Portland, OR, July 21, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global automotive camera & camera module market generated $7.04 billion in 2020, and is estimated to garner $16.22 billion by 2028, witnessing a CAGR of 11.9% from 2021 to 2028. The report offers an extensive analysis of changing market trends, value chain, top segments, top investment pockets, regional scenarios, and competitive landscape.
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Rise in demand for autonomous vehicles, growth in demand for safety applications by automotive customers, and government legislation and regulations mandating the installation of cameras in vehicles drive the growth of the global automotive camera & camera module market. However, fluctuations in the prices of raw materials used in manufacturing automotive camera and software failures associated with automotive camera hinder the market growth. On the other hand, implementation of cameras as an alternatives surround view system and rise in the number of traffic accidents create new opportunities in the coming years.
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Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic forced the government bodies across the globe to implement strict lockdowns and made social distancing mandatory to curb the spread of the virus, owing to which several organizations started work from home systems as safety measures. This in turn declined the demand for automobiles across the world.
- The nationwide lockdowns further disrupted the supply-chain and manufacturing facilities across the globe. However, the government bodies have issued relaxations to maintain the economic stability and with this, the market is expected to recoup soon.
The report offers detailed segmentation of the global automotive camera & camera module market based on type, application, technology, vehicle type, distribution channel, and region.
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Leading players of the global automotive camera & camera module market analyzed in the research include Intel Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG, Aptiv PLC, Veoneer Inc., Continental AG, DENSO Corporation, Ficosa Internacional SA, Magna International Inc., Hyundai Mobis Co., Ltd. and Valeo.
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Based on region, North America contributed to the highest share in 2020, holding around one-third of the total share, and is expected to continue its dominance in terms of revenue by 2028. On the other hand, the market across LAMEA region is estimated to witness the largest CAGR of 12.8% during the forecast period. The research also analyzes regions including Asia-Pacific and Europe.
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Automotive Camera-based Side Mirrors Market by Type (Rear-view mirror, Front-view Mirror), Sales Channel (OEM, Aftermarket), and Vehicle Type (Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV): Global Opportunity Analysis and Industry Forecast, 2021–2030.
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