Side View Camera System Market Analysis

Side View Camera System Market Analysis

The U.S. multi side view camera system market is projected to observe 26% growth rate through 2027 led by the robust automotive industry in the region coupled with strong economic conditions. The automotive sector has historically contributed around 3% to 3.5% of the overall GDP, spending around USD 16 billion to 18 billion every year on research & product development. In May 2018, the backup camera law came into effect in the country. This federal regulation requires that all new vehicles are required to have video displays and back-up cameras. The NHTSA estimates nearly 300 fatalities every year by backup crashes, up to a quarter of those mortalities will be prevented when backup cameras are installed in all vehicles. The regulation supporting the installation of side view camera will support the industry growth over the forecast timeframe.

The Germany side view camera system market is poised to grow at 30% CAGR by 2027 on account of the robust automotive sector in the region with the presence of renowned manufacturers such as BMW AG, Mercedes-Benz, and Audi AG investing heavily in the R&D associated with ADAS systems. According to the European Automobile Manufacturers Association, there are more than 47 million passenger cars in the country as of 2019. There is an increasing demand for side view cameras, ensuring the safety of passenger vehicles and reducing the number of accidents.
 

Renowned manufacturers are integrating these systems into passenger vehicles to excel in the ADAS market. For instance, Area View is a camera-based monitoring system that provides a 360-degree view of the surroundings of the Volkswagen through the infotainment system. Parking maneuvers are simplified to a large extent with the Area View solution. Rise in the number of passenger cars coupled with the R&D associated with driver assistance systems will spur the side view camera system market progression.
 

Asia Pacific side view camera system market accounted for around 25% of revenue share in 2020 owing to the strong electronics sector in countries such as Japan, China, and Taiwan, supporting the R&D associated with ADAS systems. High-end semiconductor chips and miniaturized sensors form crucial aspects of side view cameras. As countries such as Taiwan, India, and China focus on strengthening their electronic component production capabilities, the market will showcase growth during the forecast timeframe.
 

Automotive manufacturers such as Nissan, Hyundai Motor Group, and Toyota Motor Corporation are focusing on strengthening their position in the global ADAS market. For instance, in July 2019, Hyundai Mobis designed South Korea’s first camera monitor system with high-performance camera sensors to attain stable autonomous driving.