Vehicle Cameras Market is Estimated To Witness High Growth Owing To Increasing Demand For Advanced Driver-Assistance Systems

Vehicle Cameras Market


The Vehicle Cameras Market is estimated to be valued at US$ 7669.53 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Vehicle cameras are imaging sensors installed inside or outside vehicles for safety and advanced driver-assistance system. Various types of vehicle cameras include rear-view cameras, side-view cameras, front-view cameras, interior-monitoring cameras. They provide visibility around the vehicle and enable features like autonomous emergency braking, blind-spot detection, lane departure warning.

Market key trends:
The increasing demand for advanced driver-assistance systems (ADAS) from automakers is expected to drive the growth of the vehicle cameras market during the forecast period. ADAS is becoming more prevalent to improve safety and features of vehicles. Vehicle cameras play a vital role in ADAS technologies as they provide real-time images of the vehicle surroundings. Technologies like blind-spot detection, automatic emergency braking, lane departure warning heavily rely on images captured by cameras. Thus, the increasing adoption of ADAS by OEMs globally will boost the demand for highly advanced vehicle cameras with improved image quality and wider field of view.

Porter's Analysis

Threat of new entrants: High capital investment requirements for manufacturing vehicle cameras, and established brands, distribution channels and supplier relationships pose significant barriers for new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power as there are several established players providing vehicle cameras. However, differentiated products and brand loyalty give some advantage to existing players.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute components and inputs from multiple suppliers.

Threat of new substitutes: Threat of substitutes is low as vehicle cameras have certain performance and safety advantages over alternatives.

Competitive rivalry: Strong competition exists among key global players to increase market share through product innovation and partnerships.

SWOT Analysis

Strengths: Growing demand for driver assistance features and autonomous driving functionalities. Established distribution networks of major OEMs and aftermarket players.

Weaknesses: High research and development costs required to integrate new technologies. Vulnerable to technology obsolescence with rapid innovation.

Opportunities: Integration of cameras with ADAS and self-driving systems. Partnerships with Tier I component suppliers and automotive OEMs. Rising demand for commercial vehicle cameras.

Threats: Stringent regulations regarding automotive electronics. Economic slowdowns impacting discretionary spending. Trade protectionism and geo-political tensions.

Key Takeaways

Global Vehicle Cameras Market Demand is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for advanced driver assistance systems and autonomous vehicles. Asia Pacific dominated the market in 2023 with a share of over 35%, led by China, Japan and India.

Regional analysis: North America is anticipated to grow at a substantial CAGR due to the rapid adoption of advanced driver assistance systems in the US and Canada. Stringent safety regulations have also boosted the demand for vehicle cameras. Asia Pacific will continue to lead the market owing to the large production volumes in China and government initiatives for autonomous driving infrastructure development.

Key players: Key players operating in the Vehicle Cameras market are Qrontech Co., Ltd. (Lukas), S. Will Industrial, Ltd., AIPTEK International, Inc., Hyundai MnSOFT, GoPro, Inc., Pittasoft Co., Ltd., DCS Systems Ltd. (RoadHawk U.K.), Garmin International, Inc., and Transcend Information, Inc. Major players are focused on new product launches, partnerships and mergers and acquisitions to strengthen their distribution networks and technological capabilities. 

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