Global automotive camera market is expected to witness significant growth over the next seven years on account of growing advancements in camera based drive assistance sensors, automotive safety systems, and aftermarket sales of parking cameras On going advancements in the camera technology along with large production output of the product are expected to lower price drastically, which will create immense market potential in the near future.
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Increasing demand for sensing cameras in advanced driver assistance systems is expected to drive industry growth over the next seven years. High requirement of the product primarily in the passenger cars is expected to propel industry size. China and India is likely to drive product demand in light of growing automotive part manufacture hubs and large number of suppliers in the market.
Rising demand for luxury vehicles is one of the key factors driving the product demand in the near future. Increased focus on safety measures due to road accidents will fuel global automotive camera industry over the next seven years.
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Increasing demand for various cameras including thermal camera, infrared camera and digital camera in commercial vehicles and passenger cars is expected to create immense industry potential over the next seven years. However, high cost of the automotive camera is expected to restrain market growth over the next seven years. Rising prices of vehicles along with high costs incurred at the design & testing phase is expected to act as key challenge for the automotive camera market growth. However, shifting focus of automobile manufacturers toward the replacement of side-view mirrors with cameras is expected to open growth opportunities over the upcoming years.
The automotive camera on the basis of application is segmented into excavator, off-highway vehicles into loader and articulate dump truck. The excavator segment is expected to dominate the market for the global off-highway rear view camera system market in light of high demand for excavators in construction industries across the globe.
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