DUBLIN--(BUSINESS WIRE)--The "Side View Camera System Market by Camera Type (Single Camera & Multi-Camera), Component (Camera, ECU, and Display), Vehicle (Passenger Car & Commercial Vehicle), and Region (Asia Pacific, Europe, North America and RoW) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Side-View Camera System Market is Projected to Grow from USD 2 Million in 2020 to USD 388 Million by 2027, at a CAGR of 112.0%
The increasing focus on safety and technological advancements in the automotive industry are driving the growth of the side view camera system market.
The market is driven by the rising demand for the safety and comfort of passengers. The Asia Pacific is estimated to lead the side view camera system market due to the increasing focus on safety standards to minimize fatal accidents on the road. The rising adoption of electric vehicles in China and Japan is also expected to drive the side view camera system market in this region.
Favorable regulation and early adoption of technology are likely to propel the growth of the market during the forecast period.
Due to favorable regulations for side view camera systems and early adoptions in countries such as Germany. The market growth in the Asia Pacific region is driven by a significant demand for increasing innovations and production volume in China, Japan, South Korea. For instance, Japanese luxury automaker Lexus launched ES300h version L sedan with side view camera systems in 2018. Japan passed regulations for side view camera systems in 2016 allowing OEMs to integrate camera systems in place of side-view mirrors. Favorable regulations and innovations for Japanese OEMs are expected to drive the market in this region.
Asia Pacific is expected to grow at the highest CAGR during the forecast period.
The Asia Pacific region comprises rapidly emerging economies such as China and India, along with developed nations such as Japan, and is the largest market for automotive. In recent years, the region has emerged as a hub for automobile production. As the governments of these countries have imposed stringent emission standards and fuel efficiency levels, upcoming vehicles must go through strict new car assessment programs.
Thus, OEMs are expected to launch cars with improved safety features for higher occupant safety to achieve higher safety ratings. The rising demand for clean, safe, and smart mobility in China, India, South Korea, Thailand, and Japan would foster the growth of the side camera system market.
Europe is expected to be the largest market during the forecast period.
The region had a total of 309 automobile assembly and production plants as of June 2019. Leading automotive manufacturers in Europe offer innovative automotive solutions such as high-performance engines and advanced connectivity features to stay competitive. In motor vehicle production Europe stood second after China. According to the European Automobile Manufacturers Association (ACEA), Europe accounted for 23.2% of the global vehicle production in 2018.
The European Commission passed legislation to allow side view camera systems in place of optical side view mirrors. Safety regulations and supportive guidelines regarding side view camera systems will fuel early adoption in this region.
The side-view camera system market comprises major manufacturers such as Hyundai Mobis (South Korea), Continental AG (Germany), Valeo (France), Samvardhana Motherson (India), Magna International (Canada), Robert Bosch (Germany), and Stoneridge (US) and many others.
Market Dynamics
Drivers
- Lower Fuel Consumption
- Improved Ergonomics of Luxury Cars
- Increased Production of Light & Heavy Trucks
Restraints
- Reliability of Technology
- Behavioral Changes
Opportunities
- Emergence of Autonomous Vehicles
- Demand for Active Safety Features (Real Time)
- Growth of Electric Vehicle (EV)
Challenges
- Country-Specific Regulations
- High R&D Cost
Vehicle Model Analysis for Side View Camera System Market
Revenue Shift Driving Market Growth
Revenue Missed: Opportunities for Side View Camera System Manufacturers
Side View Camera System Market, Scenarios (2019-2027)
Industry Trends
Technological Overview
- Multi-Camera Support for Autonomous/Semi-Autonomous Vehicles
- Conjunction of Adas, Camera, and Ai
Requirements of A Camera Monitor System (CMS)
- High Image Quality and Low Light Performance
- Led Flicker Mitigation and Obstruction Detection
Porters Five Forces
Regulatory Overview
- Japan Side View Camera System Regulations
- European Union Side View Camera System Regulations
- United States Side View Camera System Regulations
Company Profiles
- Valeo
- Robert Bosch GmbH
- Continental AG
- Stoneridge Inc.
- Magna International Inc
- Panasonic Corporation
- Hyundai Mobis
- Samsung Elctro-Mechanics
- Mitsubishi Electric
- Gentex Corporation
- Samvardhana Motherson Group
- Kyocera Corporation
- Denso Corporation
Other Key Players
Asia Pacific
- Mcnex Co. Ltd
- Clarion
- Murakami Corporation
- Tokai Rika Co. Ltd
- Stonkam Co. Ltd
- Sl Corporation
Europe
- Kappa Optronics GmbH
- Brigade Electronics Group PLC
- Zf Friedrichshafen AG
North America
- Ambarella Inc
- Texas Instruments
- Omnivision Technologies Inc
For more information about this report visit https://www.researchandmarkets.com/r/wcl10m
