Side View Camera System Market

SKU: DMAUTR4873 | Last Updated On: Aug 16 2022 | Available Formats

> Side View Camera System Market Expected to reach a high CAGR 111.6% by 2029: DataM Intelligence

Side View Camera System Market is Segmented By Camera Type (Single Camera System, Multi Camera System), By Component (Camera, ECU, Display), By Vehicle Type (Passenger Cars, Commercial Vehicle), By Distribution Channel (OEMs, and Aftermarket) By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Side View Camera System Market size is projected to reach USD billion by 2029, with growth at a CAGR of 111% over the forecast period 2022-2029. A side view camera system is a digital system that continuously records the view by the sides of a vehicle. The side view camera system consists of an ECU, camera, and display. The camera is used to record the view while the ECU interprets the view and sends it to the display for viewing by the vehicle driver. Side view camera systems increase the driver's situational awareness and eliminate blind spots.

Rising rates of accidents due to blind spots are expected to boost the demand for side view cameras:

Growing vehicular traffic globally is also leading to a rise in accident rates. Most of these accidents occur due to driver error and failure to check blind spots. Lane changing or turning are common scenarios that may lead to a blind spot accident. Therefore, rising accidents due to blind spots are expected to augment the growth of the global side view camera system market during the forecast period.   

High costs of camera systems are expected to restrain the global side view camera system market:

Over the forecast period, the high costs of side view camera system systems are expected to prevent major growth of the global side view camera system market. Growing innovation is leading to incorporating more features in the system, which drives up prices. Many consumers are discouraged by the high prices, preventing the wider adoption of side view camera system systems.   

Increasing investment in cost optimization is expected to generate new opportunities for the global side view camera system market:

High prices have prevented the wider adoption of side view camera system systems. Increased investment in cost optimization will reduce development and manufacturing costs, ultimately lowering prices for consumers. It will lead to greater adoption of side view camera system systems, leading to the growth of the market.

Country-specific safety regulations are expected to present challenges for the global side view camera system market:

Many countries are currently adopting new legislations to improve vehicular safety standards. Since every country has different safety regulations, conforming to these safety standards will present major challenges for the global side view camera system market.

Side View Camera System Market Scope

Metrics

Details

Market CAGR

111.6%

Segments Covered

By Camera Type, By Component, By Vehicle Type, Distribution Channel, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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COVID-19 Impact Analysis

The COVID-19 pandemic had a major impact on the global side view camera system s market. The pandemic led to a drastic reduction in global automotive production. Furthermore, the reduction in capital expenditure by commercial vehicle fleet owners reduced demand for side view camera systems in the OEM and aftermarket segments. Supply chain disruptions caused by the pandemic have significantly impacted the production of side view camera systems. Despite the challenges caused by the pandemic, the long-term outlook for the global side view camera system market remains positive and the market is expected to witness significant growth in the coming years.     

Recent Developments in the Industry:

  1. In June 2021, according to the article, BMW filed a patent for a new virtual mirror, incorporating a side view camera system that projects images on the glass window.  
  2. In May 2022, Magna International Inc. launched a new safety system for forklifts that incorporate a side view camera system.  
  3. In March 2022, Robert Bosch GmBH showcased new innovations in automotive camera systems at the ISC West 2022.

Market Segmentation:

The scope of the report covers segmentation based on type, component, vehicle type, sales channel, and region. The global side view camera system market is segmented by type into single camera systems and multi-camera systems. The global side view camera system market is segmented by component into the camera, ECU, and display. By vehicle type, the global side view camera system market is segmented into passenger cars, commercial vehicles and heavy-duty vehicles. The global side view camera system market by sales channel is segmented into OEM and aftermarket. The global side view camera system market is segmented by region into North America, South America, Europe, Asia-Pacific, Middle East and Africa.

  1. Single Camera System: The system has a single wired camera that captures 2D images. The single-camera system offers good water and thermal resistance. The low cost and economical usage of a single camera system are key factors driving its demand.  
  2. Multi-Camera System: The system consists of multiple wired or wireless cameras that capture 3D images. Multi-camera systems offer a 360-degree view to drivers, ensuring increased situational awareness.   

Regional Classification:

According to the DataM Intelligence market research report, the global side view camera system s market is divided into North America, South America, Europe, Asia-Pacific, Middle East and Africa.

A study by the National Highway Traffic Safety Administration (NHTSA) found that 840,000 blind spot accidents occur in the U.S. each year, resulting in more than 300 deaths. According to another study by the Insurance Institute for Highway Safety (IIHS), a U.S-based non-profit think tank, 14% of all major highway accidents are caused by failure to check blind spots. The study further states that about 1 in 10 highway accident deaths involve the failure of trucks and other large vehicles to check blind spots. North America is a major hub of global commerce and has a dense network of highways. Dense vehicular traffic and increasing accident rates have prompted commercial vehicles to utilize side view camera systems.

The North American automotive industry is also undertaking significant research and developmental activities to integrate new camera technologies for increasing vehicle safety.  Due to an increase in demand for safety and comfort features in cars throughout the region, Europe is likely to account for a large share of the global side-view camera system market. The presence of key equipment manufacturers such as Ficosa International SA, Valeo, and Denso Corporation, which have large research and development facilities for vehicle safety features, is projected to boost the European side-view camera system market.

The Asia-Pacific side view camera system market is expected to be the fastest-growing regional market by 2029. The growth is attributed to countries such as China, India, Japan, and South Korea. There is a strong need for rising innovation and production volume, which drives the regional growth of the product. Furthermore, the region has a large concentration of automotive market heavyweights such as Nissan, Hyundai Motor Group, and Toyota Motor Corporation, all of which are highly motivated to adopt new technology to stay competitive and drive the demand for side view camera systems.

Competitive Analysis:

The global side view camera system market is moderately competitive with several key players. The major players adopt several growth strategies such as launching new products, patenting new technologies, collaborations and joint ventures, thereby contributing to the growth of the global side view camera system market.

Major Companies:

Some key companies contributing to the growth of the global side view camera system market include Delphi Technologies, Stoneridge Inc., Denso Corporation, Robert Bosch GmBH, Magna International Inc., Gentex International, Continental AG, Valeo, VisionTrack and Rear View Safety, among others.

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