Market Research Future (MRFR) expects the automotive camera market 2020 to procure an approx. valuation of USD 19 billion by 2023. It is also projected by MRFR that the market can advance at a rate of 19% between 2017 and 2023 (evaluation period). We will provide covid-19 impact analysis with the report. The COVID-19 research on automotive camera market offers an in-depth analysis post the coronavirus disease outbreak.
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COVID-19 impact analysis indicates that a massive decline in vehicle sales has been witnessed in just three to four months, as a result of the shutdowns coupled with oil price fluctuations. Notable automotive manufacturers are taking up various tactics in a bid to mitigate the detrimental impact of the pandemic by examining their dealerships to facilitate flow of services. The short-term impact of COVID-19 on the automotive industry has resulted in closing of assembly plants in the United States (US), low to no export of Chinese components and manufacturing interruptions across Europe, in the wake of the lockdown situation. Furthermore, following the outbreak of SARS-CoV-2, commercial vehicles have noted a downfall in demand following the shutdown of almost every non-essential service around the world.
With that said, by the time a COVID-19 breakthrough is found, the automotive industry and associated markets can remain strong, on account of the ongoing efforts by leading companies to curb revenue losses by adopting recovery tactics like mergers and acquisitions and more. Despite the significant impact of the novel coronavirus on the automotive industry, online sale of vehicles can emerge as one of the growth inducers in the automotive camera market.
Top Boosters and Main Barriers:
The automotive camera market size can expand remarkably over the coming years as a result of the increasing technological innovations in automotive safety systems, camera based drive assistance sensors, along with aftermarket sales of parking cameras. The massive production output of automotive cameras is expected to lower the price, which can significantly boost the sale of the product in the worldwide market.
Soaring demand for sensing cameras in driver assistance systems is another critical growth booster in the market. The increasing need for automotive cameras in passenger cars and the latter’s high demand across the globe can also bolster the market size in the following years.
The improving financial conditions across developing regions is leading to higher demand for luxury vehicles, which is presumed to benefit the automotive camera market over the appraisal period. Increasing adoption of safety measures in the face of mounting number of road accidents boosts the demand for various types of cameras such as infrared camera, digital camera and thermal camera and more. The considerable sale of passenger cars and commercial vehicles can bolster the market growth potential in the next several years.
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The market for automotive camera has been considered for camera type, vehicle type as well as application.
The camera types covered in the research include Thermal, Digital, Infrared, and others.
Application areas of automotive cameras are Adaptive Cruise Control, Park Assist System, Night Vision, Road Sign Recognition, Pedestrian Detection, Blind Spot Detection, Lane Departure Warning, Driver Monitoring, among others.
The vehicle types included in the study are commercial vehicles as well as passenger cars, among others. The passenger cars section leads the market, given the rising sale of these cars across developing regions.
Automotive Camera Market Regional Insight
Europe, North America, APAC or Asia Pacific, and RoW or the Rest-of-the-World are the major markets for automotive camera.
The automotive camera market in North America is the most profitable and can remain so throughout the evaluation period. The United States (U.S), followed by Canada, are some of the biggest markets in the region, as these countries are considered to be prominent automotive hubs for many of the renowned global OEMs. The high production of light commercial vehicles and the expanding influence of New Car Assessment Program or NCAP have been excellent boosters in the automotive camera market of the region.
Europe is the second-most profitable market, thanks to the growing need for safety technologies and the consequent increase in their installation in vehicles. The expanding market for passenger cars, especially in the UK, Germany, Italy and France is also projected to back the business growth in the region between 2017 and 2023.
APAC is a highly promising market, as a result of the mounting disposable income of people and the blossoming automotive industry across India and China. The improving standard of living, soaring demand for passenger vehicles and the increase in safety concerns among consumers also induce business growth. Some additional growth inducers in the market are the rising number of road fatalities, emerging trend of advanced driver assistance system or ADAS and mandatory regulations pertaining to cameras in vehicles.
Some of the most notable competitors in the industry include Basler AG (Germany), Allied Vision Technologies (Germany), Autoliv, Inc (Sweden), Denso Corporation (Japan), Valeo S.A. (France), Robert Bosch GmBH (Germany), Balluf (Germany), TRW Automotive (US), ADA-ES Inc. (US), Delhi Automotive PLC (UK), to name a few.
TABLE OF CONTENTS
1 MARKET INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.3 MARKET STRUCTURE
2 RESEARCH METHODOLOGY
2.1 RESEARCH TYPE
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
2.4 FORECAST MODEL
2.4.1 MARKET DATA COLLECTION, ANALYSIS & FORECAST
2.4.2 MARKET SIZE ESTIMATION
3 MARKET DYNAMICS
3.2 MARKET DRIVERS
3.3 MARKET CHALLENGES
3.4 MARKET OPPORTUNITIES
3.5 MARKET RESTRAINTS
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