The report "Automotive Camera and Integrated Radar and Camera Market with COVID-19 Impact Analysis, by Type (Automotive Camera, Integrated Radar and Camera), Application (ADAS, Park Assist), View Type, Vehicle Type, and Geography - Global Forecast to 2026" The global automotive camera and integrated radar and camera market size is projected to grow from USD 6.1 billion in 2021 to USD 10.1 billion by 2026; it is expected to grow at a CAGR of 10.5% from 2021 to 2026. The key factors fueling the growth of this market include increasing demand for advanced security systems, rising demand for vehicle safety systems for premium segment vehicles, and increasing number of regulations mandating safety features in vehicles.
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COVID-19 impact on the automotive camera and integrated radar and camera market
Post the outbreak of COVID-19, major automotive camera providers, such as Bosch and Continental, and integrated radar and camera providers, such as Aptiv PLC and ZF Friedrichshafen, have announced the suspension of production due to trimmed demand and supply chain bottlenecks, and to protect the safety of their employees in France, Germany, Italy, and Spain. Manufacturers are likely to adjust production to prevent bottlenecks and plan production according to demand from OEMs and tier 1 manufacturers. Major automotive camera and integrated radar and camera solution providers lost revenue in Q1 2020. As resumption of vehicle production is not likely in the near future due to the severity of the pandemic, especially in the US and major European countries, tier 1 players expect a further decline in revenue. For instance, Aptiv’s advanced safety and user segment logged revenue of USD 902 million in Q1 2020 compared to USD 1,023 million in Q1 2019, a decline of 13%. According to the company, the scenario could be worse in the coming quarters as global vehicle production is expected to fall by 50–60%. The company suspended production in China, followed by North America and Europe. Automotive camera and integrated radar and camera providers are facing supply chain disruptions as countries are in a state of lockdown to prevent the spread of the disease.
Front-view segment to account for the largest size of the automotive camera and integrated radar and camera market in 2021
The front view segment is projected to account for the largest size of the integrated radar and camera market from 2021 to 2026. The growth of this segment is driven by the increasing demand for ADAS functions to monitor the traffic ahead to enable the car to maintain a safe and legal speed, stay in its lane, keep its distance with vehicles ahead, and react to emergencies. Front view cameras are mainly used for dash camera applications and ADAS applications. ADAS front view cameras enhance active safety and driver assistance functions, such as autonomous emergency braking (AEB), adaptive cruise control (ACC), lane-keeping assist system (LKAS), and traffic jam assist (TJA). Rising trends of connected vehicles and autonomous vehicles and the growing adoption of ADAS drive the growth of the front view segment. Increasing encouragement from governments for OEMs to adopt advanced safety features in vehicles and growing preference of end users for advanced safety features are the major factors driving the growth of ADAS in vehicles, which, in turn, drives the demand for front view automotive cameras.
ADAS application is expected to grow at the highest rate during forecast period.
The ADAS segment is projected to grow at a higher CAGR during the forecast period. Increasing awareness about vehicle safety ratings and decreasing component costs due to extensive adoption of cameras and radars will fuel the automotive camera and integrated radar and camera market for ADAS. Major OEMs are embracing ADAS solutions to achieve higher safety ratings to attract more consumers. Leading OEMs either standardize safety systems across models or offer them as additional features. Thus, the increasing penetration of ADAS features will boost the demand for components such as automotive cameras, integrated radar and camera systems, receivers, transmitters, and system-on-chip (SoC) during the forecast period. The market’s growth is driven by factors such as the rising adoption of ADAS in vehicles by different automobile OEMs, growing push through government mandates to introduce advanced safety features in vehicles, increasing level of vehicle autonomy, surging demand for safety features in vehicles by end users, and rising number of cameras adopted per vehicle.
Europe is projected to be the largest market for automotive camera and integrated radar and camera from 2021 to 2026.
Europe accounted for the largest share of the automotive camera and integrated radar and camera market in 2020. Some of the major drivers for the growth of the market in Europe include the technological developments within the country, emerging applications, demand for automotive cameras and integrated radar and camera systems in the region, and the presence of a strong automotive industry in the region. These factors would further boost the automotive camera and integrated radar and camera market in Europe. This, in turn, has created a significant demand for automotive camera and integrated radar and camera.
Robert Bosch GmbH (Germany), Aptiv PLC (Ireland), ZF Friedrichshafen (Germany), Continental AG (Germany), Valeo SA (France), Magna International (Canada), and Veoneer Inc. (Sweden), Nidec Corporation (Japan), Intel Corporation (US), Infineon Technologies AG (Germany), are some of the major players in automotive camera and integrated radar and camera market.
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