LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global automotive rear view camera market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global automotive rear-view camera market will grow at a CAGR of over 11% during the forecast period. The growing focus on reducing fatalities while reversing is a major factor driving the market’s growth.
One of the major reasons for the adoption of automotive rear-view cameras is the growing number of fatalities while reversing. The rear-view camera helps in maneuvering the car during low speed, especially during parking or slow curbside driving. The vision system in vehicles are evolving from the traditional parking system to rear parking sensor-based conventional systems and from the rear-view camera-assisted parking system to 360-degree surround view system. The evolution and adoption of the vehicular vision system can be attributed to the increasing accidents and fatality rates while maneuvering and parking.
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In this report, Technavio highlights the increased use of wide-angle camera technology as one of the key emerging trends driving the global automotive rear-view camera market:
Increased use of wide-angle camera technology
The increasing number of vehicles on the road has led to a rise in traffic congestion and road accidents. Thus, the safety of the occupants becomes the main concern. The enforcement of stringent regulations regarding vehicle safety has compelled OEMs all over the world in providing advanced safety features with their vehicle offerings. As wide angle lenses in automotive camera module have a wide field coverage and enhanced picture quality, its usage is gaining importance. OEMs are working towards safety solutions that can detect drivers' blind spots on the road. Therefore, wide-angle technology is being adopted to expand the coverage field of cameras.
“Images created from wide-angle cameras can have certain irregularities such as radial distortion, uneven illumination, and tangential distortions, which can negatively impact the output of the camera. OEMs and camera module manufacturers are continuously working on improving the output from wide-angle cameras,” says a senior analyst at Technavio for research on automotive electronics.
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Global automotive rear-view camera market segmentation
This market research report segments the global automotive rear-view camera market into the following applications (passenger cars and commercial vehicles), end-user (OEM and aftermarket), and key regions (the Americas, APAC, and EMEA).
The passenger cars segment held the largest market share in 2017, accounting for nearly 88% of the market. The market share for this application is expected to decrease by 2022. The fastest growing application is commercial vehicles, which will account for nearly 12% of the total market share by 2022.
APAC was the leading region for the global automotive rear-view camera market in 2017, accounting for a market share of over 37%. By 2022, APAC is expected to continue to dominate the market and register an impressive growth of nearly 8%.
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