Overview and Scope
The side view camera system market consists of revenues earned by entities by providing services such as real-time video feeds, recording and documentation, and driver training and coaching. The market value includes the value of related goods sold by the service provider or included within the service offering. The side view camera system market also includes sales of camera units, control units, display monitors, sensor systems, brackets, and mounts. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The side view camera system market size has grown exponentially in recent years. It will grow from $1.92 million in 2023 to $3.57 million in 2024 at a compound annual growth rate (CAGR) of 85.9%. The growth in the historic period can be attributed to increasing regulatory mandates for vehicle safety, increasing consumer demand for enhanced driver assistance systems, increasing demined for electric and autonomous vehicles, rise in incidences of road accidents, shifts towards smart and connected vehicles in autonomous vehicles, and rise in consumer demand for enhanced vehicle visibility.
The side view camera system market size is expected to see exponential growth in the next few years. It will grow to $42.72 billion in 2028 at a compound annual growth rate (CAGR) of 86%. The growth in the forecast period can be attributed to growing emphasis on vehicle safety regulations, rising demand for luxury and high-end vehicles, expansion of the electric and autonomous vehicle sectors, growing consumer preference for enhanced vehicle aesthetics and aerodynamics, and increasing awareness regarding the reduction of blind spots and road accidents. Major trends in the forecast period include advancements in automotive safety technology, adoption of advanced driver-assistance systems (ADAS), innovations in camera technology, integration with AI for enhanced functionalities, advancements in autonomous vehicle technology, and technological innovations in sensor technology.
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Segmentation & Regional Insights
The side view camera system market covered in this report is segmented –
1) By Component: Camera, Electronic Control Unit (ECU), Display, Other Components
2) By Technology: Infrared Camera, Thermal Camera, Digital Camera
3) By Mounting Location: Body Mounted, Door Mounted
4) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
5) By Application: Park Assist System, Driver Monitoring System, Blind Spot Detection, Night Vision System, Other Applications
Europe was the largest region in the side view camera system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the side view camera system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for vehicles is expected to propel the growth of the side-view camera system market going forward. Vehicles are increasing on roads due to population growth, urbanization, and economic development, leading to higher vehicle ownership and improved accessibility to transportation infrastructure. A side-view camera system helps vehicles on roads by providing drivers with enhanced visibility of their blind spots and improving safety during lane changes and parking maneuvers. For instance, according to the Department of Infrastructure, Transport, Regional Development, Communications, and the Arts, an Australia-based government department for delivering Australian government policy and programs, as of January 31, 2022, there were 20.7 million registered motor vehicles, marking a 2% increase from January 2021. Battery electric vehicles (BEVs) totaled about 40,000, showing a 100% increase from 2021, with 34,200 being passenger cars in 2022, up by 118% from 2021. Hybrid-electric vehicles (HEVs) numbered approximately 277,000 in 2022, reflecting a 35% increase from 2021. Therefore, increasing vehicle demand will drive the side-view camera systems market.
Key Industry Players
Major companies operating in the side view camera system market are Bayerische Motoren Werke AG, Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis, Magna International Inc., Valeo SA, Aptiv PLC, Kyocera Corporation, Autoliv Inc., HELLA GmbH & Co. KGaA, Samsung Electro-Mechanics, Lexus, Visteon Corporation, Pioneer Corporation, Gentex Corporation, Mobileye, OmniVision Technologies, Stoneridge, Kappa Optronics GmbH, SL Corporation
The side view camera system market report table of contents includes:
1. Executive Summary
2. Side View Camera System Market Characteristics
3. Side View Camera System Market Trends And Strategies
4. Side View Camera System Market – Macro Economic Sce
5. Global Side View Camera System Market Size and Growth
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32. Global Side View Camera System Market Competitive Benchmarking
33. Global Side View Camera System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Side View Camera System Market
35. Side View Camera System Market Future Outlook and Potential Analysis
36. Appendix
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