In the era of electric and autonomous vehicles, several technologically advanced autonomous systems are in play. One such system is the autonomous emergency braking (AEB) system. This AEB system further uses multiple technologies that can help in preventing possible accidents from happening, including LiDAR, radar, and cameras. With the help of cameras in the vehicle it becomes easier for the driver to search for items that are normally impossible for the driver to see from the driving seat.
Cameras, radars, lidars, ultrasonic sensors, and electronic control units are the main components of the advanced driver assisstance system(ADAS). Over the last few years, the number of vehicles fitted with ADAS features has seen a visible surge. As a result of the rise in ADAS and autonomous vehicles, demand for automotive camera vehicles has grown in recent years, and a similar pattern is projected to follow in the years ahead.
Recently, StradVision collaborated with D3 Engineering and showcased a highly price-efficient automotive front camera solution with market-leading performance. StradVision is a leading player in AI-based camera perception software for autonomous vehicles (AV) and ADAS.
In another instance, OmniVision has partnered with Nextchip to provide automotive viewing camera solution. OmniVision Technologies, Inc. is a leading developer of advanced digital imaging solutions, and Nextchip Co., Ltd. is a dedicated automotive vision technology company. Both companies collaborated to deliver a pre-tuned solution that would provide high-quality images for surround-view systems (SVS), e-mirrors in low-end and midrange vehicles, and rearview cameras (RVCs).
Based on the market intelligence published by BIS Research, the automotive camera market is expected to reach $10,951.0 million by 2025, growing at a CAGR of 13.94% during the forecast period 2020-2025. The market growth can be attributed to growing regulations and mandates appreciating the usage of automotive cameras, the growing popularity of autonomous vehicles, increasing road accidents, and preventing the growth of false insurance claims.
In addition, there are several industry trends that are further influencing the growth of the market. These trends include the growing popularity of stereo vision cameras, rising demand for next-generation 3D surround view systems, increasing requirements of integrating cameras into headlight and taillights, and combining cameras and other sensors for early detection of aquaplaning situations.
Further, the regional distribution of the market highlights that North America has the maximum scope and market value for the automotive camera industry, owing to many factors such as a large number of global manufacturing companies, receptiveness, and affordability of new technology and luxury vehicles. The demand for automotive cameras has gained a major presence as a must-have commodity for passenger vehicles with the launch and the resulting growth in the sales of dashboard cameras for security purposes.
In terms of product the automotive camera market is segmented on the basis of type, technology, and view type. The type of automotive camera is sub-divided into front, side, rear view, and in-vehicle. The technology segment is categorized into digital and thermal cameras. Lastly, the view type is segmented into single and multi-view. Thus, owing to the increasing demand for automotive cameras, several players operating in that market are researching into developing technologically advanced cameras.