Global Automotive Camera Market to project Significant Growth as Road Accidents Observe Rising Numbers
According to the estimations by Inkwood Research, the Global Automotive Camera Market is predicted to record a CAGR of 14.82% in terms of revenue and 19.69% in terms of volume during the forecasting years of 2021-2028.
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Automotive cameras are primarily used to assist drivers
while parking, in addition to assessing the performance of vehicles, collecting
critical evidence, and for night vision.
Increasing
Road Accidents to Propel Market Growth
As per the global government figures, nearly 1.25 million
people die every year due to road accidents, indicating that approximately
3,500 people lose their lives each day. The accidents caused by driver conduct
and blind spots account for the highest proportion. Moreover, back over crashes
kill over 200 individuals annually, and injure more than 12,000 in the United
States alone. The significant rates of causalities, primarily owing to
negligence, signify the need for increased safety features in vehicles. As a
result, the use of in-car cameras that alert drivers in cases of careless
driving or drowsiness and cameras that help the driver become aware of anything
in proximity to the vehicle play a vital role in reducing the alarming numbers
of traffic accidents.
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Multi View
is the Leading View Type in terms of Volume and Revenue
Four wide-angle CCD cameras are utilized in the multi-view
camera systems, mounted on the rear and front of the car as well as on the
mirrors of the left and right doors. The new system synthesizes images from the
cameras and displays a rendered image with added detail on the navigation
screen. This includes a reference line showing the distance between the
approaching obstacles and the vehicle and a projection line screening the
predicted direction of the car, calculated based on the steering angle
information. The feature provides the driver with parking assistance, prevents
contact in restricted driving situations, and helps increase visibility.
North
America held the Highest Market Share in 2020 in terms of Revenue and Volume
On account of the intense competition among automotive
players, the increasing manufacturing activities in Canada and the United
States, and the efforts made by federal authorities to increase road safety
standards, the autonomous vehicle market growth in North America is set to
observe a growing trend. Furthermore, these factors are forecasted to reinforce
the sales of components that constitute driving systems, such as automotive
cameras.
A substantial number of companies continue to augment their
presence across various countries, generating intense competition in the global
automotive camera market. Therefore, the level of market penetration has also
increased worldwide. With advertising expenses on the higher side, as multiple firms
strive to manufacture more products and endorse them on a wider scale, the
industrial rivalry is further intensified. Some of the key companies operating
in the market are Continental AG, Denso, Robert Bosch GmbH, etc.
About Inkwood Research
Inkwood Research specializes in syndicated & customized
research reports and consulting services. Market intelligence studies with
relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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