The Automotive Camera Market is projected to grow at a CAGR of 10.8% during the forecast period, to reach USD 15.1 billion by 2025 from an estimated USD 7.5 billion in 2018. The study involves four main activities to estimate the current size of the automotive camera market. Exhaustive secondary research was done to collect information on the market such as the use of camera in various applications and vehicle types. The next step was to validate these findings, assumptions, and market analysis with industry experts across value chains through primary research. A bottom-up approach was employed to estimate the complete market size of different segments considered in this study.
Thermal Camera is Expected to be the Fastest Growing Segment in the Market, by Technology, During the Forecast Period.
With the steady development of autonomous cars, the thermal camera segment is estimated to grow at the highest rate during the forecast period. The thermal camera is used in a night vision system and reduces the probability of accidents. These cameras can also work at night and adverse weather conditions such as rain, fog, and snow. These benefits of the thermal camera can help increase the safety of autonomous vehicles. The increasing level of automation in vehicles will fuel the demand for thermal cameras.
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Multi Camera System is Expected to Grow at the Highest Cagr During the Forecast Period.
The multi camera system segment is expected to grow at the highest CAGR in the market during the forecast period. Multi camera systems play a major role in the development of autonomous vehicles. Multi camera system provides added benefits to achieve higher autonomy levels. The growth of semi-autonomous and autonomous functions is likely to fuel the demand for multi camera technology in the near future. Initially, this system was used in the luxury vehicle segment because of its high cost. However, companies are now promoting multi camera systems as a differentiating factor for their mid-priced and economic vehicles.
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