According to The Business Research Company’s Automotive Camera , The automotive camera market size has grown rapidly in recent years. It will grow from <b>$8.92 billion in 2023 to $10.03 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. </b> The growth in the historic period can be attributed to growing emphasis on vehicle safety, adoption of advanced driver assistance systems (adas), increasing regulatory requirements for rearview and surround-view cameras, rise in demand for parking assistance systems and collision avoidance, integration of cameras in autonomous vehicle development.
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The automotive camera market size is expected to see rapid growth in the next few years. It will grow to <b>$15.77 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. </b> The growth in the forecast period can be attributed to expansion of the connected car ecosystem, growing adoption of 360-degree camera systems, increased use of cameras in commercial vehicles for fleet management, growing demand for advanced safety features, growing demand for shared mobility. Major trends in the forecast period include integration of artificial intelligence (ai) and machine learning, development of high-resolution and low-light performance cameras, customization of camera systems for specific vehicle models and applications, collaboration between automakers and technology providers for innovative camera solutions, use of cameras for augmented reality (ar) displays and enhanced driver assistance features.An increase in the number of road fatalities is expected to propel the growth of the automotive camera market going forward. Any person killed or dying within 30 days as a result of a road injury accident is considered a road fatality. The vehicle camera systems include an accelerometer and g-sensor, as well as GPS tracking and motion detection, which allow for the identification of a wide range of safety-related incidents, such as extremely sharp braking or turning, and crashes. To allow for early viewing, the system immediately uploads footage from before and after the incident. For instance, according to World Health Organization data published in June 2021, approximately 1.3 million people die each year as a result of road traffic crashes. Also, 93% of the world’s road fatalities occur in low-and middle-income countries, even though these countries have approximately 60% of the world’s vehicles. Therefore, the increase in the number of road fatalities is driving the growth of the automotive camera market.
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The automotive camera market covered in this report is segmented –
1) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
2) By View Type: Single View System, Multi Camera System
3) By Technology: Digital Cameras, Infrared Cameras, Thermal Cameras
4) By Application: ParkAssist, Advanced Driver-Assistance SystemsTechnological advancements have emerged as a key trend gaining popularity in the automotive camera market. Major companies operating in the automotive camera market are focused on developing new technological solutions to reinforce their position in the market. For instance, in July 2021, ZF Group, a Germany-based automotive camera producer, launched S-Cam 4.8, the next-generation ADAS cameras. The S-Cam4.8 is one of the first cameras to ever be able to provide a 100-degree horizontal field of view, and it represents yet another significant advancement in meeting the requirements for upcoming Euro NCAP 5-Star Safety Ratings, IIHS Top Safety Pick+, and General Safety Regulations, which call for increasingly rigorous test protocols for safety-critical systems. These cameras utilise Mobileye’s EyeQ4 processor for cutting-edge object identification technology, which has the potential to be very useful in assisting in the protection of vulnerable road users.The automotive camera market report table of contents includes:
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