Side view camera market to reach 388 million by 2027
The side view camera system market, by value, is projected to reach USD 388 million by 2027 from USD 2 million in 2020, at a CAGR of 112.0%.
The side-view camera system market, by volume, is expected to reach 10 thousand units in 2020 and 2,235 thousand units by 2027, at a CAGR of 115.2%.
Side view camera system helps in prevention of road accidents.It is better than traditional rear view mirror system installed in vehicles.
It is real-time rear view system in which other intelligent software for early warning, vehicle control and emergency communication can be added.
The market is driven by the rising demand for the safety and comfort of passengers.
The Asia Pacific is estimated to lead the side view camera system market due to the increasing focus on safety standards to minimize fatal accidents on the road.
The rising adoption of electric vehicles in China and Japan is also expected to drive the side view camera system market in this region.
Europe is expected to lead the market due to favorable regulations for side view camera systems and early adoption of these systems in countries such as Germany.
On the other hand, Asia Pacific is projected to be the fastest-growing market during the forecast period.
The market growth in the Asia Pacific region is driven by a significant demand for innovation and an increase in vehicle production in China, Japan, and South Korea.
In 2018, Japanese luxury automaker Lexus launched ES 300h version L sedan with side view camera systems.
Earlier, in 2016, Japan passed regulations for side view camera systems that allowed OEMs to integrate camera systems in place of side-view mirrors.
Favorable regulations and innovations by Japanese OEMs are expected to drive the market in this region.
The side view camera system market is dominated by a few global players and comprises several regional players.
Some of the key players in the side view camera system market are Hyundai Mobis (South Korea), Continental AG (Germany), Valeo (France), Samvardhana Motherson (India), Magna International (Canada), Robert Bosch (Germany), Denso Corporation (Japan), and Stoneridge (US).
Denso Corporation (Japan) adopted organic strategies to retain its leading position in the side view camera system market.
Side view camera market to reach 388 million by 2027
The side view camera system market, by value, is projected to reach USD 388 million by 2027 from USD 2 million in 2020, at a CAGR of 112.0%.
The side-view camera system market, by volume, is expected to reach 10 thousand units in 2020 and 2,235 thousand units by 2027, at a CAGR of 115.2%.
Side view camera system helps in prevention of road accidents.It is better than traditional rear view mirror system installed in vehicles.
It is real-time rear view system in which other intelligent software for early warning, vehicle control and emergency communication can be added.
The market is driven by the rising demand for the safety and comfort of passengers.
The Asia Pacific is estimated to lead the side view camera system market due to the increasing focus on safety standards to minimize fatal accidents on the road.
The rising adoption of electric vehicles in China and Japan is also expected to drive the side view camera system market in this region.
Europe is expected to lead the market due to favorable regulations for side view camera systems and early adoption of these systems in countries such as Germany.
On the other hand, Asia Pacific is projected to be the fastest-growing market during the forecast period.
The market growth in the Asia Pacific region is driven by a significant demand for innovation and an increase in vehicle production in China, Japan, and South Korea.
In 2018, Japanese luxury automaker Lexus launched ES 300h version L sedan with side view camera systems.
Earlier, in 2016, Japan passed regulations for side view camera systems that allowed OEMs to integrate camera systems in place of side-view mirrors.
Favorable regulations and innovations by Japanese OEMs are expected to drive the market in this region.
The side view camera system market is dominated by a few global players and comprises several regional players.
Some of the key players in the side view camera system market are Hyundai Mobis (South Korea), Continental AG (Germany), Valeo (France), Samvardhana Motherson (India), Magna International (Canada), Robert Bosch (Germany), Denso Corporation (Japan), and Stoneridge (US).
Denso Corporation (Japan) adopted organic strategies to retain its leading position in the side view camera system market.
