The growing prevalence of road accidents in several countries has made vehicular safety a priority concern area for governments and traffic authorities. As a result, the governments of many countries are increasingly enacting stringent policies that mandate the use of advanced safety systems and features such as advanced driver assistance systems (ADASs) in automobiles. For example, in the U.S., 33 states implemented policies regarding the use of autonomous vehicles in 2017.
Additionally, 15 states passed as many as 18 bills regarding the deployment of autonomous vehicles in 2018. With the growing deployment of autonomous vehicles, the sales of automotive camera sensors are rapidly climbing in the U.S. Similarly, the governments and regulatory bodies of other countries are also implementing policies for mandating the usage of ADASs in vehicles in order to enhance vehicular safety and reduce the incidence of road crashes.
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ADAS features such as traffic sign recognition (TSR), lane departure warning (LDW), road vulnerability detection, park assist, and surround view are heavily dependent on camera sensors for effective functioning. As a result, the increasing adoption of autonomous vehicles and automobiles equipped with these systems is boosting the requirement for advanced camera sensors, which is, in turn, causing the boom of the global automotive camera sensor market. Furthermore, the market is predicted to register explosive growth in the coming years.
Charge-coupled device (CCD) and complementary metal oxide semiconductor (CMOS) are the two main types of automotive camera sensors used all over the world. Between them, the usage of the CMOS sensors will rise rapidly in the future years, mainly because of their lower costs and lower power consumption rate than the CCD sensors. Moreover, the rapid technological advancements and innovations in the CMOS image sensors have greatly improved their camera performance, which is further augmenting their popularity across the globe.
These sensors are required in fully-autonomous and semi-autonomous vehicles. Due to the high technical reliance of the fully-autonomous vehicles on advanced and innovative ADAS sensors including the automotive camera sensors, the growing popularity of fully-autonomous vehicles will considerably boost the demand for these camera sensors in the coming years. Across the globe, the Asia-Pacific (APAC) automotive camera sensor market will exhibit rapid expansion in the forthcoming years, as per the estimates of the market research firm, P&S Intelligence.
The growth of the industry in this region will be predominantly driven by the soaring investments being made by prominent automotive companies in R&D (research and development) activities. Additionally, the automotive camera sensor manufacturing companies in the regional countries are increasingly getting into collaborations with various technology providers for increasing their product portfolio, which is further propelling the sales of automotive camera sensors in the region. This is, in turn, driving the surge of the industry in APAC.
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Hence, it can be said with surety that the sales of automotive camera sensors will rise steeply all over the world in the upcoming years, on account of the growing popularity of autonomous vehicles, rising incorporation of advanced safety systems such as ADASs in automobiles, and the increasing implementation of strict vehicular safety regulations in several countries around the world.