Report : North America 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 24.6% CAGR, the North America Automotive Camera Market is speculated to be worth US$ 4,671.72 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America automotive camera market was valued at US$ 1,249.32 million in 2022 and is expected to reach US$ 4,671.72 million by 2028, registering an annual growth rate of 24.6% 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.
The automotive cameras are used to assist the driver in parking, maneuvering, and assessing the vehicle performance. The camera systems play a crucial role in the recent applications, including Lane Departure Warning Systems (LWDS), Forward Collision Warning System (FCWS), and Blind Spot Warning (BSW). In light and heavy commercial vehicles, the adoption of automotive cameras is growing in various system solutions, such as rear view camera, surround view camera, e-mirror, and driver monitoring systems (DMS). The cameras can be embedded with advanced computer vision algorithms for real machine vision systems for the Advanced Driver Assistance Systems (ADAS). Thus, the increase in applications of cameras in the automotive vehicles and rise in advancements in technologies fuel the adoption of advanced cameras in the cars.
The leading players providing the automotive cameras are significantly adopting advanced technologies. For instance, in May 2021, StradVision, a leading company in AI-based vision processing technology for autonomous vehicles and automotive ADAS, introduced the latest features of camera perception software named “SVNet”. SVNet, a deep learning-based perception software, supports ADAS features, including highway driving assist and automated valet parking. In addition, the rear view camera provided by the STMicroelectronics for the automotive vehicles caters to various applications, such as state-of-the-art HDR image sensors VG6640 and a versatile image signal processor (ISP) that offers excellent flicker-free image quality at HD resolution. It also provides its product offerings for Driver Monitoring System (DMS) applications, through its HDR North America Shutter sensor (1.6 Mpixel & 2.3 Mpixel), along with a multichannel voltage regulator and automotive led drivers, MEMS Sensors, ensuring greater flexibility for high-end computer vision applications in critical environments. Thus, the rising adoption of advanced cameras bolsters the automotive camera market growth.
On the contrary, high installation cost of advanced cameras hurdles the growth of North America automotive camera market.
Based on application, the North America automotive camera market has be bifurcated into park assist and ADAS. The Park Assist segment held 90.7% market share in 2022, amassing US$ 1,132.94 million. It is projected to garner US$ 4,342.47 million by 2028 to expand at 25.1% CAGR during 2022–2028.
Based on type, the North America 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$ 872.30 million in 2022 and is estimated to generate US$ 3,204.56 million by 2028 to grow at a CAGR of 24.2% over the forecast period.
By the vehicle size, the North America 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$ 958.90 million in 2022 and is estimated to generate US$ 3,711.68 million by 2028 to grow at a CAGR of 25.3% over the forecast period.
By level of autonomy, the North America 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$ 1,189.44 million in 2022 and is estimated to generate US$ 4,425.76 million by 2028 to grow at a CAGR of 24.5% over the forecast period.
Our regional analysis states that US captured 76.2% market share in 2022. It was assessed at US$ 951.89 million in 2022 and is likely to hit US$ 3,700.94 million by 2028, exhibiting a CAGR of 25.4% during the forecast period.
Key players dominating the North America 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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