Multi Camera System Market

Multi Camera System Market Size (2023 - 2028):

The Global Multi Camera System Market was worth US$ 0.82 million in 2022 and is anticipated to reach a valuation of US$ 2.31 million by 2028 and is predicted to register a CAGR of 18.81% during 2023-2028.

The market is driven by factors such as the increased emphasis of insurance companies on safety features, the growing trend to incorporate additional safety features into vehicles, and the rising need for vehicles in the premium segment.

Market Drivers:

The growing concern for home security and the increased focus of insurance companies on the multi-camera systems market have fueled the growth of the market. Increasing demand for vehicles and a corresponding increase in production is likely to contribute to the growth of the global multi-camera systems market. The rapid development of infrastructure around the world to adapt to the changing tide of the automotive industry will have a positive impact on the market for multi-camera systems. As government authorities develop favorable policies to encourage major automakers to drive technology development, the market for multi-camera systems is poised to experience rapid growth during the conjecture period.

Market Restraints:

The high upfront costs associated with multi-camera systems can be a major limiting factor in the marketplace.

MULTI CAMERA SYSTEM MARKET REPORT COVERAGE:

Market Segmentation:

Multi Camera System Market - By Function:

• Parking
• ADAS

ADAS (Advanced Driver Assistance System) has been subcategorized into Safety Application, Information Application, and Warning Application. Most infotainment systems work with multi-camera systems.

Multi Camera System Market - By Display Type:

• 2D
• 3D

The multi-camera framework is incorporated into the infotainment board or dashboard, which ventures 2D and 3D views. Increasing technological innovation has boosted the 3D display market, which is expected to grow at the fastest rate during the outlook period. The growth of 3D visualization is also linked to the increase in demand for vehicles in the premium segment. The improvement in client solace and driving experience through the multi-camera framework is liable for the development of the 3D display fragment in the car multi-camera systems business.

Multi Camera System Market - By Vehicle Type:

• Passenger Cars
• Commercial Vehicles

The passenger vehicle segment is estimated to have the largest share of the multi-camera systems market due to the increasing demand for ADAS functionality and the growth of autonomous and semi-autonomous vehicles. Growing safety concerns have fueled the growth of ADAS functionality, which is driving demand for semi-autonomous vehicles. Camera-based ADAS functions help meet high safety standards, driving the growth of passenger vehicles.

Multi Camera System Market - By Autonomous Driving:

• Level 1
• Level 2 & 3
• Level 4

The level-1 segment is estimated to experience significant growth compared to the level-2 and 3 segments.

Market Regional Analysis: 

The Global Multi Camera System Market Report includes the segmentation of regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

North America will emerge as one of the fastest-growing regions during the forecast period, followed by APAC. Increasing automobile production levels, strong investment in automotive research and development by OEMs, greater adoption of advanced technologies in automotive electronics, and rapid growth in autonomous and semi-autonomous vehicles compared to other regions, will drive the market of multi-camera systems in the North American nations. The Asia-Pacific region represents an important part of the global market for multi-camera systems. This is due to the increase in living standards and the increase in the young population. The rise of the automotive sector in Asia-Pacific is causing an increase in the production of vehicles equipped with multi-camera systems for automotive, especially in China and India. The automobile industry is in its infancy in the Middle East and South America. The market for multi-camera systems is expected to show steady growth over the outlook period. These regions are foreseen to provide opportunities in the future, with many automakers making investments to capitalize on the abundant demand in these areas.

Impact of Covid-19 On the Multi-Camera System Market:

Leading automotive companies like Bosch and Continental have announced the temporary shutdown of production because of the declined demand, supply chain disruption and to ensure the safety of their employees in different parts of the world during the coronavirus pandemic. Therefore, the call for multi-camera solutions is supposed to see a decline in 2020. Manufacturers must adjust production to avoid bottlenecks and plan production according to demand from OEMs and tier-one manufacturers. Automotive camera solutions lost revenue in the first quarter of 2020. Due to the severity of the pandemic, vehicle production is unlikely to resume, especially in the United States and major European countries, and players at level 1 suspect a further decline in revenue in the remaining quarters of 2020. For example, Aptiv's Advanced Security and User segment reported revenue of $ 902 million in the first quarter of 2020, compared to $ 1,023 million in Q1 2019, a 13% decrease. According to the company, the scenario could be worse in the second quarter, as global vehicle production is expected to fall between 50% and 60%. The company suspended production in China, followed by North America and Europe. Camera providers face disruptions in supply chains as countries are locked in to prevent the spread of the disease. Therefore, the automotive camera market is expected to experience a phase of decline in 2020.

Market Key Players:

1. Continental AG
2. Robert Bosch
3. Denso
4. Delphi
5. Samvardhana
6. Magna
7. Clarion
8. Valeo
9. Texas
10. NXP Semiconductors
11. Omnivision
12. Xilinx
13. Ambarella
14. Magneti Marelli

Market Recent Developments:

• The latest generation of Continental cameras gives the onboard computer bigger eyes. The modular, scalable, and interconnected MFC 500 camera platform performs all camera tasks and adapts to the architecture of each vehicle.
• German technology company Bosch recently announced a new indoor surveillance system with cameras and artificial intelligence that it hopes will improve the safety of drivers and passengers.
• DENSO Corporation and Qualcomm Technologies, Inc., an auxiliary of Qualcomm Incorporated, today declared the organizations' joint endeavors to create cutting-edge cockpit frameworks.
• Magna International Inc. declared that it is providing camera-based driver help frameworks and all-wheel drive segments on the new Maserati Levante as the conventional Italian games brand enters the extravagance SUV section unexpectedly.
• Clarion Co., Ltd. (President and CEO: Atsushi Kawabata / hereinafter "Clarion") has developed a multi-chamber washing system. This system automatically removes dirt from each chamber with a mist that is a mixture of air and liquid. The objective is to guarantee the precision of the cameras, which are utilized as outer sensors for self-ruling driving.