Congestion and regulations drive demand
The Indian automotive camera market is forecast to grow from US$30.34 million in 2018 to US$93.66 million by 2024, posting a CAGR of over 20% during the forecast period, on account of increasing road accidents.
Growing traffic congestion and strict government regulations are pushing the country’s automotive camera market, said a ResearchAndMarkets report “India Automotive Camera Market By Vehicle Type, By Technology, By Application, Competition, Forecast & Opportunities, 2024”.
Automotive cameras play a crucial role in the advanced driver assistance systems (ADAS). Moreover, increasing awareness regarding safety and government regulations are positively impacting the market growth.
In terms of vehicle type, the Indian automotive camera market has been categorized into passenger car, light commercial vehicle and heavy & medium commercial vehicle segments. Passenger car segment captured the major market share in 2018 and is anticipated to continue its market dominance during the forecast period, on account of surging population and high disposable income.
Based on the camera technology type, the market for automotive camera has been bifurcated into digital camera and thermal camera.
Camera segment is gaining traction due to increasing installation of ADAS in passenger cars. Driver assistance systems consist different components and varied configurations based on the assistance feature and technology used.
These systems are associated with cameras of various kinds including thermal cameras, digital cameras. These different configurations assist in various applications such as vehicle parking assistance, blind spot detection, driver monitoring system, lane departure warning and others. Vehicle parking assistance is the largest application segment in the Indian automotive camera market.
In terms of regional analysis, the Indian automotive camera market has been segmented into north, south, east and west. The developing economy is witnessing high demand for automotive cameras, owing to high demand for passenger cars and commercial vehicles. Increasing road accidents are further escalating the demand for automotive cameras.
Major companies operating in the Indian automotive camera market recorded high sale volumes in 2018 and the trend is likely to continue during the forecast period as well.
List of major players operating in the Indian automotive camera market includes Minda Automotive Solutions, Denso India Limited, Robert Bosch GmbH and Delphi Automotive among others.
Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
Delphi Automotive is one of the major players in the automotive camera market and is launching state-of-the-art products in order to expand its customer base. While Continental AG is collaborating with major market leaders such as IBM and Cisco to develop advanced technologies and for automotive digitization. fiinews.com
