The global automotive surround-view system market is anticipated to grow at a considerable CAGR of 9.8% during the forecast period (2022-2028). An automotive surround-view system is a set of integrated camera systems that provides the driver with different views, including top view, rear view, and panorama view to benefit the driver in assisting in parking and driving in tight situations. The major factor attributing to the growth of the global automotive surround-view system market includes the increasing number of motor vehicle production across the globe. According to the 2021 Production Statistics report published by the International Organization of Motor Vehicle Manufacturers (OICA), around 80 million motor vehicles were produced across the globe in 2021. Among these, around 23 million commercial vehicles were manufactured and around 57 million passenger cars were produced in 2021. Thus, increasing the application of the surround-view system in passenger cars, and commercial vehicles.
Another factor increasing the demand for automotive surround-view systems is the increasing adoption of these systems by vehicle owners due to several benefits provided by surround-view systems. The benefits include real-time vivid panoramic views of everything around the vehicles, improves maneuverability, and a reduction in the possibilities of accidents or fatalities. Thus, propelling the growth of the global automotive surround-view system market.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instances-
- In July 2021, Continental AG acquired minority stakes in Recogni, a German-US start-up company. Recogni is working on the development of new chip architecture designed for object recognization that is based on AI. This chip will enable better performance in processing data by the sensor to offer an enhanced autonomous driving experience.
- In February 2020, Continental AG constructed a new plant in New Braunfels, Texas, US. The new plant will expand the production capacity of Continental AG to produce more radar sensors for the surround-view system including an advanced driver assistance system (ADAS).
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Functioning
- By Vehicle Type
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Magna International Inc., Valeo, Continental AG, Texas Instruments Inc., Denso Corp., and Robert Bosch GmbH, among others.
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Global Automotive Surround-View System Market Report by Segment
By Functioning
- Manual
- Automatic
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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