Global Automotive Surround View Systems Market Growth, Share, Size, Trends and Forecast (2024 - 2030)
By Vehicle Type;
Passenger cars and Commercial vehicles.By Component;
Camera, Ultrasonic Sensors, Control Units, and Others.By Geography;
North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2020 - 2030).Introduction
Global Automotive Surround View Systems Market (USD Million), 2020 - 2030
In the year 2023, the Global Automotive Surround View Systems Market was valued at USD 2,464.55 million. The size of this market is expected to increase to USD 7,850.75 million by the year 2030, while growing at a Compounded Annual Growth Rate (CAGR) of 18.0%.
The global automotive surround view systems market has witnessed significant growth in recent years, driven by the increasing demand for advanced driver assistance systems (ADAS) and the rising emphasis on vehicle safety. Surround view systems, also known as bird's-eye view or 360-degree camera systems, provide drivers with a comprehensive view of their vehicle's surroundings, aiding in parking and maneuvering in tight spaces. This technology has become increasingly popular among consumers and automotive manufacturers alike, leading to its widespread adoption across various vehicle segments.
One of the key factors contributing to the growth of the automotive surround view systems market is the growing consumer preference for vehicles equipped with advanced safety features. With concerns about road safety on the rise, particularly in urban areas with heavy traffic, consumers are increasingly opting for vehicles equipped with ADAS, including surround view systems, to enhance their driving experience and mitigate the risk of accidents.
Stringent government regulations mandating the inclusion of safety features in vehicles have further propelled the adoption of surround view systems by automotive manufacturers. These regulations, aimed at reducing road accidents and fatalities, have incentivized automakers to integrate advanced safety technologies into their vehicles, thereby driving the demand for surround view systems.
Additionally, technological advancements such as the integration of artificial intelligence (AI) and machine learning algorithms have enhanced the capabilities of surround view systems, enabling them to provide real-time, high-definition views of the vehicle's surroundings. This has significantly improved the accuracy and reliability of these systems, further fueling their adoption across the automotive industry.
The automotive surround view systems market is expected to continue its growth trajectory, driven by factors such as the increasing penetration of electric and autonomous vehicles, which are likely to incorporate advanced safety features as standard. Furthermore, ongoing research and development efforts aimed at enhancing the functionality and performance of surround view systems are anticipated to open up new opportunities for market players, driving innovation and further expansion of the market.
Global Automotive Surround View Systems Market Report Snapshot
Parameters | Description |
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Market | Global Automotive Surround View Systems Market |
Study Period | 2020 - 2030 |
Base Year (for Automotive Surround View Systems Market Size Estimates) | 2023 |
Drivers |
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Restraints |
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Opportunities |
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Segment Analysis
The global automotive surround view systems market has witnessed remarkable growth in recent years, driven by increasing consumer demand for advanced safety features and enhanced driving experiences. Surround view systems utilize multiple cameras strategically placed around the vehicle to provide a comprehensive, bird's-eye view, aiding drivers in maneuvering through tight spaces and improving overall safety. This technology has gained significant traction, especially in urban areas where parking spaces are limited and parallel parking can be challenging. As automotive manufacturers continue to prioritize safety and innovation, the adoption of surround view systems is expected to surge further.
One of the key drivers behind the growth of the automotive surround view systems market is the rising awareness among consumers regarding the importance of safety features in vehicles. Governments across the globe are also implementing stringent regulations mandating the inclusion of advanced safety technologies in automobiles, further propelling the demand for surround view systems. Additionally, the integration of artificial intelligence (AI) and machine learning algorithms has enhanced the capabilities of these systems, enabling features such as object detection, pedestrian detection, and automatic parking assistance, thereby augmenting their appeal to consumers.
Technological advancements, particularly in camera resolution and image processing capabilities, have significantly improved the performance and accuracy of surround view systems. Manufacturers are continually investing in research and development to enhance the functionality of these systems, including the integration of augmented reality overlays and real-time 3D visualization, thereby enriching the driving experience. Furthermore, the growing popularity of electric and autonomous vehicles presents lucrative opportunities for market players, as these vehicles often come equipped with advanced driver assistance systems, including surround view technology, as standard or optional features.
Despite the promising growth prospects, challenges such as high initial costs and concerns regarding data privacy and cybersecurity remain significant hurdles for market penetration. Moreover, the COVID-19 pandemic has disrupted global supply chains and dampened consumer purchasing power, leading to a temporary slowdown in the automotive industry. Nevertheless, as economies recover and automotive production ramps up, coupled with increasing consumer inclination towards safety and convenience features, the global automotive surround view systems market is poised for sustained growth in the coming years.
Global Automotive Surround View Systems Segment Analysis
In this report, the Global Automotive Surround View Systems Market has been segmented by Vehicle Type, Component and Geography.
Global Automotive Surround View Systems Market, Segmentation by Vehicle Type
The Global Automotive Surround View Systems Market has been segmented by Vehicle Type into Passenger cars and Commercial vehicles.
The global automotive surround view systems market is experiencing significant growth, largely attributed to the rising demand for advanced safety features and enhanced driving experience. One of the key segments shaping this market is vehicle type. Passenger cars and commercial vehicles represent the primary categories under this segmentation.
Passenger cars have emerged as the dominant segment in the automotive surround view systems market, fueled by increasing consumer preference for luxury and high-end vehicles equipped with cutting-edge safety technologies. With the growing emphasis on passenger safety and comfort, automakers are integrating surround view systems to provide drivers with a comprehensive view of their vehicle's surroundings, thereby reducing blind spots and enhancing maneuverability, especially in tight parking spaces and urban environments.
Commercial vehicles are also adopting surround view systems at a notable pace. This trend is primarily driven by the need to enhance safety and efficiency in logistics and transportation operations. Fleet operators are increasingly recognizing the value of surround view systems in mitigating the risks associated with large vehicles, such as trucks and buses, particularly in crowded urban areas and during complex maneuvers like reversing and docking.
Both passenger cars and commercial vehicles are witnessing a surge in the adoption of surround view systems, albeit for slightly different reasons. While passenger car buyers seek advanced safety and convenience features to enhance their driving experience, commercial vehicle operators prioritize solutions that improve operational efficiency and safety standards. As automotive technology continues to evolve, the demand for surround view systems across both vehicle types is expected to remain robust, driving further innovation and market expansion.
Global Automotive Surround View Systems Market, Segmentation by Component
The Global Automotive Surround View Systems Market has been segmented by Component into Camera, Ultrasonic Sensors, Control Units, and Others.
The global automotive surround view systems market is experiencing significant growth, largely driven by advancements in automotive safety technologies and the increasing demand for enhanced driver assistance systems. One of the key segments shaping this market is the component category, which includes cameras, ultrasonic sensors, control units, and other essential elements.
Cameras play a pivotal role in surround view systems, providing real-time images of the vehicle's surroundings to the driver. With the integration of multiple cameras positioned around the vehicle, drivers gain a comprehensive view, aiding in parking, maneuvering in tight spaces, and avoiding obstacles. The demand for high-resolution cameras with advanced features such as night vision and object detection capabilities is on the rise, further fueling market growth.
Ultrasonic sensors complement cameras by providing additional data on the vehicle's proximity to objects. These sensors emit sound waves and measure the time taken for them to bounce back, thereby detecting obstacles in the vehicle's vicinity. As automotive manufacturers focus on improving safety standards and reducing accidents, the adoption of ultrasonic sensors in surround view systems continues to increase.
Control units serve as the brain of the surround view system, processing data from cameras, sensors, and other components to generate a coherent and real-time view for the driver. These units employ sophisticated algorithms to stitch together images from multiple sources, ensuring seamless integration and accurate representation of the vehicle's surroundings.
Besides these primary components, there are other supporting elements such as wiring harnesses, displays, and software solutions that contribute to the functionality and performance of automotive surround view systems. As the automotive industry transitions towards autonomous driving and connected vehicles, the demand for comprehensive surround view systems equipped with advanced components is expected to surge, driving further market expansion.
Global Automotive Surround View Systems Market, Segmentation by Geography
In this report, the Global Automotive Surround View Systems Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Global Automotive Surround View Systems Market Share (%), by Geographical Region, 2023
The global automotive surround view systems market is witnessing significant growth, driven by advancements in automotive safety features and the increasing demand for enhanced driving assistance systems. These systems offer a 360-degree view of the vehicle's surroundings, aiding drivers in parking and maneuvering in tight spaces, thus reducing the risk of accidents. North America and Europe are leading markets for automotive surround view systems, owing to the presence of key automotive manufacturers and stringent safety regulations.
In North America, the adoption of advanced driver assistance systems (ADAS) is rapidly increasing, fueled by consumer demand for safer vehicles and regulatory initiatives promoting vehicle safety. Europe, with its robust automotive industry and focus on technological innovation, is expected to maintain a substantial market share. Moreover, the region's emphasis on reducing carbon emissions and improving road safety is propelling the integration of surround view systems into vehicles.
The Asia Pacific region is witnessing rapid growth in the automotive sector, driven by rising disposable incomes, urbanization, and infrastructure development. This has led to increased demand for passenger vehicles equipped with advanced safety features, including surround view systems. Additionally, the growing automotive manufacturing base and expanding automotive aftermarket further contribute to the market growth in this region.
Middle East and Africa and Latin America are emerging markets for automotive surround view systems, fueled by the growing automotive industry and increasing awareness regarding vehicle safety among consumers. Government regulations mandating the installation of safety features in vehicles are also driving market growth in these regions. However, challenges such as infrastructure limitations and economic uncertainties may hinder market growth to some extent.
The global automotive surround view systems market is poised for substantial growth across all regions, driven by technological advancements, regulatory mandates, and the increasing emphasis on vehicle safety and driver assistance features. Manufacturers are focusing on innovation and strategic partnerships to gain a competitive edge and capitalize on the growing demand for these systems worldwide.
Market Trends
This report provides an in depth analysis of various factors that impact the dynamics of Global Automotive Surround View Systems Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.
Drivers
- Safety regulations compliance
- Increasing demand for ADAS
- Growing vehicle sales
- Advancements in camera technology
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Rising consumer awareness: In recent years, consumer awareness regarding safety features in vehicles has been on the rise, propelling the demand for advanced automotive technologies such as Surround View Systems (SVS). These systems offer a 360-degree view of the vehicle's surroundings, aiding drivers in parking and maneuvering in tight spaces, thus enhancing safety and reducing the risk of accidents. With an increasing emphasis on road safety and stringent regulations mandating the integration of safety features in automobiles, the global automotive SVS market is witnessing substantial growth.
Moreover, the integration of SVS in modern vehicles aligns with the trend towards connected and autonomous vehicles. As automotive manufacturers focus on developing self-driving technologies, SVS plays a crucial role in providing real-time visual information to autonomous systems, enabling them to make informed decisions and navigate complex environments safely. This convergence of safety, connectivity, and automation is driving the adoption of SVS across various vehicle segments, from passenger cars to commercial vehicles, further fueling the expansion of the global automotive SVS market.
Restraints
- High system cost
- Complex integration process
- Data privacy concerns
- Limited aftermarket availability
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Compatibility issues: The global automotive surround view systems market is experiencing significant growth driven by increasing consumer demand for advanced driver assistance systems (ADAS) and safety features in vehicles. Surround view systems, which provide a 360-degree view of the vehicle's surroundings, have become increasingly popular among consumers as they enhance parking and maneuvering, thereby improving safety and reducing accidents. Furthermore, stringent government regulations mandating the integration of safety features in automobiles to mitigate road accidents are propelling the adoption of surround view systems by automotive manufacturers. Moreover, technological advancements such as the integration of artificial intelligence and machine learning algorithms are further augmenting the capabilities of these systems, enhancing their accuracy and reliability.
Despite the promising growth prospects, the global automotive surround view systems market faces several compatibility issues. One major challenge is the integration of surround view systems with existing vehicle architectures and other ADAS components. Ensuring seamless compatibility with various vehicle models and electronic control units (ECUs) poses technical challenges for automotive manufacturers. Moreover, interoperability issues between surround view systems and other sensors and cameras installed in vehicles need to be addressed to ensure smooth functioning and reliability. Additionally, the high cost of surround view systems remains a barrier to mass adoption, especially in emerging economies where cost-conscious consumers may prioritize other features over advanced safety systems. Overcoming these compatibility issues will require close collaboration between automotive manufacturers, technology providers, and regulatory authorities to develop standardized solutions and drive innovation in the automotive industry.
Opportunities
- Integration of AI
- Emergence of autonomous vehicles
- Expansion in emerging markets
- Collaboration with OEMs
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Development of 360-degree view: The global automotive surround view systems market has witnessed significant growth propelled by the increasing demand for advanced driver assistance systems (ADAS) and enhanced safety features in vehicles. Surround view systems provide a 360-degree view around the vehicle by integrating multiple camera feeds, thereby assisting drivers in maneuvering through tight spaces, parking, and avoiding obstacles. With the rise in road accidents and the growing emphasis on vehicle safety, automakers are increasingly integrating surround view systems into their vehicles to enhance the driving experience and mitigate potential risks. Moreover, the advent of autonomous vehicles has further accelerated the adoption of surround view systems, as they play a crucial role in providing comprehensive environmental awareness to these vehicles, enabling them to navigate safely in complex urban environments.
Technological advancements such as the integration of artificial intelligence (AI) and machine learning algorithms are expected to drive the growth of the automotive surround view systems market. These advancements enable surround view systems to not only provide a comprehensive view of the vehicle's surroundings but also analyze the data in real-time to detect and predict potential hazards. Additionally, the integration of surround view systems with other ADAS technologies such as adaptive cruise control and lane departure warning systems further enhances their effectiveness in preventing accidents and reducing driver workload. As a result, automotive manufacturers are increasingly investing in the development of advanced surround view systems to stay competitive in the market and cater to the growing demand for safer and more technologically advanced vehicles.
Competitive Landscape Analysis
Key players in Global Automotive Surround View Systems Market include:
- Bosch
- Continental AG
- Valeo
- Magna International Inc.
- Panasonic Corporation
- Denso Corporation
- Clarion
- Fujitsu Ten
- Mobileye (an Intel Company)
- Aptiv PLC
- Gentex Corporation
- Stoneridge, Inc.
- Ambarella, Inc.
- Nvidia Corporation
- Renesas Electronics Corporation
In this report, the profile of each market player provides following information:
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Introduction
- Research Objectives and Assumptions
- Research Methodology
- Abbreviations
- Market Definition & Study Scope
- Executive Summary
- Market Snapshot, By Vehicle Type
- Market Snapshot, By Component
- Market Snapshot, By Region
- Global Automotive Surround View Systems Market Dynamics
- Drivers, Restraints and Opportunities
- Drivers
- Safety regulations compliance
- Increasing demand for ADAS
- Growing vehicle sales
- Advancements in camera technology
- Rising consumer awareness
- Restraints
- High system cost
- Complex integration process
- Data privacy concerns
- Limited aftermarket availability
- Compatibility issues
- Opportunities
- Integration of AI
- Emergence of autonomous vehicles
- Expansion in emerging markets
- Collaboration with OEMs
- Development of 360-degree view
- Drivers
- PEST Analysis
- Political Analysis
- Economic Analysis
- Social Analysis
- Technological Analysis
- Porter's Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitutes
- Threat of New Entrants
- Competitive Rivalry
- Drivers, Restraints and Opportunities
- Market Segmentation
- Global Automotive Surround View Systems Market, By Vehicle Type, 2020 - 2030 (USD Million)
- Passenger cars
- Commercial vehicles
- Global Automotive Surround View Systems Market, By Component, 2020 - 2030 (USD Million)
- Camera
- Ultrasonic Sensors
- Control Units
- Others
- Global Automotive Surround View Systems Market, By Geography, 2020 - 2030 (USD Million)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Nordic
- Benelux
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- South Korea
- ASEAN (Association of South East Asian Countries)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- North America
- Global Automotive Surround View Systems Market, By Vehicle Type, 2020 - 2030 (USD Million)
- Competitive Landscape
- Company Profiles
- Bosch
- Continental AG
- Valeo
- Magna International Inc.
- Panasonic Corporation
- Denso Corporation
- Clarion
- Fujitsu Ten
- Mobileye (an Intel Company)
- Aptiv PLC
- Gentex Corporation
- Stoneridge, Inc.
- Ambarella, Inc.
- Nvidia Corporation
- Renesas Electronics Corporation
- Company Profiles
- Analyst Views
- Future Outlook of the Market
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