The market for multi-camera systems was valued at USD 700.7 million in 2021 and is anticipated to reach USD 2843.4 million by 2030, growing at a CAGR of 19.13% over that time.
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The market is influenced by things like the increased focus insurance companies are placing on safety features, the expanding tendencies to add more safety features to cars, and the growing demand for cars in the premium class.
A multi camera system combines a camera with an integrated electronic device that is used in a variety of ways in the car. The operation of ADAS (Advanced Driver Assistance System) functions including blind spot recognition, object detection, and traffic sign recognition is supported by this multi-camera system. Given advancements in modern technology, this industry is anticipated to experience impressive growth during the forecast period.
The development of driverless and semi-autonomous vehicles, greater insurance company emphasis on safety features, and faster creation of real-time and trustworthy data from advanced driver assistance systems (ADAS) are the factors driving the growth of the multi camera system market.
The industry has expanded as a result of rising home security concerns and an increase in insurance companies' attention to the multi-camera system market. The global market for multi-camera systems is projected to expand as a result of rising vehicle demand and matching increases in production. The market for multi-camera systems will benefit from the quick global infrastructure development required to keep up with the evolving automotive sector. The market for multi-camera systems is anticipated to expand quickly over the speculative period as government authorities provide supportive regulations to encourage major manufacturers to push technological advancement.
Global Multi Camera System Market Report Coverage
|Market Size in 2021:||USD 700.7 million|
|Forecast Period 2021-2030 CAGR:||19.13%|
|2030 Value Projection:||USD 2843.4 million|
|Historical Data for:||2017 - 2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||136|
|Segments covered:||By Function, By Display Type, By Vehicle Type, By Autonomous driving, By Region|
|Companies Covered:||Samsung Electronics Co., Ltd., Canon Inc., Nikon Corporation, Sony Corporation, Panasonic Corporation, Olympus Corporation, Polaroid Corporation, Microscan Systems, Inc., Vision Components GmbH, Matrox Imaging, XIMEA GmbH|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the market|
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The high cost of developing the system and its related technologies is a major factor limiting the growth of the market for automotive multi camera systems. However, because to increased sales production and suppliers, the price of the multi-camera system is probably going to fall in the upcoming years. The market is dominated by a small number of global businesses and also includes many regional players.
COVID 19 Impact
Due to lockdowns, travel restrictions, and business closures, the COVID-19 has had an impact on the businesses and industries of numerous nations. The closing of numerous plants and factories has had a detrimental influence on the production, delivery schedules, and sales of goods on the international market. Travel restrictions have significantly curtailed the mobility of people and goods. Additionally, the consumer's buying power is significantly impacted by job loss and wage reductions. Due to the decreased demand for automobiles globally, the market for multiple camera systems was significantly impacted. However, this sector is expected to increase significantly if things return to normal.
Leading automakers Bosch and Continental have announced a temporary stoppage of production due to decreased demand, supply chain disruptions, and to protect their staff as the coronavirus epidemic spreads throughout the world.
The global Multi Camera system market is segmented Function, display, vehicle, autonomous Driving and region.
Global Multi Camera system Market, By Function
Based on Function type, the global Multi camera system is segmented into Parking and ADAS.
ADAS is divided into three subcategories: warning, information, and safety applications. The majority of information systems are multi-camera systems.
Global Multi Camera system Market, By Display Type
Based on Display type, the global Multi camera system is segmented into 2D and 3D.
The infotainment board, also known as the dashboard, which projects 2D and 3D views, incorporates the multi-camera system. The market for 3D displays has benefited from rising technical innovation and is anticipated to develop at the quickest rate over the forecast period. The rise in demand for vehicles in the premium class is closely correlated with the development of 3D visualisation. The growth of the 3D display segment in the market for car multi-camera systems is due to the multi-camera system's enhancement of customer comfort and driving experience.
Global Multi Camera system Market, By Vehicle Type
Based on Vehicle type, the global Multi camera system is segmented into Passenger Cars and Commercial Vehicle.
Because of the rising need for ADAS capability and the expansion of autonomous and semi-autonomous vehicles, the passenger vehicle segment is anticipated to hold the biggest share of the global market for multi-camera systems. The need for semi-autonomous vehicles is being driven by the rise of ADAS functionality, which has been pushed by escalating safety concerns. High safety standards are met in part because to camera-based ADAS features, which is fuelling the expansion of passenger cars.
Global Multi Camera system Market, By Autonomous Driving.
The level 2 and level 3 sector of the automotive multi camera system market is anticipated to experience the quickest growth throughout the forecast period, according to the level of autonomous driving. During the projection period, the level 1 segment is anticipated to represent the largest market segment. The desire for a multi camera system in commercial vehicles, mid-range, and premium cars can be credited with the segment's expansion.
Global Multi Camera system Market, By Region
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Geographically speaking, the global market for multi-camera systems may be divided into North America, Europe, Asia Pacific, and the rest of the world (RoW). Together, North America and Europe account for a sizable portion of the market for multi-camera systems worldwide. This is a result of the industry in these areas advancing technologically. A sizeable portion of the market for multi-camera systems worldwide is accounted for by Asia Pacific. This is a result of increased living standards and an increase in the number of children in the population. Increased manufacture of automobiles with automotive multi-camera systems is a result of the Asia Pacific region's automotive boom, particularly in China and India.
Recent Developments In The Global Multi Camera system Market
- In March 2022= Olympus introduced the 72DL PLUSTM ultrasonic thickness gauge, which offers high-speed, precise thickness readings in a portable package.
- In July 2022= To hasten the digital transformation of manufacturing facilities, Nikon recently released the ultra-compact LuFact machine vision camera.
- In July 2022= The Canon PowerShot Pick, the company's first smart camera, was released. Being a "intelligent photographic companion," it automatically records the priceless moments so that we may concentrate on enjoying them rather than attempting to record them.
List of Key Market Players
- Samsung Electronics Co., Ltd.
- Canon Inc.
- Nikon Corporation
- Sony Corporation
- Panasonic Corporation
- Olympus Corporation
- Polaroid Corporation
- Microscan Systems, Inc.
- Vision Components GmbH
- Matrox Imaging
- XIMEA GmbH
By Function Type
By Display Type
By Autonomous Driving
- Level 1
- Level 2&3
- Level 4
By Vehicle Type
- Commercial Vehicle
- North America, by Country
- North America, by Function Type
- North America, by Display Type
- North America, by Autonomous Driving
- North America, by Vehicle Type
- Europe, by Country
- The Netherlands
- Rest of Europe
- Europe, by Function type
- Europe, by Display Type
- Europe, by Autonomous Driving
- Europe, by Vehicle Type
- Asia Pacific, by Country
- South Korea
- Rest of Asia Pacific
- Asia Pacific, by Function Type
- Asia Pacific, by Display Type
- Asia Pacific, by Autonomous driving
- Asia Pacific, by Vehicle Type
Middle East & Africa
- Middle East & Africa, by Country
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa, by Function Type
- Middle East & Africa, by Display Type
- Middle East & Africa, by Autonomous Driving
- Middle East & Africa, by Vehicle Type
- South America, by Country
- Rest of South America
- South America, by Function Type
- South America, by Display Type
- South America, by Vehicle Type
- South America, by Autonomous Driving
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