Automotive Camera and Integrated Radar and Camera Market: $10.1 Billion Anticipated by 2026

The Automotive Camera and Integrated Radar and Camera Market Size is expected to increase at a compound annual growth rate (CAGR) of 10.5%, from USD 6.1 billion in 2021 to USD 10.1 billion in 2026.

Pune, 15/04/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

With a strong compound annual growth rate (CAGR) of 10.5% from 2021 to 2026, the Automotive Camera and Integrated Radar and Camera Market is expected to reach USD 10.1 billion by 2026. This indicates that the market is well-positioned for significant expansion. A number of variables are driving this growth trend, as the report "Automotive Camera and Integrated Radar and Camera Market with COVID-19 Impact Analysis" explores. The growing need for improved safety features and autonomous driving capabilities, as well as the growing integration of advanced driver-assistance systems (ADAS) and park assist applications in automobiles, are major drivers. The market includes a range of combined radar and camera systems as well as automotive cameras designed for specific uses and car makes.

The market for automotive cameras and integrated radar and cameras is expanding due to the growing demand for sophisticated security systems in cars as well as the growing need for improved safety features, especially in cars in the premium sector. Global safety laws are becoming increasingly strict, necessitating that cars have advanced safety technology installed in order to reduce hazards and safeguard occupants. The automobile industry is adopting automotive cameras and integrated radar and camera systems more widely as a result of the technological innovations and developments spurred by this spike in demand.

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Driver: Increasing demand for advanced security systems

Globally, the number of traffic accidents is rising, which has increased demand for safety technologies in cars, such as collision avoidance systems and parking assistance. As essential parts of advanced driver assistance systems (ADAS), integrated radar and video systems detect and categorise objects on the road, alerting drivers and possibly preventing accidents. Strengthening vehicle safety measures is more important than ever because of the startling increase in traffic accident fatalities, which according to the World Health Organization's 2020 report claimed 1.35 million lives yearly. Since a disproportionate number of teens die in traffic accidents, this tendency is especially urgent among younger generations. As a result, automakers are working harder to create and incorporate cutting-edge safety technologies into their cars, which is increasing demand for combined radar and video systems and automotive cameras. In the near future, the market is anticipated to rise significantly as a result of the growing emphasis on safety features.

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Integrated radar and camera is expected to grow at the highest rate during forecast period.

Over the course of the forecast period, the automotive camera and integrated radar and camera market is expected to witness significant expansion in the integrated radar and camera sector. Integrated radar camera systems, which incorporate both camera and radar components into a single module, are currently in a limited market. Applications for this integrated module in cars include lane departure warning (LDW), forward collision warning (FCW), adaptive cruise control (ACC), and autonomous braking for accident mitigation or avoidance. Since the combined module simplifies the installation and production procedures, one of the main benefits of this integration is the lower cost of sensors. Moreover, the integration makes it possible to maximise system performance and efficiency by utilising shared electronics and signal processing. The market for integrated radar and cameras is expected to grow significantly in the upcoming years due to the increasing integration of these systems into contemporary vehicles, which will help drive the adoption of advanced driver assistance systems (ADAS), which is being driven by the growing emphasis on vehicle safety.

Front-view segment to account for the largest size of the automotive camera and integrated radar and camera market in 2021

From 2021 to 2026, the combined radar and camera market is expected to be dominated by the front view segment. The reason for this dominance is the growing demand for advanced driver assistance system (ADAS) features that monitor oncoming traffic, make sure cars stay in their lanes, maintain safe distances from oncoming traffic, and effectively handle emergencies. Front view cameras are essential for ADAS features as well as dash camera applications. They greatly improve the functions of the lane-keeping assist system (LKAS), adaptive cruise control (ACC), traffic jam assist (TJA), autonomous emergency braking (AEB), and adaptive cruise control (ACC). The front view category is expanding due to the rise in connected and autonomous vehicle trends as well as the growing use of ADAS technologies. The demand for ADAS-equipped vehicles and, by extension, front view automotive cameras is further bolstered by government encouragement of original equipment manufacturers (OEMs) to incorporate advanced safety features into vehicles and by growing consumer preferences for enhanced safety features.

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ADAS application is expected to grow at the highest rate during forecast period.

The compound annual growth rate (CAGR) for the ADAS segment is expected to be greater during the forecast period, indicating that the segment is expected to grow rapidly. A number of variables, including as increased awareness of car safety ratings and the falling costs of componentry linked to the widespread use of cameras and radars, are driving this growth trajectory. Large original equipment manufacturers (OEMs) are incorporating ADAS systems into their cars more often in an effort to increase safety ratings and attract a wider range of buyers. Top automakers are either adding safety systems as standard equipment on all of their models or making them optional. Thus, demand for a range of components, including automotive cameras, integrated radar and camera systems, receivers, transmitters, and system-on-chip (SoC) solutions, is anticipated to increase as ADAS functions become more widely used. The market is expected to grow further due to various factors like the increasing number of automobile manufacturers adopting ADAS technologies, government mandates encouraging the integration of advanced safety features in vehicles, the increasing autonomy levels of vehicles, the growing demand from end users for safety features, and the increasing number of cameras installed in each vehicle to improve functionality and safety.

Europe is projected to be the largest market for automotive camera and integrated radar and camera from 2021 to 2026.

In 2020, Europe took the lead in the automobile camera and integrated radar and camera industry, accounting for the greatest portion of the market. Several reasons driving market growth can be linked to the region's dominant position. First off, Europe has made great strides in technology, which has encouraged creativity and led to the creation of innovative automobile innovations. Second, new uses for combined radar and camera systems and automobile cameras are becoming more popular in the area, which is driving up market demand. Europe also enjoys the benefits of a strong automotive sector, where the adoption of cutting-edge automotive technologies is spearheaded by reputable suppliers and manufacturers. Due to the region's rising need for these crucial parts for the automotive industry, these favourable conditions are anticipated to continue driving the expansion of the automotive camera and integrated radar and camera market in Europe.

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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