There has been a growing demand for automotive compact camera module, particularly in commercial vehicles since the recent past. Automobile manufacturers are emphasizing on adoption of compact camera module as a replacement for rear & side view mirrors, which in turn is anticipated to create new growth opportunities for the automotive compact camera module market globally in the foreseeable future.
Evolution in Automotive Compact Camera Modules Leading toward Integration with Safety Systems
With slowdown in the economic expansion globally, many industrial sectors have suffered stagnancy, and the automotive camera industry has been no exception. However, a relatively optimistic growth has been maintained by the automotive camera industry over the past few years. Mounting requirement for sensing compact camera modules that seek huge application in the ADAS, in tandem with rising concentration on the safety measures attributed to growing number of road mishaps will propel the market growth. Substantial evolution has been observed in the automotive compact camera modules, leading toward their integration with the safety systems. A great example of this is the video camera technology being leveraged by lane departure system, provided with an electrically-powered steering system, for faster feedbacks in crucial conditions such as swaying of vehicles from the active lane.
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Compact camera modules are being increasingly employed in various vehicles for a wide array of applications, particularly in passenger cars. The compact camera modules, installed in rear, front & inside of automobiles, deliver safety to passengers, along with imparting enhanced driving experience through improved rear & front view of the driver. Automotive systems based on the compact camera module technology have undergone enormous developments since the recent past, coupled with acceleration in the sales of automotive compact camera modules for application in parking surround view. Rising advancements in automotive compact camera modules in parallel to rapid production rate has resulted into declined prices of these cameras, thereby propelling their adoption.global automotive compact camera module market
According to Transparency Market Research, global market for automotive compact camera module will reflect an impressive expansion through the forecast period, 2017 to 2026. Worldwide sales of automotive compact camera module will surpass US$ 4,500 Mn in revenues by 2026-end.
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APEJ to Remain Fastest Expanding Market for Automotive Compact Camera Module
Rapid growth in economic vigour of countries in Asia-Pacific excluding Japan (APEJ), including China, South Korea, and India, has enabled consumers in the region to spend more on vehicles and their additional features. Demand for passenger vehicles and luxury vehicles in particular has witness a significant surge in countries of APEJ. These factors have made the region to become the largest market for automotive compact camera modules. APEJ will continue to be the fastest expanding market for automotive compact camera module.
In Europe, expansion of the automotive compact camera module is mainly driven by rising production volumes of LCVs, impact of New Car Assessment Program (NCAP), and stringency in EC regulations. European vehicle owners demand for advanced driver assistance systems including lane departure warning systems and parking assistance systems. Europe is therefore slated to be the second most lucrative market for automotive compact camera module by 2026-end.
Competition Tracking
OEMs and automotive compact camera module manufacturers are entering into collaborations as well as increasing their investments in the development of novel & technologically-advanced compact camera modules for vehicles. Several OEMs have also been exploring safety solutions continuously wherein compact camera modules find large application. Popularity of wide angle lens is being capitalized on by automotive compact camera module manufacturers for gaining a competitive edge. Key market players tracked by the report include Automotive Compact Camera, Ability Opto, AGC, Continental AG, Huawei, Volvo, Mobileye, Xiaomi, Toshiba, and BYD Microelectronics.
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