PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1512196
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1512196
Market Overview
In 2024, the size of the automotive 360-degree surround view camera industry has been projected at USD 2,205.9 million and is estimated to advance at a CAGR of 10.8% during the projection period, attaining USD 4,079.6 million by the end of the decade.
Such cameras give an extensive panoramic view of the automobile. They also now come with updated security and advanced convenience, which are a major demand for new-age automobiles. With the aid of this tech, a full-circle photo is taken by installing several cameras strategically around the automobiles. Then, the captured photos are analyzed together, and an aerial perspective is produced.
The improvements in automotive tech are one of the key reasons for reshaping the whole industry. The major area of emphasis in this regard is camera hardware. To allow autonomous driving and offer a precise view of the surroundings, such systems use the data gathered data from ultrasonic devices, radars, LiDAR, and cameras. Industry players are continuously coming up with new ideas to advance the dynamic range, sensitivity, and resolution of cameras so that the visibility and quality of the images can be enhanced.
The global market has highlighted several major key factors that are propelling the growth of the market and they are discussed below: The most significant factor that is driving the market is the demand for enhanced ADAS vehicles on the roads.
Key Insights
In 2024, the 2D cameras category grip a 65% industry share because of their cost-effectiveness and simplicity.
Such cameras capture and combine photos from different viewpoints to offer a top-down view for drivers.
The popularity of 2D cameras is because of their recognized performance and dependability, having experienced wide-ranging testing and validation.
Makers find 2D cameras simple to integrate into vehicle architecture, advancing drivers' visibility and safety.
Passenger cars lead with a 70% industry share in 2024, projected to advance at an 11.0% CAGR because of augmented safety feature acceptance.
Increasing customer awareness of safety features propels investment in 360-degree cameras in passenger vehicles.
360-degree cameras advance safety by offering an overall view of the surroundings and forecasting possible risks.
In 2024, mono cameras grip a 45% industry share, favored for their cost-efficiency and
single-sensor simplicity.
Advances in mono camera technology have resolved image quality and performance issues, leading to widespread adoption.
Mono cameras provide accurate distance estimation and object detection, boosting driver safety and visibility.
The Asia-Pacific region holds around 50% market share due to a large automotive manufacturer base and a significant buyer population.
Rapid economic growth and increasing demand for passenger cars with safety features contribute to APAC's market dominance.
Strict government road safety regulations in APAC promote the integration of advanced driver assistance systems.
The presence of technology providers and research institutions in APAC supports technological advancements in automotive safety.
Governments in APAC implement tax breaks, incentives, and subsidies to boost investment in the automotive sector.