LONDON--(BUSINESS WIRE)--The global automotive camera module market size is expected to grow by 17.96 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
Request for Technavio's latest reports on directly and indirectly impacted markets
Market estimates include pre- and post-COVID-19 impact on the automotive camera module market - Download free sample report
Complementary metal-oxide-semiconductor (CMOS) are gradually replacing charge-coupled device (CCD) sensors in every area of application, including automotive. CCD sensors were widely used in the automotive sector for machine vision applications. However, due to factors such as low cost and high performance, CMOS sensors have gained popularity. CMOS camera modules in the automotive sector primarily enhance car safety, driving assistance, and comfort level. Thus, the increasing popularity of CMOS sensors will have a positive impact on the growth of the market during the forecast period.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44051
The global spread of coronavirus pandemic is expected to have a negative impact on the consumer discretionary industry. Technavio's analysts expect the industry to take over two quarters to reach a normal state of economic activity. Similarly, the spread of COVID-19 is expected to have a negative impact on the growth of the automotive camera module market.
As per Technavio, the stringent safety regulations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Camera Module Market: Stringent Safety Regulations
Driver assistance and safety systems aid in minimizing fatalities, reducing the number of collisions, and improving the overall vehicle safety. Consequently, governments across the globe are trying to implement safety regulations for the development of safety systems in integration with cameras. For instance, the US government has made rearview cameras mandatory in all new vehicles with a GVWR of 10,000 lb (4,536 kg), covering passenger cars, SUVs, buses, and light trucks since May 2018. Although major vehicle producing nations and regions have their own regulations, vehicle safety standards are being developed and applied globally through the United Nations World Forum for harmonization of vehicle regulations. All such factors will lead to the widespread adoption of automotive camera modules.
“Factors such as the steady growth of ADAS market, strict emission norms and increasing road safety, passenger safety, and vehicle security concerns will have a significant impact on the growth of the automotive camera module market value during the forecast period,” says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 17,000+ market research reports
Automotive Camera Module Market: Segmentation Analysis
This market research report segments the automotive camera module market by application (passenger vehicles and commercial vehicles), functionality (driver assistance camera and driver support camera), and geography (North America, APAC, Europe, South America, and MEA).
The North American region led the automotive camera module market in 2019, followed by APAC, Europe, South America, and MEA respectively. However, during the forecast period, the Europe region is expected to register the highest incremental growth due to factors such as the upswing in the financial status of Europe, and stricter vehicle safety norms.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.