Automotive Smart Camera Market Outlook - 2030
The global automotive smart camera market size is experiencing a significant growth and is expected to grow considerably in next few years. The automotive camera is an onboard camera, which is designed to capture the highest quality video to extend visibility for enhancing the safety of the driver. These cameras are majorly used to assist the driver for parking, to assess vehicle performance, for night vision, and to gather critical evidence.
Furthermore, they are embedded with advanced computer vision algorithms, which extract meaningful data from the captured images to assist the driver for various purposes and play a crucial role in advanced driver assistance systems (ADAS). A smart camera is an image processing device that is designed to automate decisions in a manufacturing setting. On the basis of their applications and usage, these cameras are known as intelligent cameras and are considered a mix of smartphones and digital cameras.
The global automotive smart camera market is segmented on the basis of type, application and region. Based on type, the market is divided into charge coupled device(CCD) and complementary metal-oxide semiconductor (CMOS). In terms of application, the market is categorized into park assist system, lane departure warning system, adaptive cruise control system, driver monitoring system, autonomous emergency braking system, blind spot detection, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global automotive smart camera industry include Bosch Security Systems (Robert Bosch Llc), Axis Communications AB. (Canon Inc.), Panasonic i-PRO Sensing Solutions Co. Ltd., SAMSUNG, Godrej & Boyce Mfg. Co. Ltd, Xiaomi Corporation, Sony Corporation, Digital Watchdog, MOBOTIX AG, Allegion Plc, and OPTEX Group Co. Ltd.. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global automotive smart camera market.
COVID-19 Scenario Analysis
Following the SARS-CoV-2 outbreak, businesses were forced to make difficult financial and cost-cutting decisions to ensure the continued flow of goods. The lockdown was the result of the new coronavirus's short-term influence on the manufacturing industry around the world, which resulted in a drop in automotive smart camera industry.
In response of COVID-19's long-term implications, governments are attempting to address the problem by enacting beneficial initiatives and policies such as financial packages, lower interest rates, and tax exemptions.Despite the world's efforts to find a COVID-19 breakthrough, the automobile smart camera market is expected to rebound to a great level during the automotive smart camera market forecast period.
Top Impacting Factors
Rapid improvements in camera technology, booming electronics & semiconductor industries, and increased use of automation systems by homes and industries are all driving the market for automotive smart camera market share. On the technological front, rapid and frequent advances in chip manufacturing and its hardware, as well as component designs such as image sensors, have aided the worldwide smart camera market growth. Furthermore, the hardware price, which was once a limitation, is fast declining, removing hardware constraints, ensuring the availability and affordability of hardware for both end-users and businesses.
On the other hand, the high cost of smart cameras, as well as a lack of technical expertise about how to operate them, is expected to be the most common issue impeding the global automotive smart camera market opportunity.
Positive Shift to CMOS Technology due to Improvement in Image Resulting Automotive Smart Camera Market Growth
CMOS technology is facing positive growth in demand and supply due to its compact size, improved sensitivity, and efficient utilization of power. The reason for its sudden growth and fame is because it provides better image quality and at the same time incurs lower manufacturing cost.
The smart camera market analysis is further going to expand with more development in CMOS technology and advanced improvements in image sensing technologies.
Automotive Smart Camera Market is Boosting with Positive Rise in ADAS System Technology from Automotive Sector
With emerging technologies such as machine vision, asset management, artificial intelligence, and related innovative technologies, the modern automotive sector is experiencing significant growth. The smart cameras are equipped with 360-degree surround camera in sync with an advanced driver assistant system, along with additional beneficial features such as 360-degree vision, anti-lock brakes, lane departure warning, electronic stability control, traction control, and adaptive cruise control that boost the growth of the market. ADAS infrastructure is more efficient in utilization of image sensors for its machine vision technology. The concept of driverless cars or automated vehicles has been possible with ADAS technology. When it comes to ADAS and automated driving, the automobile smart front camera is a one-of-a-kind sensor. A smart camera, unlike other sensor technologies such as radar, lidar, or ultrasonic, can recognize road markings, traffic signs, and traffic signals. It can also distinguish things, provide information that aids in their identification (for example, as cars or pedestrians), detect their motion path, and compute their distances. This transforms the smart camera into a sensor that enables capabilities like automated emergency braking or delivers the data required for automatic automobile steering in good visibility.
With above emerging concepts, the demand for adoption of automotive smart camera is going to increase during the forecast period.
Key Benefits of the Report
- This study presents the analytical depiction of the global automotive smart camera industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the automotive smart camera market share.
- The current market is quantitatively analyzed to highlight the growth scenario of the automotive smart camera market.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
- The report provides a detailed automotive smart camera market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Automotive Smart Camera Market Research Report
- Which are the leading players active in the automotive smart camera market trends?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Automotive Smart Camera Market Report Highlights
Key Market Players
Valeo, Bosch Group, Continental AG, PointGrab, Panasonic Corporation, Synopsys Inc., Magna International, Harman (Samsung), Autoliv Inc., Delphi Technologies