LONDON--(BUSINESS WIRE)--The global automotive backup camera market is expected to grow at a CAGR of above 13% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global automotive backup camera market by application, including passenger car and commercial vehicle. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: rising number of fatalities leading to increased adoption of backup camera
A major reason for the adoption of the automotive backup camera is due to the growing number of road accidents causing severe injuries and fatalities. In Europe, the yearly total social cost for all road fatalities is estimated to be in the billions. European legislations promote or encourage the inclusion of more safety systems in vehicles to reduce the fatalities. Additionally, nearly 33,000 Americans die each year in accidents, and about 4 million non-fatal injuries are caused by motor vehicles.
According to a senior lead analyst at Technavio for automotive electronics research, “To reduce the fatalities arising while reversing the vehicle, various OEMs across the globe are offering automotive backup camera. Adoption of automotive backup camera will lead to significant reduction in the number of fatalities as it will enhance the rear-view visibility of the driver. As a result, OEMs are fitting more of their vehicles with the automotive backup camera to enhance the safety standards.”
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Market trend: growing trend of equipping more commercial vehicles with backup camera
The automotive backup camera is increasingly being adopted by OEMs in their passenger cars followed by commercial vehicles where the vehicles are now being equipped with the backup camera. Experts have come up with an optimal solution due to the increasing accident rates and fatalities involving commercial vehicles, especially in construction, mining, and quarrying. According to statistics provided by NHTSA, rear-end collisions account for roughly 29% of all collisions in the US. Every year, approximately 2,000 deaths and 23,000 injuries are caused due to a blind spot in the country. The number of accidents due to blind spot and while reversing the vehicle will be reduced significantly due to the automotive backup camera in commercial vehicles.
Market challenge: high price of back up camera
While reversing the vehicle, backup camera is a safety feature that provides the drivers with more precise and safer driving experience. Earlier, it was mostly offered as an optional feature in the premium and luxury brands; however, now it is increasingly being equipped in vehicle makes and models due to regulatory push and convenience. In emerging nations, the backup camera has not been able to penetrate the entry-level and lower variant of the mid-segment cars, as it increases the price of the vehicle. However, to increase its adoption in the lower variant of mid-trim and entry-segment vehicles, the backup camera manufacturers are trying to bring down the cost of manufacturing backup camera system.
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