Dallas, TX / CRWE PRESS RELEASE / July 10, 2022 - According to the recent study the automotive camera market is projected to reach an estimated $7.9 billion by 2027 from $3.4 billion in 2021, at a CAGR of 14.3% from 2022 to 2027. Growth in this market is primarily driven by 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.
Browse 171 figures / charts and 143 tables in this 261-page report to understand trends, opportunities and forecast in automotive cameras 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).
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“Light commercial vehicle market is expected to remain the largest segment during the forecast period.”
Based on vehicle type, the automotive camera market is segmented into small cars, compact cars, large cars, SUVs and crossovers, and light commercial vehicles. Lucintel forecasts that the light commercial vehicles market is expected to remain the largest segment and it is also expected to witness the highest growth over the forecast period as customers are looking for high-tech and safety features in light commercial vehicles, which will foster growth opportunities for camera suppliers.
“Asia Pacific and ROW will dominate the automotive camera market in near future”
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.
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Major players of automotive cameraes market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Robert Bosch, Continental AG, Gentex, Magna, Valeo, and Panasonic Corporation are among the major automotive cameras providers.
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