Automotive Surround View System Market Size

Automotive Surround View System Market Size

Automotive Surround View System Market size was valued at USD 3.3 billion in 2023 and is estimated to register a CAGR of over 14.5% between 2024 and 2032. The market growth is driven by the increasing adoption of autonomous vehicles. As the industry moves toward self-driving cars, the demand for advanced safety and navigation systems is increasing. Surround-view systems, which provide a 360-degree view of the vehicle's surroundings, are critical for ensuring safety in autonomous vehicles. These systems help in obstacle detection, lane departure warnings, and parking assistance, making them indispensable in the development of autonomous driving technology.

For instance, in June 2024, Rimac introduced a new Level 4 autonomous electric car brand called Verne, slated to hit the market in 2026. Verne leverages Mobileye’s Level 4 autonomy system, positioning the vehicle platform as the core technology rather than the autonomous driving system itself. Increasing adoption of these vehicles will provide significant market opportunities for the market.
 

Moreover, the increasing focus on pedestrian safety is driving the market growth for the automotive surround view system market. With the rise in urbanization, the number of pedestrians in city areas is growing, leading to higher risks of accidents. Automotive manufacturers are integrating surround view systems to enhance pedestrian detection and prevent collisions. These systems offer a clear view of the vehicle's surroundings, allowing drivers to detect pedestrians and other obstacles more effectively. As regulatory bodies emphasize pedestrian safety, the adoption of surround-view systems is expected to grow, further driving market expansion.
 

The high cost of automotive surround view systems are hindering the market growth. These systems require multiple cameras, sensors, and advanced software, leading to increased production costs. For many consumers, especially in developing markets, the added cost of surround view systems makes vehicles less affordable. This cost barrier limits the adoption of these systems, particularly in low and mid-range vehicles. As a result, the market's growth is hindered by the reluctance of cost-conscious consumers to invest in vehicles equipped with these advanced systems.