Report : South & Central 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 15.8% CAGR, the South & Central America Automotive Camera Market is speculated to be worth US$ 693.22 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America automotive camera market was valued at US$ 287.35 million in 2022 and is expected to reach US$ 693.22 million by 2028, registering an annual growth rate of 15.8% 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.
Nowadays, electric cars are equipped with ADAS and automotive cameras, such as mono cameras, rear view cameras, and surround-view cameras, for a better driving experience. The growing demand for electric vehicles is primarily attributed to the increasing demand for low-emission vehicles and growing supportive regulations for zero-emission vehicles through subsidies and tax rebates that compelled the manufacturers to provide electric cars across the world. When switching to an electric vehicle, customers expect a higher level of digital experience, coupled with advanced driving features. The push for technological innovations may increase the demand for connectivity, shared mobility solutions, rear view cameras, and 360-degree view technology. In addition, increased expectations regarding ADAS function in electric vehicles would propel the automotive camera market dynamics in the coming years. Thus, the growing production of electric vehicles is anticipated to hold potential demand for incorporating the automotive cameras, which would create lucrative opportunities for the market during the forecast period.
On the contrary, high installation cost of advanced cameras hurdles the growth of South & Central America automotive camera market.
Based on application, the South & Central America automotive camera market has be bifurcated into park assist and ADAS. The Park Assist segment held 89.2% market share in 2022, amassing US$ 256.42 million. It is projected to garner US$ 635.96 million by 2028 to expand at 16.3% CAGR during 2022–2028.
Based on type, the South & Central 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$ 200.58 million in 2022 and is estimated to generate US$ 475.38 million by 2028 to grow at a CAGR of 15.5% over the forecast period.
By the vehicle size, the South & Central 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$ 220.55 million in 2022 and is estimated to generate US$ 550.77 million by 2028 to grow at a CAGR of 16.5% over the forecast period.
By level of autonomy, the South & Central 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$ 273.57 million in 2022 and is estimated to generate US$ 656.72 million by 2028 to grow at a CAGR of 15.7% over the forecast period.
Our regional analysis states that Brazil captured 72.0% market share in 2022. It was assessed at US$ 206.90 million in 2022 and is likely to hit US$ 526.85 million by 2028, exhibiting a CAGR of 16.9% during the forecast period.
Key players dominating the South & Central America automotive camera market are Aptiv PLC; Autoliv Inc.; Continental AG; FLIR Systems, Inc.; 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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