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Side View Camera Market worth over $300mn by 2027
- Published Date: May 31, 2021
Side View Camera Market size is set to surpass USD 300 million by 2027, according to a new research report by Global Market Insights Inc.
Rise in the number of accidents on the roads over the recent years will encourage automotive manufacturers to incorporate side view cameras to assist drivers in gaining a better view of the vehicle surroundings. According to World Health Organization, there are around 1.35 million fatalities every year as a result of road traffic crashes. This has prompted automotive manufacturers to employ sophisticated driver assistance systems that help drivers to park or maneuver efficiently on high-traffic roads. The National Highway Traffic Safety Administration (NHTSA) projects that rear-view cameras can reduce back-over fatalities by around 50%. Increasing number of automotive manufacturers focusing on replacing traditional mirrors with side view cameras will support the market growth.
The ongoing coronavirus (COVID-19) pandemic hindered the market expansion in 2020 due to the temporary closure of industrial facilities, resulting in the declining market conditions globally. The lockdowns imposed in several countries affected the global supply chains, resulting in delays in production and shipments. Decline in the number of new car registrations in turn hampered the demand for side view cameras. However, the relaxation in lockdowns, followed by the resumption of industrial activities in 2021, will help the market to regain traction by the end of 2021. The industry will witness growth with the improving economic conditions in 2021, resulting in the stability of the automotive sector globally.
Increasing demand for high-performance single side view cameras will support the market progression
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There is a rising demand for single side view camera installations owing to monetary advantages. A single camera is affordable as compared to a multi-camera system, boosting its adoption amongst consumers with budgetary constraints. Customers can buy a single camera from the preferred manufacturer and then connect it to the display bought from a separate manufacturer. System integrators enable the efficient integration of single cameras with the ECUS from different vendors. The availability of high-performance single side view camera offered by leading players such as Panasonic Corporation, Ficosa Internacional SA, Continental AG, and Samvardhana Motherson will fuel the industry growth.
Browse key industry insights spread across 250 pages with 253 market data tables and 28 figures & charts from the report, “Side View Camera Market Size By Type (Single Camera, Multi-Camera), By Application (Passenger, Commercial), COVID-19 Impact Analysis, Regional Outlook, Price Trend Analysis, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The growing acceptance of high-end ADAS technologies in commercial vehicles will foster the market revenue
The expanding transportation & logistics sector globally has spurred the demand for sophisticated commercial vehicles. There is an increasing demand for advanced side view cameras that ensure driver safety and reduce the number of accidents on highways. There are around 6.2 million medium and heavy commercial vehicles on the EU’s roads as of 2019, according to European Automobile Manufacturers Association. Players focusing on integrating high-end side view cameras in commercial vehicles will propel the industry expansion.
The developing manufacturing sector in Latin America will support the market demand
The Latin America side view camera market will showcase exponential growth during the forecast timeframe led by the developing industrial sector in the region attributed to the favorable government initiatives. Mexico is the sixth-largest passenger vehicle manufacturer globally, producing around 3.7 million cars annually. It is the fifth-largest manufacturer of autoparts globally. According to The Mexican Automotive Industry Association, the country will become the fifth-largest global vehicle manufacturer by 2025. The Brazilian automotive market is also expanding with a 2.3% growth in production in 2019. The expanding automotive manufacturing industry in the region will impel the demand for robust side view cameras.
Focus on R&D to launch innovative solutions is the key strategy amongst market players
Key participants operating in the market include Ficosa Internacional SA, Denso Corporation, Valeo, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Magna International Inc., Samvardhana Motherson, Continental AG, Stoneridge Inc., Kyocera Corporation, Pioneer Corporation, Gentex Corporation, and Mitsubishi Electric Corporation. Companies are focusing on investing in R&D to launch differentiated solutions and to capitalize on the expanding ADAS market.
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