The Growing Demand for Automotive Backup Cameras: Market Trends,...

The Growing Demand for Automotive Backup Cameras: Market Trends, Market Share, Analysis, and Forecast | UnivDatos Market Insights

Postado 2023-06-19 11:26:19

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Global Automotive Backup Camera Market is expected to grow at a CAGR of around 6.9% during the forecast period 2021-2027. The Automotive Backup Camera Market generated revenue of US$ 4 billion in 2020. New and better car cameras, such as night-vision cameras, wide-angle cameras, and infrared cameras, have been developed as a result of technological advancements. These cameras offer essential information to the driver while driving or parking the vehicle. Cameras may now record high-resolution, high-definition real-time videos for improved eyesight, which can aid the driver in safely navigating. Previously, when reversing and parking a vehicle, drivers relied solely on the side and rear-view mirrors; however, automotive rear cameras have made backing up the vehicle more secure and safe, with less distraction during parking and overtaking.

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As most of the nations have made it compulsory to install the backup cameras in new vehicles, the demand for such camera is going to boost in similar rate as vehicle sales increases. Tow trucks and huge trailers, which cover a larger area on the road when travelling and require assistance while parking and reversing the vehicle, have a wider applicability for backup cameras. Additionally, backup cameras are far more effective and efficient because they aid in the reduction of accidents caused by rear blind zones that are not visible to the driver while reversing the car. Backup cameras are placed in vehicles during production or by aftermarket sources and are positioned at the vehicle’s surface, flush, or licence plate, giving the driver a better view of the vehicle’s rear side.

The global breakout of the COVID-19 epidemic hindered the expansion of the automotive backup camera market. Due to lower demand, supply chain constraints, and to preserve the safety of their employees in France, Germany, Italy, and Spain during the COVID-19 pandemic, major automotive camera manufacturers such as Bosch and Continental have announced the halt of production. As a result, in 2020, demand for vehicle camera solutions is predicted to fall. Manufacturers will most likely alter production to avoid bottlenecks and schedule production based on demand from OEMs and tier 1 suppliers. In the first quarter of 2020, major automotive camera solution vendors lost money.

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For a better understanding of the market adoption of Automotive Backup Camera, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. North America dominated the market in 2020 but Asia Pacific will grow at a higher rate during the forecasted period. Governments are more proactive towards initiatives related to vehicle safety features which is a major driving factor of the industry growth. The backup camera for vehicles has grown in popularity across the world due to the higher number of accidents that occur during vehicle reversal, followed by the number of deaths and infrastructure damage. Backup cameras can also provide a view of the vehicle’s blind area on the back side, which has aided the growth of automobile backup cameras. Some of the major players operating in the market includes Continental AG, Robert Bosch GmbH, Aptiv PLC, Magna International, Valeo, Delphi Technologies, Pyle USA, Ficosa Internacional SA, Mcnex Co., Ltd and Autoliv Inc. etc.

Global Automotive Backup Camera Market Segmentation

Market Insight, by Position

· Surface Mounted

· Flush Mounted

· License Mounted

Market Insight, by Vehicle

· Passenger

· Commercial

Market Insight, by Sales Channel

· OEM

· Aftermarket

Market Insight, by Region