The automobile camera is an onboard camera that is intended to record the best possible footage in order to increase visibility and improve driver safety. These cameras are primarily used to help drivers park, evaluate vehicle performance, see in the dark, and collect important evidence. Moreover, they are integrated with sophisticated computer vision algorithms that derive valuable information from the acquired pictures to help the driver in a number of ways and are essential to advanced driver assistance systems (ADAS). To produce clear photos and movies, the automotive camera is mounted both inside and outside the cars. These cameras help with both machine and human vision to improve sight in the surrounding area and increase vehicle safety. Additionally, the sensor-equipped cameras are employed especially for image algorithms that improve safety and aid drivers.
MEA Automotive Camera Market Size Driving Factors and Challenges
The primary drivers of the market expansion will be the region's growing consumer demand for active safety systems and rising levels of disposable income. The market growth rate will be amplified by growing industry demand for automation and rising consumer demand for navigation systems. Other significant factors driving market growth include the expansion of initiatives pertaining to car safety features and the improvement of research and development capabilities in wealthy nations. Additionally, the government's strict road safety regulations to reduce casualties and mandate the installation of automotive cameras in all types of vehicles operating on public roads are emerging significant drivers propelling the market for automotive cameras. These regulations are the result of rising market demand and increased automobile production across the nation.
One of the main obstacles to the automotive camera industry's expansion is the high cost of the sophisticated cameras employed in this sector. The cameras' high cost is a result of the sensitive components that are integrated inside them, such as mirrorless cameras, sensors, and lenses. For example, three to six cameras must be mounted in the car in order for ADAS features like Automatic Emergency Braking (AEB), Forward Collision Warning System (FCWS), and Adaptive Cruise Control (ACC) to function. It is difficult to enter the market for these cameras because they are nearly eight times more expensive than the modules found in mobile phones. In addition, the substantial research and development efforts required to introduce innovations and developments into camera technology are driving up its costs and limiting the market's potential growth.
Impact of COVID-19 on MEA Automotive Camera Market Size
The MEA automotive camera market has been negatively impacted by the COVID-19 epidemic. The automobile industry came to an abrupt halt due to supply difficulties and the halting of car manufacturing caused by the epidemic. The demand for automotive cameras fell as a result of the lockdown imposed on manufacturing and production activities due to the rising number of COVID-19 infections. In addition, the lack of components and the partial shutdown in certain regions of the world hindered imports and exports as well as the availability of raw materials, which further restrained the market's expansion. However, during the course of the projected period, the market will benefit from and grow greatly as a result of the strict safety standards.
MEA Automotive Camera Market Size Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Aptiv PLC, Autoliv Inc., Continental AG, FLIR Systems, Inc., Garmin Ltd., Magna International Inc., Mobileye, Panasonic Corporation, Robert Bosch GmbH, Stonkam Co. Ltd.
MEA Automotive Camera Market Size Segmentation:
By Application: Based on the Application, MEA Automotive Camera Market Size is segmented as; ADAS and Park Assist.
By Type: Based on the Type, MEA Automotive Camera Market Size is segmented as; Mono Camera, Surround View Camera and Rear View Camera.
By Vehicle Type: Based on the Vehicle Type, MEA Automotive Camera Market Size is segmented as; Commercial Vehicle and Passenger Vehicle.
By Level of Autonomy: Based on the Level of Autonomy, MEA Automotive Camera Market Size is segmented as; L1, L2, L3 and Others.
By Region: This research also includes data for South Africa, Saudi Arabia, UAE and Rest of Middle East & Africa.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.