As per the report findings, the global market value stood at USD 3.8 billion in 2019. The main highlights of the report include:Unparalleled intelligence on the factors driving the market growth;Actionable insights into the challenges facing the market;Exhaustive analysis of the competitive developments and regional dynamics of the market; andIn-depth evaluation of the individual market segments.
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List of Key Companies Profiled in the Market Report:Ambarella (California, United States)Mobileye (Jerusalem, Israel)Garmin Ltd (Kansas, United States)Magna International (Aurora, Canada)Ricoh (Tokyo, Japan)ZF Friedrichshafen (Friedrichshafen, Germany)Autoliv, Inc (Stockholm, Sweden)Kappa optronics GmbH (Lower Saxony, Germany)OmniVision (California, United States)Denso (Aichi, Japan)Valeo (Paris, France)Robert Bosch GmbH ( Gerlingen, Germany)Continental AG (Hanover, Germany)
Market RestraintCOVID-19 to Hit the Market as Companies Grapple with Tumbling ProfitsThe automotive camera market growth is set to suffer because of the COVID-19 pandemic as reduced production, deflating demand, and trade restrictions have stymied the sales and revenues of major companies in this market. For example, in July 2020, Valeo, the French leader in auto parts, reported a loss of €1.2 billion in the first half of 2020 as a consequence of disruptions in production operations caused by the coronavirus. Similarly, the Japanese auto parts manufacturer, Denso Corp, announced a whopping 81% slump in its operating profits in the first quarter of 2020, suffering a loss of USD 571.8 million and reducing its global production by 50% owing to the upheavals generated by the pandemic. Plunging profits will inevitably hamper investments in R&D and halt the adoption of advanced automotive cameras and other safety technologies, which will naturally impact the growth of the market.
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Regional InsightsEurope to Lead the Market Share Backed by Stringent Road & Vehicle Safety NormsEurope is expected to dominate the automotive camera market share during the forecast period owing to the stringent implementation of road and vehicular safety standards by the European Union (EU). For example, under the (EC) 78/2009 and (EC) 661/2009 regulations, the EU makes it mandatory for automakers to install safety features in vehicles to ensure pedestrian safety. In 2019, the region’s market size stood at USD 1.3 billion.Asia Pacific is slated to occupy the second-largest position in the global market on account of surging demand for cost-effective vehicle components from automakers in North America and Europe made in Asian countries. North America is anticipated to grow steadily owing to the quick adoption of advanced vehicle safety features in the region.
Competitive LandscapeKey Players to Target Investments towards InnovationWith growing demand for smart safety features in cars, key players in this market are strategically investing in innovation to develop high-quality and reliable safety systems such as AI-enabled automotive cameras. These innovations are allowing companies to entrench their market position, widen their offerings, and expand global presence.
Industry DevelopmentsAugust 2020: Tesla announced the rollout of a software update that will enable the autopilot system in the company’s vehicles to detect speed limit signs through the camera. The update will allow camera to detect the speed limit, inform the driver about it, and automatically set a speed warning.January 2020: US-based Ambarella, Inc. launched CV2FS and CV22FS, its latest automotive camera system on chips (SoC). Embedded with AI capabilities, the system is designed for targeting stereovision and forward-facing monocular ADAS cameras.
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Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsMerger, Acquisitions, and PartnershipsDistributor Analysis – For Major PlayersGrowth and Penetration AnalysisPorter’s Five Forces AnalysisPEST AnalysisVendor LandscapeGlobal Automotive Camera Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By Vehicle TypePassenger CarsLight Commercial VehiclesMarket Analysis, Insights and Forecast – By Application TypeAdaptive Cruise ControlPark Assist SystemBlind Spot DetectionLane Departure Warning SystemLane Keep AssistRoad Sign AssistanceIntelligent HeadlightOthersMarket Analysis, Insights and Forecast – By Technology TypeStereoMonocularMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia pacificRest of the WorldTOC Continued…!
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September 24, 2020 at 09:30PM
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Automotive Camera Market to Hit USD 10.1 Billion by 2027; Increasing Demand for Advanced Vehicular Safety Features to Fuel the Market, Says Fortune Business Insights™ - GlobeNewswire
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