Selbyville, Delaware, June 01, 2021 (GLOBE NEWSWIRE) —
According to latest report “Side View Camera Market by Type (Single Camera, Multi-Camera), Application (Passenger, Commercial), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of side view camera will cross $300 million by 2027. The market growth can be credited to the high demand for sophisticated driver assistance systems in vehicles to reduce the number of accidents on the roads.
There is an increasing demand for multi camera systems that provide a 360-degree view of the vehicle surroundings to the driver, in turn ensuring improved safety on the roads. A multi camera system comprises several cameras installed at different locations on the vehicle and is connected to a display that integrates the data captured by different cameras onto a single display. This enables drivers to maneuver and park the vehicle even in limited visibility situations. Similarly, Valeo offers a multi-camera system that features miniature cameras that capture the surroundings and transfer the images to an intelligent control unit. The unit processes the images and optimizes them before displaying on the vehicle’s screen.
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The rise in the number of passenger vehicles globally will offer growth opportunities to the side view camera market. In India, in October 2020, the passenger vehicle sales were at 310,294 units as compared to 271,737 units in October 2019, registering a 14.19% growth. As increasing number of vehicles focus on integrating driver assistance systems to ensure the safety of drivers, passengers, pedestrians, and animals on the road, the side view camera market will receive impetus. Although there was a decline in the number of passenger vehicle registrations in 2020 due to the coronavirus pandemic, the market is regaining traction in 2021 attributed to the relaxations in the lockdowns.
The developing economic conditions in the Middle East & Africa will offer growth opportunities to the side view camera market. Developing economic conditions have resulted in the rising disposable incomes, in turn boosting the car ownership rates. In July 2020, the number of registered vehicles in Dubai increased to 1.83 million compared to 1.4 million in 2015. In July 2017, the UAE’s revised federal traffic law came into effect. The new guidelines aim to protect the lives of pedestrians and decrease traffic casualties from around 6 per 100,000 people to 3 per 100,000 according to Vision 2021. Such initiatives coupled with the rise in the number of vehicles owned will support the adoption of side view cameras.
Major companies operating in the side view camera market include Ficosa Internacional SA, Denso Corporation, Valeo, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Magna International Inc., Samvardhana Motherson, Continental AG, Stoneridge Inc., Kyocera Corporation, Pioneer Corporation, Gentex Corporation, and Mitsubishi Electric Corporation. Market players are focusing on the launch of new innovative solutions to solidify the market position will support the industry growth. They are investing in R&D to cater to the changing consumer demands.
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Some major findings of the side view camera market report are:
- The increasing demand for advanced systems incorporated in vehicles that ensure improved safety on the roads will fuel the side view camera market value. Automotive manufacturers are integrating advanced rear-view cameras to enable the drivers to have a better view of the vehicle surroundings.
- Rise in the number of accidents in highly urbanized areas is also impelling the demand for side view cameras that provide a bird’s eye view to the driver. Increasing concerns over the rising number of fatalities in cities have prompted automotive manufacturers to incorporate high-end safety systems into vehicles.
- There is a rise in the number of consumers owning cars in the developed economies such as North America and Europe. Several countries in Asia Pacific are also witnessing a high demand for cars over the recent years led by the rising disposable incomes.
- The developing ADAS market in countries including Japan, Germany, Italy, France and the U.S. will surge the demand for high-performance side view cameras. The development of miniaturized electronic components has further aided in the production of compact side view cameras.
- The strong automotive sector in Europe will offer robust growth opportunities to the market. The presence of several renowned automotive manufacturers such as BMW AD, Volkswagen, Audi AG, and Mercedes-Benz focusing on the R&D associated with ADAS systems will support the market progression.
Table of Contents (ToC) of the report:
Chapter 3 Side View Camera Market Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.2 Component suppliers
3.3.4 Technology/software providers
3.3.5 System integrators
3.3.7 Service providers
3.3.8 Vendor matrix
184.108.40.206 Raw material suppliers
220.127.116.11 Component suppliers
18.104.22.168 Technology/software providers
22.214.171.124 System integrators
126.96.36.199 Service providers
3.4 Technology & innovation landscape
3.4.1 AI-based cameras
3.4.2 Integration of cameras with other ADAS systems
3.4.3 Developments in miniaturized electronic circuits
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.