Published Date : Mar 12, 2018
ALBANY, New York, March 12, 2018 –MarketResearchReports.biz has announced the addition of a new report titled “Automotive Compact Camera Module Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2026”, to its offering. The report on the global automotive compact camera module market offers comprehensive insights into current growth dynamics, emerging technology trends, promising avenues and notable opportunities, and the competitive landscape.
The worldwide demand for automotive compact camera module rides on the popularity of wide-angle lens-based cameras in various types of commercial vehicles with the aim to enhance the driving experience. A substantially rising application of compact camera modules in automotive sector and the striking strides made by advanced driver assistance systems (ADAS) are notable trend accentuating the growth of the market. The global advanced driver assistance systems (ADAS) is prognosticated to rise at CAGR of 8.0% from 2017 to 2026. The global sales of automotive compact camera module is anticipated to collect a revenue of US$4,500 million by the end of the forecast period.
The staggering rise in adoption of compact camera modules in passenger cars and the growing demand for sensing cameras in ADAS are notable factors driving the market. The growing number of safety features to make the driving safe and the pressing need to prevent road accidents, especially in developing and developed economies, bode well for the market. Furthermore, the growing number of road mishaps also reflects positively on the demand for compact camera modules.
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The substantially rising demand for compact camera modules to act as potential replacement of rear and front view mirrors. The extensive adoption of automotive compact camera modules among vehicles for surround view park assist is a noteworthy trend boosting the market. The market is also expected to significantly benefit from industry efforts to automotive compact camera modules to other safety technologies in vehicles. The potential application of compact camera modules in managing the lane departure system is a noteworthy factor aiding in the rapid expansion of the market.
The rapid strides in the ADAS technology in developed regions is providing a robust impetus to the growth of the market. Advances in manufacturing methods for compact camera modules and the notably rising automotive industry in emerging economies are crucial factors expected to unlock promising prospects in the global market.
Among the various vehicle types where compact camera modules are used, the luxury passengers cars and premium passenger cars segment is likely to account for the major revenue in the global market over the assessment period. The demand for these cars is slated to have profound impact on the revenues of major regional markets.
Geographically, Asia Pacific is the most attractive regional market for compact camera modules, with robust sales in the region accounting for the major revenue over the assessment timeline. This is attributed to a rapid pace of industrialization in several economies, such as in China, India, and South Korea and a proliferating automobile production. Furthermore, a rising demand for luxury passenger cars will catalyze the growth of this regional market. This is trailed by North America and Europe, and both these regions presenting substantial lucrative avenues through the assessment period.
Top original equipment manufacturers (OEM) are focusing on developing innovative camera solutions to reduce blind spots, with an objective to bolster driver and passengers’ safety. Leading players are entering into collaborations and actively investing in research and development activities, in a move to consolidate their positions.
Prominent players operating in the automotive compact camera module market include Ability Opto-Electronics Technology Co., Ltd., AGC Networks Ltd., Continental AG, Huawei, Mobileye, Volvo, BYD Microelectronics, Toshiba Corporation, and Xiaomi Inc.
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