Side View Camera System Market Size & Share 2021 to 2027
Market Size by Type (Single Camera, Multi-Camera), by Application (Passenger, Commercial) & Forecast.
Report ID: GMI5059
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Published Date: May 2021
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Side View Camera System Market Size
Side View Camera System Market size exceeded USD 75 million in 2020 and is expected to grow at a CAGR of over 25% CAGR from 2021 to 2027. The global industry shipments are anticipated to be around 2 million by 2027.
A side view camera shows an expanded view of a lane beside the driver while using a turn signal, or when the driver activates the feature manually. The cameras are fixed to the side mirrors to provide the right and left view of the vehicle, enabling the driver to maneuver efficiently through a narrow road or while parking the car.
The increasing demand for automotive solutions that ensure improved driver and passenger safety will boost the side view camera system market growth. The side view camera forms a crucial aspect of Advanced Driver Assistance Systems (ADAS) technology, by enabling a complete view of the 360-degree surroundings of the vehicle. Illustrations of ADAS applications that employ surround-view cameras include parking assist, lane departure, pedestrian detection, blind side detection, and adaptive cruise control. The side view camera offers integrated view of a vehicle’s surroundings, thereby improving occupant safety and enabling autonomous driving even when the driver’s view is obstructed due to harsh weather conditions.
In 2020, the coronavirus (COVID-19) pandemic hampered the side view camera system market expansion. The industry witnessed a downfall in 2020 attributed to the stringent lockdowns imposed by government organizations, resulting in the temporary closure of manufacturing and R&D facilities. The downfall of the automotive industry owing to the decline in the demand attributed to economic instability, in turn resulting in a low demand for side view camera technologies. The improving economic conditions in 2021, following the relaxation in lockdown measures will however help the industry gain traction by the end of 2021. The reopening of production facilities will foster the automotive industry globally, in turn supporting the demand for side view cameras.
Side View Camera System Market Analysis
The U.S. multi side view camera system market is projected to observe 26% growth rate through 2027 led by the robust automotive industry in the region coupled with strong economic conditions. The automotive sector has historically contributed around 3% to 3.5% of the overall GDP, spending around USD 16 billion to 18 billion every year on research & product development. In May 2018, the backup camera law came into effect in the country. This federal regulation requires that all new vehicles are required to have video displays and back-up cameras. The NHTSA estimates nearly 300 fatalities every year by backup crashes, up to a quarter of those mortalities will be prevented when backup cameras are installed in all vehicles. The regulation supporting the installation of side view camera will support the industry growth over the forecast timeframe.
The Germany side view camera system market is poised to grow at 30% CAGR by 2027 on account of the robust automotive sector in the region with the presence of renowned manufacturers such as BMW AG, Mercedes-Benz, and Audi AG investing heavily in the R&D associated with ADAS systems. According to the European Automobile Manufacturers Association, there are more than 47 million passenger cars in the country as of 2019. There is an increasing demand for side view cameras, ensuring the safety of passenger vehicles and reducing the number of accidents.
Renowned manufacturers are integrating these systems into passenger vehicles to excel in the ADAS market. For instance, Area View is a camera-based monitoring system that provides a 360-degree view of the surroundings of the Volkswagen through the infotainment system. Parking maneuvers are simplified to a large extent with the Area View solution. Rise in the number of passenger cars coupled with the R&D associated with driver assistance systems will spur the side view camera system market progression.
Asia Pacific side view camera system market accounted for around 25% of revenue share in 2020 owing to the strong electronics sector in countries such as Japan, China, and Taiwan, supporting the R&D associated with ADAS systems. High-end semiconductor chips and miniaturized sensors form crucial aspects of side view cameras. As countries such as Taiwan, India, and China focus on strengthening their electronic component production capabilities, the market will showcase growth during the forecast timeframe.
Automotive manufacturers such as Nissan, Hyundai Motor Group, and Toyota Motor Corporation are focusing on strengthening their position in the global ADAS market. For instance, in July 2019, Hyundai Mobis designed South Korea’s first camera monitor system with high-performance camera sensors to attain stable autonomous driving.
Side View Camera System Market Share
Key companies operating in the side view camera system market include:
The industry leaders are focusing on introducing differentiated solutions to strengthen their position and capture a larger market share.
The side view camera system market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2017 to 2027, for the following segments:
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Market, By Type
Market, By Application
The above information has been provided for the following regions and countries:
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