LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global commercial vehicle surround view systems market to post CAGR of close to 7% during the forecast period. The development of high-resolution cameras using back-lit CMOS is a key trend that is expected to impact the growth of the market.
The global automotive market is evolving with developments across different verticals, including ADAS. The quality of images provided by commercial vehicle surround view systems has also changed from low-resolution, grainy images from a single perspective to high-quality, multi-angular, 3D images in the last few years. This change has resulted in enhanced image quality even in low-light conditions which augur well for the growth of the market.
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In this report, Technavio analysts highlight the increasing adoption of advanced safety systems in commercial vehicles as a key factor contributing to the growth of the global commercial vehicle surround view systems market:
Increasing adoption of advanced safety systems in commercial vehicles
The global commercial vehicle market plays a crucial role in building a nation's economy. These commercial vehicles, especially heavy-duty trucks and trailers, are pivotal in developing the infrastructure of a nation. With economies moving toward development, the demand for commercial vehicles for industrial, mining, and construction applications has increased drastically. This has led to growing concerns over the safety of vehicles and other road users, which has propelled the integration of advanced safety systems in commercial vehicles over the past few years.
According to a senior analyst at Technavio for automotive electronics research, “The introduction of ADAS in accordance with growing road traffic safety norms has decreased the probability and potential of on-road collisions that result in fatalities. The gaining popularity of automotive surround view systems is evident with their introduction even in commercial vehicles as they have made them safer and comfortable to drive”.
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EMEA to lead the commercial vehicle surround view systems market
This market research report segments the global commercial vehicle surround view systems market by application (LCVs and M&HCVs) and key regions (the Americas, APAC, and EMEA).
In 2017, the global commercial vehicle surround view systems market was dominated by the LCV segment with a market share of close to 85%.
The global commercial vehicle surround view systems market was led by EMEA with a share of more than 48% followed by the Americas and APAC in 2017. Although APAC held the smallest share of the market in 2017, it is expected to exhibit the largest growth of close to 2% over the forecast period.
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