Drive Growth in the Park Assist Camera Market

Sneha

Drive Growth in the Park Assist Camera Market

The global Park Assist Camera Market is estimated to be valued at US$ 2.03 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, according to a new report published by Coherent Market Insights.

Market Overview:

Park assist cameras are safety features used in vehicles to assist drivers while parking. These cameras provide rear or around view of the vehicle on infotainment screens to monitor surroundings. They use multiple cameras installed on vehicle's exterior to capture images and provide 360 degree view to the driver. This helps in avoiding accidents while parking in narrow or difficult spots. The growing demand for enhanced safety and convenience features in automobiles is a major factor driving the need for park assist cameras.

Market key trends:-

One of the key trends in the park assist camera market is the development of advanced camera technologies. Manufacturers are focusing on integrating innovative features like 360 degree surround view, night vision, proximity alerts and others to improve visibility and driver assistance. For instance, some high-end cars now provide birds eye view using multiple high resolution cameras. Automakers are also introducing AI and sensor fusion enabled cameras that can detect nearby moving and static objects for collision warnings. The integration of such technologies is allowing to develop more sophisticated park assist systems for safer parking and is expected to boost the demand for cameras in coming years.

Porter's Analysis:-

Threat of new entrants: The threat of new entrants is moderate as the park assist camera market requires high R&D cost and huge investments. However, new players can enter the market through collaboration or acquisition strategies.
Bargaining power of buyers: The bargaining power of buyers is moderate as park assist cameras are not considered critical for vehicle functionality. Buyers have numerous established players to choose from.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous component manufacturers globally. Switching costs are also low for OEMs.
Threat of new substitutes: The threat of new substitutes is low as park assist cameras provide unique value proposition of rear/surround view for ease and safety of parking.
Competitive rivalry: Rivalry among existing players is high due to their focus on continuous technological innovations, expanded product portfolio and competitive pricing.

Key Takeaways:-

The Global Park Assist Camera Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing demand for enhanced safety and convenience features in vehicles.

Regional analysis: The Park Assist Camera Market in Asia Pacific is projected to grow at the fastest rate during the forecast period. Growing vehicle production and sales along with high demand for luxury and premium vehicles in China, Japan and India are boosting the regional market.

Key players: Key players operating in the Park Assist Camera Market are Continental AG, Valeo, Robert Bosch, Denso Corporation, Magna International, Ficosa, ZF Friedrichshafen, Gentex, Aptiv, Renesas Electronics. Continental AG, Denso Corporation and Robert Bosch collectively dominate the market with their wide product portfolio and global presence.

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Park Assist Camera Market Is Estimated To Witness High Growth Owing To Increasing Demand for Advanced Driver Assistance Systems (ADAS)

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The global Park Assist Camera Market is estimated to be valued at US$2. Overall, the Park Assist Camera Market is witnessing high growth due to the increasing demand for ADAS and the growing adoption of EVs. A growing economy and increasing disposable income lead to higher vehicle sales, thereby boosting the demand for Park Assist Cameras. Rising concerns about road accidents and the importance of advanced driver assistance systems propel the adoption of Park Assist Cameras. In terms of regional analysis, North America is the fastest-growing and dominating region in the Park Assist Camera Market.

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The global camera module market is estimated to be valued at US$ 58,390. The growing demand for high-quality smartphone cameras, coupled with advancements in smartphone technology, is expected to drive the market growth. Economic: The economic factors affecting the camera module market include the overall economic growth, disposable income of consumers, and market demand. Social: Social factors such as changing consumer preferences, lifestyle trends, and demographics play a significant role in shaping the camera module market. In terms of regional analysis, Asia Pacific is anticipated to be the fastest-growing and dominating region in the camera module market.

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These camera modules are equipped with high-resolution sensors, low-light sensitivity, and intelligent features like facial recognition and motion detection, ensuring a comprehensive and efficient security network. In public spaces, security camera modules help law enforcement agencies monitor and respond to potential threats, ensuring public safety and deterring criminal activities. In retail stores and commercial spaces, camera modules serve as a deterrent against theft and shoplifting, protecting businesses and their assets. According to Coherent Market Insights, the global camera module market is estimated to be valued at US$ 58,390. As technology continues to evolve, these camera modules will undoubtedly play an increasingly pivotal role in unraveling the secrets of space and expanding the horizons of human knowledge.

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