Market Trends of Europe Automotive Camera Industry
Shifting Trends Towards ADAS and Autonomous Vehicle Will Fuel the Growth of Passenger Car Segment
- The factor which is likely to fuel the demand for the automotive camera in Europe is the popularity of ADAS-equipped cars in the region. Leading automotive OEMs and camera manufacturers are spending a huge amount on research and development of cameras to make vehicles safer.
- The integration of modern safety and comfort features in vehicles, such as advanced driver assistance systems, vehicle infotainment, and many others, is increasing significantly in the market. Additionally, increased production of automobiles with integrated advanced driver-assistance system (ADAS) features in response to increased passenger comfort and safety awareness, as well as government legislation mandating safety measures, are expected to drive market demand. Furthermore, the growing acceptance of self-driving or automated vehicles contributes to the market's expansion.
- Rising demand for electric vehicles across the region is likely to create an opportunity for the market in the coming years. Several vehicle manufacturers are introducing new connected vehicle platforms, which are likely to enhance growth during the forecast period.
- For instance, in November 2022, Next.e.GO Mobile SE (e.GO), a producer of urban electric vehicles (EVs), partnered with connected vehicle platform company Sibros to deploy connected mobility solutions into its new vehicles across Germany.
- Furthermore, the high level of competition among original equipment manufacturers (OEMs), government measures promoting the use of safety systems in vehicles, and an increase in population disposable income benefit the automotive park assist system market. To capitalize on the growing demand, OEMs are offering park assist features in their high-end variants.
- For instance, in February 2022, BMW launched the i4, an all-electric four-door sports sedan. The i4 comes with the standard feature of a parking assistant program that employs ultrasonic sensors to help the driver select and use parking spaces that are either parallel or perpendicular to the road.
- Sensing cameras are gradually becoming an integral part of an active safety system in vehicles. The growth can be attributed to the increase in safety concerns of the passengers and strict government initiatives. Sensing cameras also provide a higher level of performance than general-purpose driving cameras by maintaining quality standards as cost-effective solutions. This is likely to witness major growth for the market during the forecast period.
- Sensing cameras provide a higher level of performance than general-purpose driving cameras while also meeting the required automotive quality standards as cost-effective solutions. With the increasing adoption of ADAS features in vehicles, the demand for cameras has been increasing.
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Germany is Anticipated to Lead the European Automotive Camera Market
- Germany is one of the leading vehicle manufacturing countries across the globe. The country has the major presence of housing industry giants such as Volkswagen, Daimler-Mercedes, BMW, Porsche, etc. The automotive industry in the country accounts for much of the R&D spending of the country, with a share of over 35%.
- Several presences of automotive tier-1 suppliers, such as Robert Bosch, Continental AG, and others across the country, are likely to witness major growth in the market during the forecast period. Sensing cameras also provide a higher level of performance than general-purpose driving cameras by maintaining quality standards as cost-effective solutions.
- With the increasing adoption of advanced driver-assistance system (ADAS) features in vehicles, the demand for cameras has been increasing significantly. For instance, Continental AG, one of the leaders in automotive camera manufacturing company in Germany, had introduced a ProViu ASL360 camera to assist drivers by stitching multiple images with an all-round 360-degree view, reducing blind spots and displaying pedestrians and other objects in the immediate vicinity.
- Major vehicle manufacturers and automotive technology R&D firms are working on the development of next-age technology, including automotive cameras, for which some of them are collaborating to share the tech and speed up the process. For instance, in May 2022, Mercedes-Benz Group announced the sale of vehicles equipped with conditionally automated driving technology in Germany.
- With the above-mentioned developments across the country, the market is witnessing major growth across the country during the forecast period.
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