Global Automotive Compact Camera Module Market to Exceed US$ 14 billion by 2031, Recording a 9% CAGR: TMR Report

Wilmington, Delaware, United States, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for automotive compact camera module was estimated to be worth a market valuation of around US$ 6.7 billion in 2022. The market is anticipated to advance with a 9% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 14.5 billion.

Autonomous cars significantly rely on a variety of sensors, including small camera modules to observe and understand their environment. These cameras work with the vehicle's internal artificial intelligence system to identify and distinguish objects, people, road signs, traffic signals, and other cars in order to provide safe navigation and decision-making.

To ensure fail-safe functioning, redundancy is a crucial component of autonomous vehicle design. Safety is improved by lowering the possibility of sensor failure by integrating many tiny camera modules all around the car. Compared to other sensing technologies like LiDAR, compact camera modules are more affordable. The growth of the automotive small camera module market is being enhanced by the increased usage of autonomous cars.

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Market Snapshot:

Key Findings of Market Report

• The auto focus lens type segment, which had 72.1% of market share in 2022, is anticipated to dominate the industry over the projected period.
• In 2022, the segment for forward surveillance camera module type represented 42.4% of the market.
• From 2023 to 2031, Asia Pacific is expected to have the greatest share.
  

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Market Trends For Automotive Compact Camera Module

• During the forecast period, the auto focus lens type category is anticipated to rule the market.
• The camera using auto focus lenses, which allow the focus to be adjusted automatically, produces sharper and more distinct images. This improves the efficiency of ADAS along with other safety elements in-vehicle applications by enhancing visibility and perception of the surroundings.
• Delivering a great user experience to passengers as well as drivers is a top priority for automotive makers. Auto-focus lenses deliver sharp, focused visuals that enhance user happiness and general comfort while driving. To preserve clear and pertinent images at all times, auto focus lenses may continually change the focus based on the varying driving circumstances.
  

Global Automotive Compact Camera Module Regional Market Outlook

Various reasons are propelling the growth of the automotive compact camera module market in different regions. They are:

• From 2023 to 2031, Asia Pacific is expected to have the greatest share. The dynamics of the region's markets are being fueled by the expansion of the automobile industry, particularly in Japan, South Korea, China, and India.
• Strict automobile safety laws are being implemented in several Asia-Pacific nations, which is further boosting the region's market figures. Compact camera modules are in high demand since these rules frequently require the addition of safety features like lane departure notification systems and rear-view cameras. The market trajectory in Asia Pacific is also being boosted by the region's rapid urbanization and growth in the number of automobiles on the road.

Global Automotive Compact Camera Module Market: Key Players

Numerous automotive compact camera module manufacturers contribute to the fragmentation of the worldwide market. To improve their market share for automotive tiny camera modules, vendors are enlarging their networks of suppliers and implementing a variety of growth tactics, such as cooperation, partnerships, and mergers and acquisitions

Ability AGC Automotive, Fujikura Ltd., Leopard Imaging Inc., LG Innotek, Luxvisions Innovation Ltd., Mcnex Co., Ltd., Ofilm Group Co., Ltd., Primax Electronics Ltd., Samsung Electro-Mechanics, Sharp Devices Europe, STMicroelectronics, and Toshiba Corporation are important players in this market.

Some developments by the key players in the global market for automotive compact camera module are:

• Continental AG partnered with Ambarella, Inc. in January 2023 in order to collaboratively develop scalable, all-encompassing hardware and software solutions for assisted and autonomous driving based on AI.
• In June 2022, Tesla Inc. awarded Samsung Electro-Mechanics a contract for between US$3.2 billion and US$4.0 billion to provide camera modules.

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Global Automotive Compact Camera Module Market Segmentation

• Type
  • Forward Surveillance Camera Module
  • DVR Camera Module
  • Driver Monitoring System Camera Module
  • E-mirror Camera Module
  • Parking Assist Rear View Camera Module
  • Others
• Component
  • Image Sensors
  • Lens
  • Camera Module Assembly
  • VCM Suppliers
  • Others
• Lens Type
  • Auto Focus
  • Fixed Focus
• Vehicle Type
  • Passenger Cars
    • Hatchbacks
    • Sedans
    • SUVs
  • Light Commercial Vehicles
  • Heavy Duty Trucks
  • Buses and Coaches
  • Off-road Vehicles
    • Agriculture Tractors & Equipment
    • Construction & Mining Equipment
    • Industrial Vehicles (Forklifts, AGVs, etc.)
• Application
  • Parking Management
  • Head-up Display
  • Blind Spot Detection
  • Lane Deviation Warning System
  • Driver Monitoring System
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America
    

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