As per the latest report by IMARC Group, titled “Automotive Surround View Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global automotive surround view systems market size is expanding at a strong rate. An automotive surround view system is an emerging advanced driver assistance system (ADAS) technology, which enables the driver to see 360 degrees around the vehicle via an LCD screen. It generally comprises four to six wide-angle cameras that are mounted on the vehicle to enhance the comfort, convenience and safety of the driver. The inputs of these cameras synthesize a composite bird-eye view of the vehicle, which is displayed to the driver in real-time. It helps in parking, checking the blind-spots while changing lanes, monitoring the area around the vehicle and recognizing pedestrians, and warning the driver or stopping the vehicle in critical situations, thereby reducing the risk of accidents.
Global Automotive Surround View Systems Market Trends:
According to the Global Status Report on Road Safety - 2018 by the World Health Organization (WHO), road traffic injuries currently represent one of the leading causes of death for children and young adults. Consequently, the strengthening of the legislation for mitigating key risk factors has been recognized by most governments worldwide to improve road safety. This, in turn, has escalated the demand for advanced safety devices, such as automotive surround view systems, across the globe. Apart from this, advancements in the ADAS technologies have boosted the overall sales of automotive surround view systems. Furthermore, some of the leading players in the industry are financing research and development (R&D) activities to introduce surround view systems with advanced features and higher accuracy. On account of these factors, the market value is anticipated to grow at a CAGR of around 9% during the forecast period (2019-2024).
- Based on the type, the market has been segmented into touch screens, infrared remotes and other controls.
- On the basis of the functioning, the market has been bifurcated into automatic and manual segments. At present, the manual segment exhibits a clear dominance in the market.
- The market has been analyzed on the basis of the vehicle type into commercial and passenger vehicles. Passenger vehicles currently account for the majority of the total market share.
- Based on the end user, the market has been divided into aftermarket and original equipment manufacturer (OEM). The OEM segment dominates the market, holding the largest market share.
- Region-wise, Europe enjoys the leading position in the market. Other major regions include North America, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined, with some of the key players being Valeo SA, Magna International Inc., Continental AG, Clarion Co. Ltd., Denso Corporation, Renesas Electronics Corporation, Aisin Seiki Co., Ltd., Texas Instruments, Ambarella Inc., Robert Bosch GmbH, Xylon d.o.o., Renesas Electronics Corporation and Mobileye Vision Technologies Ltd.
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