Surround view monitoring systems are referred to as a type of intelligent camera system integrated on an automobile. It provides a clearer view of the surrounding objects to the driver which in turn aids in the prevention of road accidents. The 360-degree view provided by the monitoring system also enables drivers to park their vehicles in an appropriate location. By offering bird eye view of the surrounding, this system reduces driver distractions and eliminates blind spots.
The Global Car Surround View Monitoring Systems Market is presently valued at USD 1.5 billion and is poised to amplify at a CAGR of 18% over 20220-2030, thereby amassing a valuation of USD 21.2 billion by end of the assessment period.
What are the growth determinants and restraints of this marketplace?
The rising prevalence of road accidents due to unclear vision and rash driving is one of the pivotal factors increasing the adoption of car surround view monitoring systems across the globe.
Also, surging vehicle sales, increasing per capita income of the masses, and widespread technological advancements in the field are creating lucrative opportunities for the marketplace to prosper.
Additionally, governments across various nations are implementing stringent regulations to decrease the rate of road accidents. This in turn is positively swaying the dynamics of the business vertical. Alongside, escalating demand for premium vehicles is adding momentum to the progression of this market.
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Moreover, the growing incorporation of Advanced Driver Assistance Systems (ADAS) into automobiles is stimulating the overall outlook of the global car surround view monitoring systems market. Besides, the increasing adoption of electric vehicles owing to their energy efficiency is adding traction to the industry progression.
Further, rising focus of the top players onto developing advanced and efficient products in the field is aiding the expansion of this market.
On the contrary, high installation costs pertaining to these systems is slowing down the growth of this market vertical.
Segmental analysis of the market
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
The passenger vehicle is expected to grow considerably by 2030 ascribing to the rising vehicle sales powered by growing per capita income of the masses.
By Component
- Sensors
- Cameras
- ECU
The cameras segment is slated to generate significant returns over the forecast period as monitoring cameras enable drivers to get a 360-degree view of the surrounding, thereby ensuring road safety.
By Number of cameras
- 4 Cameras
- 5 Cameras
- 6 Cameras
- Others
By Operation
- Automatic
- Manual
The automatic segment is poised to amass notable gains over the stipulated timeline owing to its operational efficacy.
Which is the fastest growing region in the market?
Considering the geographical frame of reference, the global car surround view monitoring systems market is classified into North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, North America is projected to capture a substantial revenue share over the projected period of 2022-2030. This is credited to the widespread technological innovations in the field, elevating demand for luxury cars, and stringent vehicle safety laws in the region.
Expounding the competitive ambit of the industry
The prominent players defining the competitive terrain of this market are BorgWarner Inc., Clarion Co. Ltd., Continental AG, Fujitsu Ltd., Gazer Ltd., Intel Corp., NXP Semiconductor., Omni Vision Technologies Inc., Renesas Electronics Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Texas Instruments, and Valeo SA.
Major questions answered in the report
- What is the growth rate projection for Global Car Surround View Monitoring Systems Market over 2022-2030?
- What are major trends influencing the expansion matrix of Global Car Surround View Monitoring Systems Market?
- What are the major segments covered in the Global Car Surround View Monitoring Systems Market report?
- Which is the fastest growing region in the Global Car Surround View Monitoring Systems Market?
Key takeaways from the report
- The Global Car Surround View Monitoring Systems Market is expected to grow with a CAGR of 18% over 2022-2030.
- Rising incidences of road accidents and technological advancements in the field are aiding the market expansion.
- The industry is classified into vehicle type, component, number of operations, and operations.
- North America presently leads the market in terms of revenue share owing to the presence of stringent vehicle safety rules.
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