PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477161
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477161
Automotive Surround-View Systems Market size was valued at USD 5,312.21 Million in 2023, expanding at a CAGR of 13.5% from 2024 to 2032.
The Automotive Surround-View Systems Market specializes in the development and implementation of surround-view camera systems, providing drivers with a comprehensive view of their vehicle's surroundings to enhance safety and maneuverability. The integration of advanced features such as augmented reality overlays, object detection, and warning systems, and high-resolution imaging for improved visibility and accuracy is driving the market growth. However, challenges such as high costs, and complexity in integration pose restraints to market growth. Opportunities arise from the increasing demand for advanced driver assistance systems (ADAS), autonomous vehicles, and enhanced safety standards, driving the adoption of surround-view systems in the automotive industry.
Automotive Surround-View Systems Market- Market Dynamics
The rapid adoption of advanced driver assistance systems (ADAS) in vehicles is fueling market growth
The rapid adoption of Advanced Driver Assistance Systems (ADAS) in vehicles is significantly fueling market growth. This surge is primarily driven by increasing safety regulations globally, compelling automakers to integrate ADAS features to comply with standards such as the European Union's General Safety Regulation. Moreover, growing consumer demand for safety-enhancing technologies propels automakers to incorporate ADAS features as standard offerings in new vehicles. Additionally, ADAS technologies are fundamental to autonomous vehicles, driving investment and innovation in the automotive industry. Overall, the rapid adoption of ADAS in vehicles is shaping the automotive landscape and driving substantial market growth.
Automotive Surround-View Systems Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 13.5% over the forecast period (2024-2032)
Based on Camera Type segmentation, Single Camera was predicted to show maximum market share in the year 2023
Based on Vehicle Type segmentation, Passenger Cars was the leading type in 2023
Based on Application segmentation, Parking Assistance was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Automotive Surround-View Systems Market is segmented based on Camera Type, Vehicle Type, Application, End User, and Region.
The market is divided into two categories based on Camera Type: Single Camera features a single lens for recording. Multi-camera equipped with multiple cameras for capturing footage from different angles or covering multiple areas of the vehicle.
The market is divided into two categories based on Vehicle Type: Passenger Cars installed in personal vehicles. Commercial Vehicles deployed vehicles used for commercial purposes like delivery vans, trucks, taxis, and fleets.
Automotive Surround-View Systems Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
North America leads in adoption, driven by a tech-savvy consumer base and stringent safety regulations, notably in the United States. Europe exhibits strong demand, particularly in Germany, France, and the UK, emphasizing vehicle safety and Euro NCAP ratings. Asia Pacific emerges as a lucrative market, fueled by automotive industry growth in China, Japan, and South Korea, supported by rising incomes and urbanization. Latin America experiences moderate growth, with Brazil, Mexico, and Argentina showing increased demand, spurred by economic improvements and safety awareness. The Middle East and Africa present emerging opportunities, driven by the adoption of premium vehicles and safety initiatives, notably in the UAE, Saudi Arabia, and South Africa.
Several key players such as Bosch, Continental AG, Valeo, Denso Corporation, and Magna International Inc. dominate the market through their extensive product portfolios, technological advancements, and strategic partnerships with automotive OEMs. Additionally, emerging players are entering the market, intensifying competition and driving innovation. Factors such as product quality, reliability, and after-sales service play crucial roles in determining market competitiveness. As automotive surround-view systems become increasingly essential for enhancing driver safety and convenience, competition among market players is expected to further intensify, leading to continuous advancements and new market entrants.
In May 2022, Magna introduced its Surround View System in the all-new Toyota Tundra. This system, part of Magna's advanced driver assist systems (ADAS), contributes to enhancing safety, comfort, and convenience for drivers.
GLOBAL AUTOMOTIVE SURROUND-VIEW SYSTEMS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Ambarella, Inc.
Clarion Corporation of America
Continental AG
Delphi Automotive PLC
Denso Corporation
Gentex Corporation
Magna International Inc.
Mobileye N.V. (Intel Corporation)
Omnivision Technologies, Inc.
Panasonic Corporation
Renesas Electronics Corporation
Robert Bosch GmbH
Stonkam Co., Ltd.
Texas Instruments Incorporated
Valeo SA
Xylon - The FPGA Applications Company
Others