Top Trends Driving the Automotive Camera Market to $10.1 Billion by 2026
A strong growth trajectory for the global market is highlighted in the research "Automotive Camera and Integrated Radar and Camera Market by Type (Automotive Camera, Integrated Radar and Camera), Application (ADAS, Park Assist), View Type, Vehicle Type, and Geography - Global Forecast to 2026." Forecasted to develop at a compound annual growth rate (CAGR) of 10.5% over the course of the projection period, this market is likely to rise from USD 6.1 billion in 2021 to USD 10.1 billion by 2026. Technological developments in autonomous driving and vehicle safety are the main drivers of this rise. The market demand is being driven up significantly by the rising integration of radar and camera systems, as well as the adoption of Advanced Driver Assistance Systems (ADAS) and park assist features.
Numerous important factors are driving the growth of the automotive camera and combined radar and camera markets. First off, as consumers place a higher priority on car safety and security features, there is a growing need for sophisticated security systems. This is especially true for cars in the premium segment, where consumers demand top-tier safety features out of the box. The growing number of laws requiring safety features in automobiles is also a major factor in the market expansion. Stricter safety regulations are being enforced globally by governments and regulatory agencies, necessitating the integration of cutting-edge technologies such integrated radar and video systems and ADAS (Advanced Driver Assistance Systems). The automotive industry is seeing a surge in demand for these systems as a result of these rules, which are intended to lower traffic accidents and improve overall vehicle safety.
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Driver: Increasing demand for advanced security systems
The rising global number of traffic accidents is a major factor driving the increased demand for safety measures in automobiles. Airbags, traction control, electronic stability control, tyre pressure monitoring, parking assistance, collision avoidance, lane departure warning (LDW), and telematics are among the increasingly important features. Enhanced vehicle safety is largely dependent on integrated radar and video systems, which are essential parts of advanced driver assistance systems (ADAS). In order to prevent accidents, these systems can identify and categorise items on the road, warn drivers of possible dangers, and even automatically slow down or stop the car. The World Health Organization's frightening statistics—that around 1.35 million people die in traffic accidents annually, with teenagers being disproportionately affected—highlight the importance of these elements.
Integrated radar and camera is expected to grow at the highest rate during forecast period.
Within the larger automobile safety systems landscape, the combined radar and camera segment, which now occupies a niche market, is expected to increase significantly over the projection period. For a variety of safety applications, including adaptive cruise control (ACC), forward collision warning (FCW), collision mitigation or avoidance through autonomous braking, and lane departure warning (LDW), an integrated radar camera system—which integrates camera and radar components into a single module—is utilised. This integration is a cost-effective approach because it uses shared or common electronics and signal processing, which reduces sensor prices. It also offers other benefits. The demand for integrated radar and camera systems is anticipated to expand significantly in the next years due to the increasing usage of advanced driver assistance systems (ADAS), which will propel market expansion.
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Front-view segment to account for the largest size of the automotive camera and integrated radar and camera market in 2021
Between 2021 and 2026, the front view segment is expected to lead the combined radar and camera market due to the growing need for advanced driver assistance systems (ADAS) that keep an eye on on oncoming traffic. Vehicles are able to respond to emergencies, stay in their lane, maintain a safe distance from other vehicles, and maintain a safe and legal speed thanks to this. 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 mostly utilised for dash camera applications and various ADAS functions. The front view segment is expanding as a result of the growing trend of connected and autonomous vehicles as well as the expanding use of ADAS. This expansion is further propelled by government incentives for original equipment manufacturers (OEMs) to incorporate cutting-edge safety technologies into their vehicles, as well as consumer preferences for these features. As a result, with more and more modern cars adopting ADAS technologies, there will be a huge increase in demand for front view automobile cameras.
ADAS application is expected to grow at the highest rate during forecast period.
The increased deployment of cameras and radars, along with falling component costs, is expected to propel the ADAS (Advanced Driver Assistance Systems) segment's growth at a faster compound annual growth rate (CAGR) throughout the forecast period. Large OEMs (Original Equipment Manufacturers) are using ADAS systems more frequently in order to increase their safety ratings, which draws in more customers. The market penetration of ADAS is increased by the fact that many top OEMs either offer safety systems as optional features or standardise them across their models. The need for automotive cameras, integrated radar and video systems, receivers, transmitters, and system-on-chip (SoC) components will increase dramatically as ADAS capabilities become more widely used. Numerous factors, including as the growing drive for government requirements requiring enhanced safety features in cars, the rise in vehicle autonomy, and the rising demand from end users for safety features, are driving the expansion of this market. Furthermore, the industry is expanding as more and more cameras are being installed in cars. Because of this, the ADAS market is expected to develop significantly, highlighting how important safety and innovation are to the automobile sector.
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Europe is projected to be the largest market for automotive camera and integrated radar and camera from 2021 to 2026.
In 2020, the automotive camera and integrated radar and camera market was dominated by Europe. Numerous factors, such as the quick development of technology, new applications, and the rising demand for automotive cameras and integrated radar and camera systems, are driving this region's growth. This market expansion is greatly aided by the innovative and high-standard automobile sector in Europe. The region's dedication to the development and application of cutting-edge automotive technology has led to a significant increase in demand for these systems. Furthermore, European nations have taken the initiative to enact and enforce strict vehicle safety laws that require advanced driver assistance systems (ADAS) to be installed in cars. The need for integrated radar and camera systems and automobile cameras is increased by these laws. The expansion of the market is also aided by the well-established supply chain and the robust presence of top automakers in Europe. As a result, Europe continues to lead the automotive camera and integrated radar and camera markets, creating an atmosphere that encourages creativity and security in the automobile industry.
Automotive Camera and Integrated Radar and Camera Companies:
- Robert Bosch (Germany),
- Continental AG (Germany),
- Valeo SA (France),
- Aptiv PLC (Ireland),
- Magna International (Canada),
- ZF Friedrichshafen (Germany),
- Veoneer, Inc. (Sweden),
- Nidec Corporation (Japan),
- Intel Corporation (US)
- Infineon Technologies (Germany).
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