According to a recent report published by Allied Market Research, titled, "Automotive Backup Camera Market by Position, Vehicle Type, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global automotive backup camera market size was valued at $1,956.4 million in 2018, and is projected to reach $3,860.0 million by 2026, registering a CAGR of 8.7% from 2019 to 2026.
Asia-Pacific dominates the market in terms of growth, followed by LAMEA, Europe, and North America. China dominated the global automotive backup camera market share in 2018, whereas India is expected to grow at a significant rate in the automotive rear camera market during the forecast period.
Backup cameras installed in the vehicles are used to assist the driver during the reversal of the vehicle. They prevent collision that can occur due to no visibility of the rear side of the vehicle. Also, they are used to determine the blind spots that arise during the reversal of the vehicle. Backup cameras have a wider application in vehicles to prevent accidents occurring at the killing zone of the vehicle. As the backup cameras are attached to the head unit display of the vehicle, they give a horizontally flipped image of the rear object. Government regulations for the mandatory installation of backup camera in vehicles has supplemented the growth of the automotive backup camera market across the globe.
Backup cameras are widely installed in huge trailers that occupy a larger area on the road as it is difficult for the drivers to look at the rear side of the vehicle while reversing. With the introduction of advanced components in vehicles, the installation of backup camera in vehicles is mandatory and is gaining popularity among vehicles, which leads to the automotive backup camera market growth.
Current trend for the installation of backup camera in vehicles has increased due to its accident prevention feature, which has made it popular among vehicles. This has led the component manufacturers to develop better and advanced featured camera for vehicles, which eventually leads to the growth of the automotive backup camera share.
Factors such as surge in number of fatalities leading to increased adoption of backup camera and rise in demand for passenger vehicles coupled with safety and security concerns among consumers are driving the growth of automotive backup camera industry. However, high installation cost of the rear camera is expected to hamper the growth of the automotive backup camera market share. Further, rise in trend of installing advanced driving system and legislations mandating installation of cameras in vehicles are expected to create numerous opportunities for the expansion of the automotive backup camera market.
Key Finding of The Automotive Backup Camera Market:
- Based on position, the surface mounted automotive backup camera system generated the highest revenue in 2018.
- Based on vehicle type, the passenger vehicle segment was the highest revenue contributor in 2018.
- Based on region, North America contributed the highest automotive backup camera market revenue in 2018, followed by Europe, Asia-Pacific and LAMEA.
- Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
The key players analyzed in this report are Aptiv PLC, Continental AG, Delphi Technologies, Magna International, OmniVision Technologies, Pyle, Robert Bosch GmbH, Stonkam AG, Valeo, and Yada.