Side View Camera System Market

Side View Camera System Market Size (2023-2028):

The Global Side View Camera System Market was worth US$ 0.008 billion in 2022 and is anticipated to reach a valuation of US$ 0.56 billion by 2028 and is predicted to register a CAGR of 101.72% during 2023-2028.

Car cameras can be installed on the front and rear sides of a vehicle, as well as inside for security reasons. Outdoor cameras help keep a safe distance from major vehicles, identify pedestrians, avoid them, and follow the road.

The market for vision camera systems is expected to grow during the forecast period due to driving factors such as increased ergonomics of the classy vehicle, including demand for lower fuel consumption. Also, the increase in truck production should boost the market growth. Additionally, high research and development costs can be a difficult factor for the market for side view camera systems during the forecast period. Moreover, the increasing popularity of real-time security devices would create symbolic growth opportunities for the side view camera systems market in the coming years. Vision camera systems are increasingly installed in passenger cars. Technological progressions in the sector and the surge in the usage of electronic components in the automotive sector are considered pivotal in boosting the global automotive side view camera market growth.

Market Drivers:

The growing specialization in security and technological advancements in the automotive industry is driving the expansion of the market for side view camera systems. Favourable regulation and rapid adoption of the technology are expected to drive market expansion during the forecast period. The increasing influence of the latest automotive evaluation programs (NCAP) is one of the key factors that should stimulate the expansion of the global automotive side view camera market in the coming years. The augmenting need for passenger cars, along with increased safety awareness is promoting the sales of automotive cameras, which, in turn, is determined to develop the target market in the future. The increasing demand for detection cameras in driver assistance systems, as well as the growing demand for advanced technologies in automobiles, is also responsible for the expansion of the automotive side view camera market. Moreover, automotive cameras are sensitive enough to detect difficult driving conditions and help drivers control their vehicles, which should support the development of this market.

Market Restraints:
The high initial cost of installing cameras in automobiles can limit sales in this business. However, vehicle inflation and the high cost involved in designing and testing these cameras may hinder the expansion of this market in the future.

Market Recent Developments:

• South Korea's largest auto parts maker Hyundai Mobis said it has developed a camera surveillance system that will replace the side mirrors of next-generation vehicles.
• Continental AG combines panoramic vision systems, which were previously implemented individually, to form a complete system: several satellite cameras provide high-precision image data that is processed and evaluated by a central control unit.
• Continental shows a prototype vehicle equipped with a trio of cameras and a cluster of displays that allows the driving force to glance at the right, left, and rear of the car at the dashboard.

SIDE VIEW CAMERA SYSTEM MARKET REPORT COVERAGE:

Market Segmentation:

Side View Camera System Market - By Application:

• Park assist system
• Driver monitoring system
• Blindspot detection
• Night vision system
• Others

Side View Camera System Market - By Technology:

• Infrared Camera
• Thermal Camera
• Digital Camera

Side View Camera System Market - By Vehicle:

• PC
• LCV
• HCV

The passenger car segment is expected to be the largest market during the forecast period. Passenger cars are the most important segment of the market for vision camera systems. The early adoption of quality passenger car vision camera systems would increase the demand for passenger car vision camera systems. Existing regulations for vision camera systems in the European region would be an important factor for growth in the region. Multi-camera systems are beneficial because commercial vehicles have larger and more difficult blind spots than small passenger cars.

Side View Camera System Market - By Sales Channel:

• OEM
• After Market

OEMs are increasingly adopting appealing interiors, smarter infotainment systems, and other exciting features for comfortable driving, which are promoting the expansion in this segment.

Market Reginal Analysis:

The Global Side View Camera System Market Report includes the segmentation of regions:

• North America - U.S., Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, Africa

North America is expected to dominate the automotive side view camera market due to the growing demand for luxury vehicles in the United States and Canada. This, including the increase in the installation of Advanced Driver Assistance Systems (ADAS), should increase demand for the automotive camera market in the coming years. Europe is the largest market for side view camera systems due to demand in Germany, the United Kingdom, France, and others. The ECU Commission has adopted legislation authorizing on-site vision camera systems for optical mirrors. Security standards and support guidelines for these camera systems will drive rapid adoption in this region. The Asia-Pacific region is expected to guide the market for side view camera systems through the increasing specialization of safety regulations to mitigate fatal road accidents. The increasing adoption of electric vehicles in China and Japan is also expected to stimulate the market for side view camera systems in this region. Latin America, the Middle East, and Africa are expected to experience increased demand for automobiles as a result of increasing urbanization and the economic process, which in turn will accelerate the expansion of the automotive side view camera system market during the outlook period.

Impact of COVID-19 on Side View Camera System Market:

The global pandemic brought by the novel coronavirus infection comes at a time when both the world economy and the car business were seeking recuperation. While the GDP development gauges were low, COVID-19 may bring about a negative effect of 1-2% on normal development rates. The total extent of the effect relies upon the span of continuous lockdowns and the effect caused by this pandemic. 

Having guaranteed a quick reaction to the flare-up and lockdown, car organizations should distinguish where to act rapidly and unequivocally both for the time being and long haul. While the momentary need is to keep up liquidity and effectiveness, the midterm need ought to be to reestablish gainful consistent tasks while the drawn-out associations may in a general sense need to survey their technique and working model.

Market Key Players:

1. Hyundai Mobis (South Korea)
2. Continental AG (Germany)
3. Valeo (France)
4. Samvardhana Motherson (India)
5. Magna International (Canada)
6. Robert Bosch (Germany)
7. Denso Corporation (Japan)
8. Stoneridge (US)