The modernization of the automotive industry has necessitated the integration of cameras, which serve as the vehicle’s eyes, and are now a critical component. The rising adoption of advanced driver assistance systems (ADAS) and the burgeoning focus on autonomous vehicles, particularly in the Asia-Pacific (APAC) region, have propelled the market demand for automotive cameras and sensors. In light of these factors, the automotive cameras market in the region is forecast to experience a compound annual growth rate (CAGR) of 4.2% from 2024 to 2029, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report, “Global Sector Overview & Forecast: Automotive Cameras – Q2 2024” reveals that the automotive cameras market in APAC is estimated at 262.4 million units in 2024 and is expected to reach 323.0 million units in 2029.
Madhuchhanda Palit, Automotive Analyst at GlobalData, comments: “To enhance driving safety, reduce accidents, optimize traffic flow, and increase convenience for drivers and passengers, advanced driving assistance systems are progressively gaining prevalence. ADAS components such as Automatic Emergency Braking, Adaptive Cruise Control, Lane Keeping Assist, and Blind Spot Detection, employ a network of cameras, sensors, and radars. Consequently, the increasing demand for ADAS is driving the demand for automotive camera components.”
Furthermore, the increasing adoption of autonomous vehicles is fueling the demand for automotive cameras and sensors. For example, Nissan’s LEAF prototype self-driving car is equipped with an extensive sensor suite comprising 14 cameras, 10 radars, and 6 lidars.
China is leading the charge in producing Level 3 autonomous vehicles, with an anticipated surge commencing in 2024, bolstered by government initiatives. This development has sparked a corresponding increase in sector innovations aimed at improving the precision and functionality of cameras.
Palit adds: “To improve accuracy and road safety, innovations are being introduced within the sector, which are in different stages of adoption. For instance, vehicular vision is an innovation in the early stages of development and refers to the use of cameras and other imaging technologies in vehicles to improve safety and situational awareness for drivers and passengers. This includes cameras mounted inside and outside the vehicles, as well as image processing and data analysis techniques to identify objects, hazards, and other important information.”
Several prominent companies, including Valeo, Continental, and Bosch, are driving innovations in the automotive technology sector. For example, Valeo has developed a sophisticated smart front camera positioned behind the windshield. This camera is designed to effectively detect road lines, traffic signs, vehicles, bicycles, and pedestrians, thereby enhancing safety and functional capabilities on the road.
Similarly, Bosch introduced the MPC3 multi-purpose camera, which is installed behind the windshield, between the headliner and rear-view mirror. This camera is specifically engineered to rapidly and reliably recognize the vehicle’s surroundings, offering potential benefits for autonomous driving applications.
Palit concludes: “The increasing integration of advanced driving assistance features in vehicles, driven by government initiatives and heightened consumer awareness of road safety, has propelled manufacturers to equip their vehicles with enhanced safety features. This move helps in achieving superior safety ratings and subsequently bolster sales, thereby fueling the demand for automotive cameras.
“Furthermore, with the projected uptick in production and adoption of autonomous vehicles, the automotive camera sector is expected to witness a surge in both scope and necessity for innovations to uphold road safety standards.”
