The Road to Safety: Exploring the Automotive Camera and Integrated Radar and Camera Market
Based on a strong Compound Annual Growth Rate (CAGR) of 10.5%, the global Automotive Camera and Integrated Radar and Camera Market is expected to rise significantly, rising from USD 6.1 billion in 2021 to USD 10.1 billion by 2026.
This data comes from the most recent market research study published by MarketsandMarketsTM, a company renowned for its in-depth examinations of automotive technology. The paper covers a wide range of topics, including view types, vehicle types, applications, and markets. Because more and more new cars are equipped with park assist and advanced driver assistance systems (ADAS), the automotive camera and integrated radar and camera market is growing significantly.
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Numerous important factors are driving the growth of the automotive camera and integrated radar and camera markets. Consumer awareness of the value of safety measures is driving an increase in demand for sophisticated security systems in automobiles. The need for vehicle safety systems is rising in the automotive sector, especially for luxury class automobiles where customers are placing a higher value on state-of-the-art safety features. Further driving market expansion is the regulatory environment, where an increasing number of laws require cars to have safety measures. The adoption of integrated camera and radar solutions in the automobile sector is driven by a convergence of variables that highlights the industry's response to the changing safety demands of customers and the regulatory environment.
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Integrated radar and camera is expected to grow at the highest rate during forecast period.
Over the course of the forecast period, the automotive camera and integrated radar and camera market's integrated radar and camera sector is expected to rise at an accelerated rate. An integrated radar and camera system, which comprises of both camera and radar components packed in a single module, is currently regarded as a niche market. Applications for this integrated module in cars include Lane Departure Warning (LDW), Forward accident Warning (FCW), Adaptive Cruise Control (ACC), and autonomous braking for accident mitigation or avoidance. One significant benefit of integrated systems is the decrease in sensor expenses attained by merging radar and camera functions into a single module. Moreover, integrated radar and camera solutions are more efficient and economical due to shared electronics and signal processing.
Front-view segment to account for the largest size of the automotive camera and integrated radar and camera market in 2021
The market for integrated radar and cameras is expected to be dominated by the front view segment between 2021 and 2026, mainly due to the increasing demand for Advanced Driver Assistance Systems (ADAS) features. In order for cars to maintain safe and legal speeds, stay in their lanes, maintain distances from other vehicles ahead of them, and react to crises, they must be able to monitor the traffic ahead of them. In order to improve active safety and driver assistance features like Autonomous Emergency Braking (AEB), Adaptive Cruise Control (ACC), Lane-Keeping Assist System (LKAS), and Traffic Jam Assist (TJA), front view cameras are essential for dash camera and ADAS applications. The front view segment is expanding as a result of the growing trends of connected and autonomous vehicles as well as the growing use of ADAS. The market for front view automobile cameras is mostly driven by governments encouraging Original Equipment Manufacturers (OEMs) to incorporate cutting-edge safety features in their vehicles and by end customers' growing interest for these technologies.
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ADAS application is expected to grow at the highest rate during forecast period.
In the automotive camera and integrated radar and camera market, the Advanced Driver Assistance Systems (ADAS) sector is expected to grow at a higher Compound Annual Growth Rate (CAGR) over the forecast period. The growing use of cameras and radars has led to a decrease in component costs and a rise in consumer awareness of vehicle safety ratings. Significant Original Equipment Manufacturers (OEMs) are incorporating ADAS systems to raise safety ratings and increase market appeal for their cars. The increasing demand for components such automotive cameras, integrated radar and camera systems, receivers, transmitters, and system-on-a-chip (SoC) is a result of these OEMs standardising safety systems across a range of models or making them optional. Additional factors driving the market's growth include the growing number of automobile OEMs implementing ADAS, government regulations encouraging advanced safety features, rising vehicle autonomy, end-user demand for safety features, and an increase in the number of cameras installed in each vehicle.
Europe is projected to be the largest market for automotive camera and integrated radar and camera from 2021 to 2026.
With the biggest market share, Europe became the market leader in 2020 for automotive cameras and combined radar and cameras. Significant technological breakthroughs, the emergence of new applications, and a strong demand for automotive cameras and integrated radar and camera systems are some of the main drivers of the region's growth. The rise of the market is further aided by the flourishing automobile industry in Europe. These factors are anticipated to maintain the region's demand for automotive cameras, integrated radar, and camera systems, hence securing Europe's leading position in the automotive camera and integrated radar and camera market.
Robert Bosch GmbH (Germany), Aptiv PLC (Ireland), ZF Friedrichshafen (Germany), Continental AG (Germany), Valeo SA (France), Magna International (Canada), and Veoneer Inc. (Sweden), Nidec Corporation (Japan), Intel Corporation (US), Infineon Technologies AG (Germany), are some of the major players in automotive camera and integrated radar and camera market.
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