Automotive Camera Market Trends

Growth Drivers

• Increasing Penetration of Cars- Each has a basic video camera that records the road ahead, while others have more sophisticated cameras recording what's going on in the car. The automotive camera market is projected to gain in value over the coming years as vehicle penetration increases. In particular, as of 2022, more than 17% of the world's population had a car.
• Rising Adoption of 360-Degree Camera- 360-degree cameras provide a driver with real-time visibility of an area surrounding the vehicles that is about two feet in diameter. The 360-view cameras also assist drivers in navigating through traffic jams and parking lots in a safe manner, enabling them to observe obstacles, pedestrians, or another vehicle into blind spots resulting in reduced risk of accidents. With increasing awareness, car manufacturers have been forced to put 360-degree cameras with advanced technology on their vehicles in order to upgrade the safety features that consumers are aware of. The market is expected to grow over the forecast period in line with these factors.
• Adoption of Artificial Intelligence Based Cameras- Various suppliers, as well as manufacturers of autonomous vehicles are focusing on the development and deployment of AI cameras. Such systems provide safety functions such as adaptive cruise management, automatic braking, traffic signs identification and detection of pedestrians. The advantage of using artificial intelligence cameras is that, in combination with each other, they are cheap and offer a wide range of modern, secure, reliable or very precise technologies. The demand for AI-based cameras will be supported by the increasing demand for self-driving cars. As a result, AI based cameras are one of the latest trends in the automotive camera industry. 

Challenges

• Low Awareness Regarding the Benefits of Automotive Cameras- In particular, the reduction of road accidents is facilitated by automotive camera systems such as dash cams. The cameras also provide greater visibility to the drivers, as well as significant evidence for police in cases where a hit-and-run occurs. Nevertheless, all these benefits are usually not known to the public and this is causing a slowdown in market growth.
• The growth of the market may be hindered by a number of restrictive policies and regulations in relation to its use.
• The growth in the market could be hampered by concern over intrusion into private life.