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Opportunities For Global Automotive Camera To Reach $7.5 Billion By 2023
According to a new market report published by Lucintel, the future of the global automotive camera market looks promising with opportunities in the markets of compact cars, large cars, and light commercial vehicles. The global automotive camera market is expected to reach an estimated $7.5 billion by 2023 with a CAGR of 24.3% from 2018 to 2023. The major drivers for this market are growing demand for advanced driver assistance systems in cars with increasing focus on connected vehicle features, and mandatory government regulations to have a rearview backup camera installed in every vehicle in North America and Europe. The National Highway Transportation Safety Administration (NHTSA) has made it mandatory for all vehicles to install a backup camera system by 2019 due to increase in the number of accidents and injuries in the United States.
In this market, the major segments of automotive cameras by technology include digital cameras, thermal cameras, and infrared cameras. On the basis of its comprehensive research, Lucintel forecasts that the digital camera and thermal camera segments are expected to show above average growth during the forecast period.
Within the global automotive camera market, the light commercial vehicle segment will remain the largest market. Customers are looking for high-tech and safety features in light commercial vehicles, which will foster growth opportunities for camera suppliers.
North America will remain the largest market due to the new regulation that has been passed by the U.S. government to install rear view camera in every vehicle, growing demand for comfort and luxury in vehicles, and increasing investment by industry players within the North American region.
Asia Pacific and ROW are expected to witness significant growth over the forecast period because of increasing usage of cameras in small, compact, and large cars and light commercial vehicles.
Emerging trends, which have a direct impact on the dynamics of the industry, include the introduction of recognition camera technology that results in mirrorless cars and the increased usage of wide angle camera technology. Robert Bosch, Continental AG, Centex, Magna, Valeo, and Panasonic are the major automotive camera manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global automotive camera market by technology, vehicle type, application, and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities in the Global Automotive Camera Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global automotive camera market by technology, vehicle, application, and region, as follows:
By Technology ($ Million and Million Units from 2012 to 2023)
• Digital Camera
• Thermal Camera
• Infrared Camera
By Vehicle Type ($ Million and Million Units from 2012 to 2023)
• Small Cars
• Compact Cars
• Large Cars
• SUV and Crossover
• Light Commercial Vehicles
By Application ($ Million and Million Units from 2012 to 2023)
• Rear View Cameras
• Front View Cameras
• Side View Cameras
• Interior View Cameras
By Region ($ million and Million Units from 2012 to 2023)
• North America
o United Kingdom
• Asia Pacific
o South Korea
• The Rest of the World
This 261-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at firstname.lastname@example.org. Lucintel offerings include Mass Transportation, Transportation Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Analysis.
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q. 1 What are some of the most promising, high growth opportunities for the automotive camera market by technology (digital cameras, thermal cameras, and infrared cameras), vehicle type (small cars, compact cars, large cars, SUVs and crossovers, and light commercial vehicles), application type (rear view cameras, front view cameras, side view cameras, and interior view cameras), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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