What Is The Definition Of The Global Side View Camera System Market?
A side view camera system, often referred to as a blind spot camera or side assist camera, is an advanced driver assistance system (ADAS) designed to enhance vehicle safety and driver awareness. These systems provide drivers with a visual representation of the areas adjacent to the vehicle, which are typically difficult to see using traditional side mirrors alone. The primary purpose of a side view camera system is to improve driving safety by reducing blind spots and providing a clearer, more comprehensive view of the vehicle's surroundings.
Side View Camera System Global Market Report 2024 provides data on the global side view camera system market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The side view camera system market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Side View Camera System Market Size And Annual Growth Rates?
The side view camera system market has also shown remarkable growth in recent years. It is expected to increase from $1.92 million in 2023 to $3.57 million in 2024, marking a CAGR of 85.9%. The growth during the historical period can be attributed to increasing vehicle safety regulations, higher consumer demand for enhanced driver assistance systems, the rising popularity of electric and autonomous vehicles, the increase in road accidents, the transition towards smart, connected autonomous vehicles, and higher demand for improved vehicle visibility. Looking ahead, the side view camera system market is projected to grow to $42.72 billion by 2028, with a CAGR of 86%. The driving factors for this growth include a greater emphasis on vehicle safety regulations, rising demand for luxury and high-end vehicles, the expansion of the electric and autonomous vehicle markets, growing consumer preference for enhanced vehicle aesthetics and aerodynamics, and greater awareness about reducing blind spots and road accidents. Key trends in the coming years include advancements in automotive safety technologies, adoption of advanced driver-assistance systems (ADAS), innovations in camera technology, integration with AI for enhanced functionalities, advancements in autonomous vehicle technology, and innovations in sensor technologies.
Which Key Drivers Are Propelling The Side View Camera System Market's Growth?
The increasing demand for vehicles is anticipated to boost the side-view camera system market. Vehicle numbers are rising due to population growth, urbanization, and economic development, leading to greater vehicle ownership and better access to transportation infrastructure. Side-view camera systems enhance vehicle safety by offering drivers better visibility of blind spots, aiding in safer lane changes and parking. For example, the Australian Department of Infrastructure reported that as of January 31, 2022, there were 20.7 million registered motor vehicles in the country, with a notable increase in battery electric and hybrid-electric vehicles. As the demand for vehicles grows, so will the side-view camera system market.
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What Are The Key Segments Within The Global Side View Camera System Market?
The side view camera system market covered in this report is segmented –
1) By Component: Camera, Electronic Control Unit (ECU), Display, Other Components
2) By Technology: Infrared Camera, Thermal Camera, Digital Camera
3) By Mounting Location: Body Mounted, Door Mounted
4) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
5) By Application: Park Assist System, Driver Monitoring System, Blind Spot Detection, Night Vision System, Other Applications
How Are New Trends Impacting The Size Of The Side View Camera System Market?
In the side view camera system market, companies are enhancing camera technology with speed assist systems to improve safety and object detection. These systems monitor vehicle speeds in real-time, alerting drivers if they exceed speed limits or approach vehicles too quickly. For instance, in July 2023, Mobileye Global Inc., an autonomous driving company based in Israel, introduced the first camera-only intelligent speed assist. This solution helps original equipment manufacturers (OEMs) meet the EU's General Safety Regulation (GSR) requirement by automatically detecting speed limits without relying on third-party maps or GPS data. Instead, it recognizes traffic signs and other visual cues around the vehicle.
Which Region Drives The Highest Growth In The Side View Camera System Market?
Europe was the largest region in the side view camera system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the side view camera system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
