360 Degree Parking Camera Market: Current Analysis and Forecast (2024-2032)

The market for 360-degree parking cameras around the globe is rapidly rising because of the growing necessity for innovative ADAS services and car safety systems. This technology gives a top view of the surrounding environment of a particular vehicle. This is becoming common in many new automobile models due to legal requirements and individuals' inclination towards safer vehicles. They add that major market participants develop products and incorporate technologies like artificial intelligence and machine learning to enhance imagery processing and obstacle identification. The market also conventionally notes instances of aftermarket modifications to improve the performance of the old models owned by car owners. The market is dominated today by North American and European countries because of the strict rules and regulations regarding automobile safety and the increasing inclination towards new technologies. However, the Asia-Pacific region is anticipated to experience growth at a faster pace because of the expanded avenues in vehicle manufacturing and distribution.

The 360 Degree Camera Parking Market is expected to grow at a significant rate of around 5.7 % during the forecast period (2024-2032). Companies and governments worldwide are actively promoting the adoption of Advanced Driver Assistance Systems (ADAS) to enhance vehicle safety and reduce traffic accidents. Automotive manufacturers increasingly integrate ADAS features, such as lane-keeping assistance, adaptive cruise control, and automatic emergency braking, into new vehicle models. These companies are investing heavily in research and development to improve the reliability and functionality of ADAS technologies. Governments are supporting these efforts through regulations and incentives. For instance, the European Union has mandated that by 2022, all new vehicles must be equipped with specific ADAS features, such as intelligent speed assistance and advanced emergency braking systems. A related instance is Volvo's commitment to make its entire lineup electric and ADAS-equipped by 2030, aligning with regulatory requirements and consumer demand for safer, more sustainable vehicles.

Based on propulsion, the 360-degree parking camera market is segmented into electric and non-electric. The non-electric segment acquired a majority share in the 360-degree parking camera market, and electric is expected to showcase a substantial growth rate during the forecast period. The increasing use of 360-degree cameras in most non-electric vehicles is evident, and the emphasis is placed on safety and convolutions. These advanced camera systems give the drivers a panoramic view of the vehicle and improve their parking and turning ability, especially in congested areas. This has been made possible with the growing awareness of vehicle safety features, which has led more manufacturers to include 360-degree cameras in their models. This is due to developments in digital cameras that provide better image quality and compatibility with the current automobile systems. Therefore, having 360-degree cameras in non-electric cars is turning into a standard option that makes driving safer and more convenient quite fast.

Based on vehicle type, the 360-degree parking camera market is divided into passenger and commercial vehicles. The passenger car segment acquired a majority share in the 360-degree parking camera market and is expected to showcase a substantial growth rate during the forecast period. The increasing incorporation of 360-degree parking cameras in passenger cars clearly indicates emerging trends in improving car safety and the driving experience of the occupants. They give a broad view of the vehicle environment and are useful in parking and avoiding areas that are close to other cars. Due to increased city traffic density and scarcity of parking space, the call for such systems with better parking assistance features has risen. Manufacturers of automobiles have been addressing this by making 360-degree parking cameras standard or features in their models of passenger cars. This trend is because newer generation technologies are applicable that have enhanced the precision and cost efficiency of these systems. Thus, drivers can navigate parking zones with much more confidence and no longer face headaches when parking; this also contributes to the general increase in road safety and a decrease in the number of minor accidents and scratches to vehicles.

Based on technology, the 360-degree parking camera market is divided into digital cameras, infrared cameras, and thermal cameras. The digital camera segment acquired a majority of the 360-degree parking camera market. Digital cameras are able to deliver real-time high-resolution images, which are useful in giving an excellent view of a vehicle's surroundings, hence making it effective in the functioning of 360-degree parking systems. These cams take live and real images around the car and provide a 360-degree bird-eye view of the car. This technology greatly assists the driver in controlling the car when maneuvering through spaces and obstacles. More companies are adopting digital cameras for parking assistance systems because this technology is improving and is now cheaper. Such demand for such systems is caused by the growing interest in safety aspects and the necessity of solving the problem of parking in large cities.

For a better understanding of the market adoption of 360-degree parking cameras, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, France, U.K., Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The APAC region is witnessing substantial growth in the ADAS and 360-degree parking camera market. This growth is characterized by a surge in companies offering ADAS and autonomous sensor maintenance solutions. The rapid advancements in autonomous driving technologies and the proliferation of vehicle sensors drive the adoption of ADAS across the APAC region. The increasing demand for autonomous vehicles, driven by benefits like enhanced safety, improved energy efficiency, reduced traffic congestion, and enhanced accessibility, contributes to this trend. Level 1 and 2 autonomous vehicles are already on roads in most automotive markets. As the demand for ADAS and autonomous sensor maintenance solutions continues to grow in the forecast period, competition among established and emerging equipment providers is expected to intensify in the APAC ADAS and autonomous sensor maintenance equipment industry. The government is focusing on several advanced vehicle technologies, like ADAS features, along with electric mobility. With that, major automakers in the region are updating their portfolio with the introduction of the new level 2 and level 3 ADAS features. For instance, In May 2021, the HAVAL brand of Great Wall Motor Co. Ltd launched the new Chitu compact SUV, and it is equipped with a 1.5L turbocharged engine (maximum power output of 135kW, peak torque of 275Nm) in combination with a 7-speed wet dual-clutch transmission. In addition, the vehicle includes a Level 2 ADAS system, with varying functions depending on the version.