to expand its ADAS and electrification footprint.
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