Tuesday, 7 December 2021

Increasing demand for advanced security systems Driving the Growth of Automotive Camera and Integrated Radar and Camera Market

 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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Driver: Increasing demand for advanced security systems

The demand for safety features, such as parking assistance, collision avoidance, lane departure warning (LDW), traction control, electronic stability control, tire pressure monitoring, airbags, and telematics, is growing due to the increasing number of road accidents worldwide. Integrated radar and camera systems are used in advanced driver assistance systems (ADAS), which can detect and classify certain objects on the road and alert drivers accordingly. These systems can also automatically decelerate or stop the vehicle in case of accidents. There has been a significant growth in deaths due to road accidents in recent years. According to World Health Organization’s 2020 reports, nearly 1.35 million people die in road accidents each year worldwide. Moreover, more teenagers die due to road accidents than other age groups. These factors lead to a growth in the demand for safety features in vehicles. Automobile companies are developing and introducing safety features to meet the needs of customers. Thus, the demand for safety features propels the growth of the automotive camera and integrated radar and camera market.

Restraint: High installation costs and complex structure

The high cost associated with installing safety systems in vehicles is expected to restrain the growth of the automotive camera and integrated radar and camera market, as it increases the cost of vehicles. Providing premium features in vehicles incurs additional expenses for consumers in the form of hardware, applications, and telecom service charges, which eventually hamper the growth of the automotive camera and integrated radar and camera market. Moreover, servicing such vehicles is a complex process, requiring skilled workers due to the presence of several electronic components and sensors. Furthermore, the high cost of the systems has been slightly hindering the market growth. ADAS, such as adaptive cruise control (ACC), forward collision warning system (FCWS), and automatic emergency braking (AEB), require 3 to 6 cameras and a lot more sensors to be installed on the vehicle. Thus, high initial costs and complex structure are expected to significantly impact the growth of the market.

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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