The automotive camera market is expected to grow from US$ 6,911.10 million in 2021 to US$ 30,140.14 million by 2028. It is estimated to grow at a CAGR of 24.3% from 2022 to 2028.
The European Commission is working on framing the regulatory standards for motor vehicles with the safety of vehicle occupants and vulnerable road users. The Regulation (EU) 2019/2144 of the European Parliament and of the Council of November 27, 2019, added new mandatory safety features which includes warning of driver drowsiness and distraction (e.g., use of a smartphone while driving); intelligent speed assistance; reversing safety with cameras or sensors; and data recorder in case of an accident (‘black box’) in cars, vans, trucks, and buses. The new safety features were planned to make mandatory from 2022. Thus, such government regulations and significant investments in adopting cameras in automotive vehicles for safety and comfort are fueling the Automotive camera market growth.
In addition, the key players engaged in the business are investing in advancing automotive vehicle safety features. For instance, vehicles are loaded with added features and software services equipped with systems-on-a-chip (SoCs), which help run the vehicles autonomously smoothly.
Car sensors such as cameras and radar capture data, translate it, and send it to the powertrain to enable features like emergency braking. The increasing need for enhanced safety and driving comfort has compelled Tier I companies to adopt advanced ADAS technology. The global demand for LCVs and HCVs is increasing at a promising rate. This is expected to drive the automotive camera market soon.
For instance, ROHM passed ISO26262 – an international safety standard development process certification from German certification body TUV Rheinland – and launched the “ComfySIL” brand to add an additional layer of safety and comfort for the users in 2021.
Being a part of ComfySIL series, the ICs and functional safety are compliant to the ISO 26262 standards. This is being done to improve the safety as the evolution of ADAS is fueling the number of onboard cameras. Such initiative taken by the company adds value and expedites the growth of automotive camera market.
The leading players providing the automotive cameras are significantly adopting advanced technologies addressing the trends of the automotive camera market. For instance, in May 2021, StradVision, a leading company in AI-based vision processing technology for autonomous vehicles and automotive ADAS, introduced the latest features of camera perception software named “SVNet.” SVNet, a deep learning-based perception software, supports ADAS features, including highway driving assist and automated valet parking.
Further, in June 2022, Foresight Autonomous Holdings Ltd. entered into an agreement with Hitachi Astemo Americas, Inc. to enhance distance measurement and object detection under a POC project.
In addition, the rear view camera provided by the STMicroelectronics for the automotive vehicles caters to various applications, such as state-of-the-art HDR image sensors VG6640 and a versatile image signal processor (ISP) that offering flicker-free image quality at HD resolution. It also provides its product offerings for driver monitoring system (DMS) applications. It ensures greater flexibility for high-end computer vision applications. Thus, the rising adoption of advanced cameras is bolstering the automotive camera market growth.
The key companies operating in the automotive camera market include Aptiv; Autoliv Inc.; Continental AG; FLIR Systems, Inc.; Gentex Corporation; Magna International Inc.; Mobileye; Robert Bosch GmbH; STONKAM CO., LTD; and Valeo.