The automotive camera market in North America is expected to grow from US$ 1,249.32 million in 2022 to US$ 4,671.72 million by 2028; it is estimated to grow at a CAGR of 24.6% from 2022 to 2028.
The North America automotive camera market growth is attributable to the rising demand for safety and driving comfort features. With the rapid development of science and technology, automotive technology is also improving and being incorporated into all aspects of a car. Due to the increasing number of road traffic accidents, governments of North American countries have mandated the installation of cameras in all segments of vehicles. Thus, the government agencies strongly emphasized improving safety policies and standards along with significant investments in mitigating road accidents. In May 2022, the NHTSA approved US$ 740 million in funding for the 402 State and Community Grant Program, Section 1906 Racial Profiling Data Collection Grants, and Section 405 National Priority Safety Program.
The key players engaged in the automotive business are investing in advancing automotive vehicle safety features. For instance, vehicles loaded with added features and software services are equipped with systems-on-a-chip (SoCs), which help run the vehicles autonomously. Car sensors, such as cameras and radar, capture data, translate it, and send it to the powertrain to enable features, including emergency braking. The increasing need for enhanced safety and driving comfort has compelled Tier I companies to adopt advanced driver assistance system (ADAS) technology. As a result, the demand for LCVs and HCVs is increasing rapidly in North America. Thus, such upcoming developments from automotive manufacturers are fueling the North America automotive camera market growth.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America automotive camera market at a substantial CAGR during the forecast period.
North America Automotive Camera Market Revenue and Forecast to 2028 (US$ Million)
North America Automotive Camera Market Segmentation
The North America automotive camera market is segmented into application, type, vehicle type, level of autonomy, and country. Based on application, the North America automotive camera market is bifurcated into park assist and ADAS. The park assist segment accounted for a larger market share in 2022. Based on type, the North America automotive camera market is categorized into mono camera, surround view camera, and rear view camera. The rear view camera segment accounted for the largest market share in 2022, owing to increasing awareness for safe driving that needs the proportion of cars with a rear view camera. Based on vehicle type, the North America automotive camera market is bifurcated into passenger cars and commercial vehicle. The passenger cars segment accounted for a larger market share in 2022 owing to growing initiatives for introducing regulatory policies for safety and comfort for passenger vehicles. Based on level of autonomy, the automotive camera market is segmented into L1, L2, L3, and others. The L1 segment accounted for a larger market share in 2022. Moreover, the L2 segment is projected to observe significant growth during the forecast period owing to the growing demand for driver assistance systems. Based on country, the North America automotive camera market is segmented into the US, Canada, and Mexico. The US held the largest market share in 2022.
Aptiv PLC; Autoliv Inc.; Continental AG; FLIR Systems, Inc.; Gentex Corporation; Magna International Inc.; Mobileye; Robert Bosch GmbH; Stonkam Co., Ltd.; and Valeo are among the leading companies operating in the North America automotive camera market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1,249.32 Million |
| Market Size by 2028 | US$ 4,671.72 Million |
| CAGR (2022 - 2028) | 24.6% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Application
|
|
Regions and Countries Covered
|
|
| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
|
The North America Automotive Camera Market is valued at US$ 1,249.32 Million in 2022, it is projected to reach US$ 4,671.72 Million by 2028.
As per our report North America Automotive Camera Market, the market size is valued at US$ 1,249.32 Million in 2022, projecting it to reach US$ 4,671.72 Million by 2028. This translates to a CAGR of approximately 24.6% during the forecast period.
The North America Automotive Camera Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Automotive Camera Market report:
The North America Automotive Camera Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Automotive Camera Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Automotive Camera Market value chain can benefit from the information contained in a comprehensive market report.
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