Global Side View Camera System Market - 2022-2029
The global side view camera system market reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.
A side view camera system is a novel camera-embedded side mirror system that improves motorists' perception of driving conditions while lowering fuel consumption. Cameras are put where the internal rearview mirror and outside side mirrors are generally located, allowing passengers to see what was previously only visible from the outside of the vehicle.
The driver's side vision is improved by making the pictures more transparent and visible in all weather conditions. Further, the system can incorporate driver assistance functions such as blind-spot recognition and door opening assistance by identifying passing automobiles, motorcycles and bicycles.
The rising accident due to blind spots is expected to drive the market. However, high cost and maintenance issue is likely to hinder the market.
The rising accident due to blind spot
Side-view mirrors have been a standard and required feature in automobiles for decades. However, side mirrors leave a blind spot, which causes many accidents. A blind spot is a natural occurrence that all drivers encounter daily. According to various assessments conducted thus far, thousands of road accidents occur due to vehicle mishandling due to these blind areas. Some collisions result in fatalities or severe injuries to the occupants of the vehicles. For instance, according to the National Highway Traffic Safety Administration (NHTSA), an estimated 840,000 blind spot incidents occur in U.S. each year, resulting in around 300 fatalities.
A side-view camera system can embed driver assistance system features such as blind-spot detection and door-opening assistance by detecting passing vehicles, motorbikes or bicycles. For instance, in 2016, BMW launched a side-view camera system instead of a traditional side mirror in its concept car. Traditional mirror cameras are bulkier and less aerodynamic.
According to BMW's project manager for Camera Monitor Systems (CMS), the cameras improve the car's aerodynamics by 3%, resulting in a 1% increase in range. Furthermore, two stereoscopic cameras installed beneath the rear hatch glass show what is directly behind the vehicle and serve as a parking backup camera.
High cost and maintenance issue is likely to hinder the market
Cost is one of the significant factors of cameras not replacing side mirrors yet. Installing, replacing and repairing side mirrors is generally affordable, but this is not the case with camera systems. Side cameras raise the initial cost and are more costly to maintain and repair. Moreover, it is still possible to utilize a side mirror even if it's cracked. It won't be the case with side cameras, which, if they fail, can render a driver blind on the road. Aside from the increased time and cost of repairing or replacing a side camera, it is also impossible for police officials to tell if they have one, making it more difficult to enforce traffic offenses.
COVID-19 Impact Analysis
Automotive OEMs and mobility industry businesses were the hardest hit during the COVID-19 crisis. COVID-19, by driving changes in the macroeconomic climate, legislative tendencies, technology and consumer behaviors, could have a long-term impact on mobility. However, because trends fluctuate by region, responses and results for mobility players will vary.
Based on component, the global side view camera system market is segmented into the camera, ECU and display.
The display component is likely to keep a considerable market share over the projection period due to the greater cost of displays. Two displays are required for a side camera system and the cost of such displays will always outweigh the expense of other components. Lighting and HMI producers now have more design options thanks to increased investments and improvements in mass production of high-quality Organic Light-Emitting Diode (OLED) panels.
For instance, in August 2018, Denso Corporation, a major company in the view camera system market, invested US$ 270 million in JOLED Inc. JOLED was the first company to bring printed OLED displays to market. The demand for various display types in the side view camera systems is expected to grow as advanced display solutions become more widely adopted in the automotive industry.
The global side view camera system market is segmented into North America, Europe, South America, Asia-Pacific, and Middle East & Africa based on geography.
Asia-Pacific is projected to hold a significant share in the global side view camera system because of considerable demand for advancing innovations and production volume in Japan, China, South Korea and other countries. For instance, in 2018, Lexus, a Japan-based luxury automaker company, unveiled the ES300h version L sedan with side view camera systems. In 2016, Japan established legislation allowing OEMs to include side view camera systems instead of side-view mirrors.
Furthermore, the market in the region is projected to be driven by advantageous laws and advancements for Japan-based OEMs. In 2018, Japan, for example, has already accepted the benefits of side view camera systems. Over the projected period, other important countries in the region, such as China and South Korea, are expected to rise. China's increased vehicle production will drive the market in the region over the forecast period.
Global Side View Camera System Market Competitive Landscape
The global side view camera system market is consolidated due to the presence of major companies as the technology is still in the developing phase and requires a significant investment. Major companies include Continental AG, Valeo, BMW, Hyundai Mobis, Lexus Samvardhana Motherson, Robert Bosch, Magna International, Stoneridge and Denso Corporation. The major players in the market are known to incorporate numerous market strategies to achieve growth in the global side view camera system market; these include collaborations, acquisitions, product launches, contributions and mergers.
Overview: Continental AG is a German-based multinational company specialized in manufacturing automotive parts. It is headquartered in Lower Saxony, Germany. Further, the company operates into six divisions: Powertrain, Chassis and Safety, Interior, Tires, ContiTech and ADAS (Advanced Driver Assistance Systems).
Product Portfolio: Continental AG offers the surround view system that provides a complete 360° view around the complete vehicle. Further, it allows simple blind spot mitigation.
Key Development: At CES 2018, Continental AG showcased a next-generation digital cockpit with displays and touchscreens that span the car's entire width, forming a holistic system that includes everything from the digital side mirror to the central display.
The global side view camera system market report would provide approximately 69 tables, 59 figures and almost 192 pages.
Target Audience 2022
LIST NOT EXHAUSTIVE