Report : Europe 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 23.2% CAGR, the Europe Automotive Camera Market is speculated to be worth US$ 8,439.24 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe automotive camera market was valued at US$ 2,414.23 million in 2022 and is expected to reach US$ 8,439.24 million by 2028, registering an annual growth rate of 23.2% from 2022 to 2028. Rising demand for safety and driving comfort features and high adoption of advanced cameras in vehicles are the critical factors attributed to the market expansion.
With the rapid development of science and technology, automotive technology is improving rapidly. Also, automotive safety technology is involved gradually in all aspects of a car. Due to the increasing number of road traffic accidents, governments across the world have mandated to install the cameras in all segments of the vehicles. The European Commission is working on framing the regulatory standards for motor vehicles with the safety of vehicle occupants and vulnerable road users. Regulation (EU) 2019/2144 of the European Parliament and of the Council of 27 November 2019 added new mandatory safety features that include warning of driver drowsiness and distraction (e.g. use of smartphone while driving); intelligent speed assistance; reversing safety with cameras or sensors; and data recorder in case of an accident (‘black box') in cars, vans, trucks, and buses. The new safety features were planned to make mandatory from 2022. Thus, such government regulations and significant investments in the adoption of cameras in the automotive vehicles for safety and comfort are fueling the automotive camera market growth.
In addition, the key players engaged in the business are investing in advancing automotive vehicle safety features. For instance, vehicles loaded with added features and software services equipped with systems-on-a-chip (SoCs), which help run the vehicles autonomously in a smooth manner. Car sensors, such as cameras and radar, capture data, translate it, and send it to the powertrain to enable features like emergency braking. The increasing need for enhanced safety and driving comfort has compelled Tier I companies to adopt advanced ADAS technology. The demand for LCVs and HCVs is increasing at a promising rate, this is expected to drive the automotive camera market in the coming future. Thus, such upcoming developments from the automotive manufacturers are fueling the market growth.
On the contrary, high installation cost of advanced cameras hurdles the growth of Europe automotive camera market.
Based on application, the Europe automotive camera market has be bifurcated into park assist and ADAS. The Park Assist segment held 90.7% market share in 2022, amassing US$ 2,189.28 million. It is projected to garner US$ 7,843.75 million by 2028 to expand at 23.7% CAGR during 2022–2028.
Based on type, the Europe 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$ 1,686.08 million in 2022 and is estimated to generate US$ 5,790.32million by 2028 to grow at a CAGR of 22.8% over the forecast period.
By the vehicle size, the Europe 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$ 1,853.01 million in 2022 and is estimated to generate US$ 6,704.98 million by 2028 to grow at a CAGR of 23.9% over the forecast period.
By level of autonomy, the Europe 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$ 2,298.51 million in 2022 and is estimated to generate US$ 7,994.91 million by 2028 to grow at a CAGR of 23.1% over the forecast period.
Our regional analysis states that Germany captured 28.0% market share in 2022. It was assessed at US$ 675.12 million in 2022 and is likely to hit US$ 2,446.54 million by 2028, exhibiting a CAGR of 23.9% during the forecast period.
Key players dominating the Europe 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.
Contact Us
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: sam@businessmarketinsights.com