Automotive Camera Market In 2017, the adaptive cruise control system segment dominated the global automotive camera market in the application segment, in terms of revenue. However, the driver monitoring system segment is expected to grow at a highest CAGR during the forecast period. By technology, the digital camera segment is anticipated to dominate the market throughout the forecast period. Moreover, the passenger car segment dominates the overall automotive camera market, in terms of vehicle type. The automotive camera market signifies a considerable growth in the near future, owing to increase in the adoption of automotive cameras, particularly in the developing regions. Moreover, companies have been adopting innovative techniques to provide customers with advanced and innovated product offerings, which boost the growth of the market.
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According to a recent report published by Allied Market Research, titled, Global Automotive Camera Market by Application, Technology, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2018-2025, the global automotive camera market was valued at $11,401.6 million in 2017, and is projected to reach $24,092.1 million by 2025, growing at a CAGR of 9.70% from 2018 to 2025.
Presently, North America dominates the market, followed by Europe. In 2017, U.S. dominated the North America market and Germany led the overall market in Europe. However, in the Asia-Pacific region, China currently dominates the market.
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Rise in demand for passenger vehicles coupled with safety & security concerns among consumers and increase in number of road fatalities drive the growth of the global automotive camera market considerably. In addition, rise in trend of installing advanced driver assistance system (ADAS) and legislations mandating installation of cameras in vehicles are anticipated to provide potential growth opportunities for the market. However, high installation cost of the cameras is one of the major restraints of the market.
Key Findings of the Automotive Camera Market :
o On the basis of application, the adaptive cruise control system segment led the global automotive camera market in the year 2017.
o The North America region held the majority of market share in 2017.
o By vehicle type, the passenger car segment has been dominating the global automotive camera market in the year 2017. However, the heavy commercial vehicle segment is expected to grow at the highest CAGR during the forecast period (2018-2025).
o The LAMEA region is anticipated to exhibit the highest CAGR during the forecast period.
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