According to the World Health Organization, over 1 million people die worldwide because of road traffic accidents. A majority of these deaths are caused by poor visibility in vehicles. In 2010, the European Union passed a legislation to address the issue of the ”blind spot” by enforcing mandated rear-view cameras. TechNavio predicts that this legislation will spread globally in the next few years, increasing the demand for vehicular cameras. In turn, the Global Automotive Camera Market is forecasted to grow at a CAGR of 37.94 percent if it can overcome some significant challenges.
The largest hindrance to market expansion is that at present, rear-view cameras are mostly limited to luxury car vendors.
The 5 key suppliers of automotive camera are Aisin, Audiovox, Robert Bosch, Continental, and Delphi-all of whom source their products to 11 different car manufacturers. Of these manufacturers, more than half are known for their premium vehicles, including:
- Audi
- Bayerische Motoren Werke (BMW)
- Fiat
- Mercedes-Benz
- Peugeot Citroen
- Volvo
The largest group of consumers for auto-safety technology however, is typically the family sector. This means that before any exponential growth in the automotive camera industry occurs, an affordable system designed for mass-market vehicles is necessary.
Unfortunately, providing such a system is not as simple as it sounds. The dominance of luxury brands in the vehicular camera market is not merely a matter of status and style. Rather, the cameras themselves are very expensive to produce because of the supplies and technology required. Therefore, suppliers and vendors must focus on finding new methods and materials to produce affordable systems, and facilitate the expansion of automotive cameras to low-cost cars.
Once these issues of accessibility are addressed, it is very likely that the Global Automotive Camera Market will expand rapidly, and rear-view cameras will become vehicle standards, just like airbags, childproof locks, and other auto-safety features.
For more information, view our 2012-2016 Global Automotive Camera Module Market Report.
Other Related Reports:
Global Automotive Safety System Market 2011-2015
Global Advanced Driver Assistance System Market 2011-2015
Global Lane Departure Warning System Market 2011-2015
