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‘Eyes of the vehicle’ set for more growth

Cameras as the ‘eyes of the vehicle’ are here to stay and look likely to only proliferate according to new data.

GlobalData’s latest report found automotive cameras will become an increasingly critical component in modern vehicles across the Asia Pacific while market demand is predicted to increase over the next five years.

In yet another signal of the importance of the repair industry being adequately trained and equipped to safely repair these vehicles, the “Global Sector Overview & Forecast: Automotive Cameras – Q2 2024” report found the sector will increase at more than four per cent each year.

The leading data and analytics company found the rising adoption of ADAS and the focus in Asia on autonomous vehicles, will continue to drive the demand at a compound annual growth rate of 4.2 per cent from 2024 to 2029.

Growing Market

GlobalData Automotive Analyst Madhuchhanda Palit says the market for automotive cameras is estimated to grow from 262.4 million units in 2024 to reach 323.0 million units in 2029.

“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 fuelling 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.

Autonomous demand

“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.”

“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.”

Competitive drive

He says competition among leading tech companies is driving the innovation in the 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 says

: “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 fuelling 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.”

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