The automotive surround view systems market size is expected to grow by USD 9.60 bn, accelerating at a CAGR of 15.74% between 2021 and 2026. The report considers various aspects such as the consumer base, adoption rate, average selling price, revenue generated by vendors, and various other factors to estimate the market size. The report provides a detailed analysis of the driver, trends, and challenges influencing the growth of the market. Download PDF Report Sample Here
The market is primarily driven by the advancements in technology leading to affordable camera-assisted safety technologies. Factors such as evolving consumer demands and the need for safety and comfort have increased the penetration of automotive technologies such as ADAS and other systems. Also, the increased disposable incomes of customers and government regulations on safety have fueled the developments in safety and emergency systems.
However, the higher cost of these systems was hindering their adoption. Hence, some of the major automotive OEMs are focusing on the development of cost-effective and lightweight digital camera solutions and technologies that use low-voltage differential signaling (LVDS) rather than traditional copper wires. Thus, with the gradually decreasing development and production costs and the availability of the latest technologies, the market is expected to witness considerable growth over the forecast period.
As per Technavio, the development of high-resolution cameras 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.
Vendors in the market are focusing on the development of high-resolution cameras to help drivers safely monitor their vehicles. For instance, in November 2021, Continental introduced its next-generation innovative surround view camera technology. The new ProViu 360 2nd Generation Surround View System delivers a full digital capability that gives sharper and higher quality images in HD resolution. Such developments among vendors is expected to have a positive impact on the growth of the global automotive surround view systems market during the forecast period.
This market research report segments the automotive surround view systems market by type (passenger cars and commercial vehicles) and geography (Europe, North America, APAC, the Middle East and Africa, and South America).
The European region led the automotive surround view systems market in 2022, followed by North America, APAC, the Middle East and Africa, and South America respectively. During the forecast period, the European region is expected to register the highest incremental growth. The presence of prominent automobile manufacturers such as Jaguar, Bentley, BMW, Audi, Mercedes-Benz, and Volvo has made the region the largest market for automotive surround view systems. In addition, factors such as the growth in automobile sales, new product launches, the electrification of vehicles, and government initiatives for EVs are fostering the growth of the regional market.
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
