LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive stereo camera market to grow to 4.33 million units by 2021, at a CAGR of close to 24% over the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global automotive stereo camera market for 2017-2021. To determine the market size, the study considers revenue generated from the sales of automotive stereo cameras across various geographical segments.
|The automotive stereo camera is used to recognize other vehicles or pedestrians and provide sufficient time for other active safety systems to act effectively. The global automotive stereo camera market is currently witnessing the quickest growth in EMEA, driven by the rising adoption of advanced driver assistance systems and the thriving automotive industry.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global automotive stereo camera market:
- Capability of stereo camera to reduce emergency response time
- Legislation to push stereo camera adoption
- Economies of scale benefits due to wide application of stereo cameras
Capability of stereo camera to reduce emergency response time
“Automotive manufacturers are increasingly integrating preventive safety technologies, which identify potential hazards and support safe driving. The adoption of stereo cameras greatly improves the response times of emergencies, thereby leading to their increased adoption,” says Neelam Barua, a lead analyst at Technavio for automotive electronics research.
The stereo camera makes an ideal fitment for increasing the effectiveness of driver assist system. The presence of two lenses provides seamless recognition of obstacles and makes emergency braking initiation more precise. Such advantages are driving the increasing adoption of these systems in the automotive sector.
Legislation to push stereo camera adoption
Automotive advanced safety systems such as lane departure warning system (LDWS), night vision system (NVS), and blind spot detection (BSD) helps in minimizing the number of injuries and fatalities by enhancing the overall safety of the vehicle. This has led the governments to implement stringent safety regulations, which mandate the adoption of these systems in vehicles. The continued government emphasis underlining the need for the adoption of automotive safety systems in vehicles will create a steadily rising demand for car stereo cameras over the forecast period.
Economies of scale benefits due to wide application of stereo cameras
“Manufacturers capitalize on the economies of scale to leverage the latest technology to increase market penetration and sales. The automotive segment has effectively capitalized the reduced-price point of high-quality cameras by utilizing stereo cameras for a wide variety of applications,” says Neelam.
The price of the cameras adopted for car stereo systems mainly reduced with its wide adoption in the consumer electronics sector, thereby benefitting the automotive sector. Also, the addition of multiple cameras into a single automotive will also drive its increased adoption. Hence, economies of scale will drive the global automotive stereo camera market over the forecast period.
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