Side View Camera System Market Trend Analysis

1. Side View Camera System Market Trend Analysis, Competitive Market Share & Forecast, 2020-2027

2. Industry Trends & Forecast Report 2027 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global side view camera system market was worth USD 76.3 million in the year 2020. The data generated by the report further reveals that the market is estimated to grow at a CAGR of 18.6%, earning revenue of around USD 302.4 million by the end of 2027.The growing demand for passenger and commercial vehicles has led to the rapid substitution of rearview mirrors for side view cameras. This trend is due in part to increased automobile production and a new focus on safety. Furthermore, the increasing technological advancements and the increasing competition among automobile industry players to develop hi-tech products are influencing the growth of the side view camera system market.

3. Growth drivers Increasing Preference for Light-Weighted Vehicles The popularity of lightweight vehicles is increasing because of a variety of factors, and car manufacturers are incorporating technologies that reduce weight and improve aerodynamics in their models. This is a major factor driving the growth of the global side view camera system market. Since the camera replaces the mirror, it is slim and smaller in size, which further reduces wind noise. Moreover, lightweight vehicles with side-view cameras enhance performance by requiring the engine to work less, more efficiently, resulting in more fuel efficiency.

4. Restraints High Dependence on Technology Although side-view camera systems are highly advanced, their use is still limited to luxury cars. This acts as a major obstacle to the growth of the global side view camera system market. In adopting the side view camera system, the price of the cars could increase, which may not be well received by the public. Despite the fact that automobile manufacturers are working on launching affordable camera systems, price-sensitive markets in developing economies, such as India, still prefer mirrors, which are affecting the sales of side view camera systems.

5. Impact of COVID-19 The global demand for side view camera systems took a hit due to the COVID-19-induced pandemic. This is because of the temporary ban on automobile manufacturing activities due to the nationwide lockdowns imposed by the governments of different countries to curb the spread of the deadly virus. As a result of the downturn in economic stability, the demand for passenger and commercial vehicles declined, causing a decrease in the demand for side view camera systems. Additionally, the global side view camera system market was also put at a disadvantage by the reduction of R&D activities.

6. Global Side View Camera System Market : By Camera Type Based on camera type, the global side view camera system market is segmented into single-camera systems and multi-camera systems. The multi-camera system segment captures the largest market share and is likely to maintain its dominance even during the forecast period. This system offers an overall 360° view of the surroundings to the driver. Side view cameras are particularly useful for parking, as they provide a full view of the vehicle's surroundings, including obstacles and lines. Additionally, they prevent collisions with walls or other vehicles, which is why this specific segment is booming at such a rapid pace.

7. Global Side View Camera System Market - By Component Type Based on component types, the global side view camera system market is categorized into the camera, ECU, display, and others. The display segment accounts for the largest market share and is also expected to grow at a higher CAGR during the forecast period. Displays are expensive components that make up the major share in the cost of the overall system. With the introduction of various technologies in a display, such as organic light-emitting diodes (OLED), plasma display panels (PDP), field emitter displays (FED) in the side view camera system, its overall market is expected to flourish in the upcoming years. Sample Copy :https://www.blueweaveconsulting.com/side-view-camera-system-market/report-sample

8. Global Side View Camera System Market : Regional Insights Geographically, the global side view camera system market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, the Asia-Pacific region dominated the market in the year 2020 and is projected to witness the highest CAGR during the forecast period as well. The reason for this is the high automobile production volume in countries such as Japan, South Korea, China, etc.This region has an extremely high concentration of automobile market giants including Hyundai, Kia, Nissan, and Lexus, all of whom are highly motivated to adopt advanced technology to remain competitive, which drives the demand for side view camera systems.

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