Vehicle Surround View System Market - Forecast(2024 - 2030)
Vehicle Surround View System Market Overview
The global
Vehicle Surround View System market size is forecast to reach $4.89 billion by 2027,
growing at a CAGR of 18.76% from 2022 to 2027. A surround view system is a vehicle
camera system that provides a complete 360° view of the vehicle and its
surroundings to assist the driver in various situations such as driving in an open
lane, through tunnels, while parking, and so on. Vehicle surround view systems
are used in automotive driver assistance systems such as parking assist systems,
lane departure warning systems, and adaptive front lighting systems. Increase
in demand for safe vehicles across the globe, advancements in technology
leading to affordable camera-assisted safety technologies are driving the
growth of the global vehicle surround view system industry. Moreover advancements
in the automotive advanced driver assistance systems (ADAS) technologies have
led to an increase in the sales of automotive surround view systems. In
addition changing consumer demands and need for safety and comfortable driving
are enhancing the vehicle surround view system market. Furthermore, rising
demand for electric vehicles (EV), strict vehicle safety laws and regulations,
and the necessity to incorporate ADAS into high-end vehicles are driving the Vehicle
Surround View System market in the forecast period 2022-2027.
Vehicle Surround View System Market Report Coverage
The report: “Vehicle Surround View System Report – Forecast (2022-2027)”, by
IndustryARC covers an in-depth analysis of the following segments of the Vehicle
Surround View System industry.
By Number
of Cameras: 4 Cameras, 5 Cameras, 6
Cameras.
By View: 2D View/Top View, 3D View
By Vehicle
Type: Passenger Vehicle, Commercial Vehicle (Heavy
Commercial Vehicle, Light Commercial Vehicle)
By End-Users:
Original Equipment
Manufacturers (OEMs), Automotive Aftermarket
By Geography: North America (U.S, Canada, Mexico), Europe (U.K,
Germany, France, Italy, Spain, Others), APAC (China, Japan, South Korea, India,
Australia, Others), South America (Brazil, Argentina, Others), RoW (Middle East,
Africa)
Key Takeaways
- Passenger vehicles are analyzed to grow with the highest CAGR in the global Vehicle Surround View System market during 2022-2027, which is primarily because vehicle surrounds view systems are used in various automotive driver assistance systems that help to ease passenger driving.
- The Asia-Pacific (APAC) Vehicle Surround View System market held the largest share in 2021, owing to the growing automotive industry in the region.
- The increase in demand for passenger vehicles has been on a rise, especially post the COVID-19 pandemic, as many economies are recovering. This, along with an increase in demand for electric vehicles, has proven to be an excellent driver for the Vehicle Surround View System Market within the forecast period of 2022-2027.
- Vehicle Surround View System companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.
Global Vehicle Surround View System Market Value Share, By Region, 2021 (%)
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Vehicle Surround View System Market Segment Analysis- By View
Based on view, the 3D view segment is forecast
to be the fastest growing segment with a CAGR of 23.2% as it is a new
innovative technology that is increasing in demand. There is a large investment
of research and development in the field of 3D view technology, for instance,
in February 2021, it was announced that Magna’s new surround view systems a
360-degree panoramic view to assist drivers when parking or performing low
speed operations would be implemented in 2022 model vehicles. In addition the
3D view system is innovative, ready-to-use system which minimizes integration
time and development costs, making the system an easy, cost-efficient option for
automakers. Moreover several automakers have already expressed strong interest
in the technology and also making significant developments by announcing
collaborations and partnerships, For instance, Renesas Electronics Corporation
and Cogent Embedded, have made collaboration to accelerate the mass adoption of
advanced driving assistance system (ADAS) features with a new cost-efficient 3D
surround view system designed for entry- and mid-range vehicles. Hence these
factors are analysed to drive the Vehicle Surround View System market share in
the forecast period 2022-2027.
Vehicle Surround View System Market Segment Analysis- By Vehicle Type
Vehicle Surround View System for passenger vehicles is anticipated to grow with the highest CAGR of 22.2% during the forecast period of 2022-2027. This is primarily because vehicle surround view systems are used in various systems that provide a smoother driving experience such as parking assist system, adaptive front lighting system, and lane departure warning system. Some common archetypes of passenger vehicles are sedans, SUVs, MUVs, and hatchbacks. The demand for passenger vehicles has been on a rise, especially as many economies are recovering post the COVID-19 pandemic. According to the Organisation Internationale des Cosntructeurs d’Automobiles (OICA), the total production of vehicles increased to 57.3 million in 2021 which was an 8.9% increase from the production values of 2020. There has also been a tremendous increase in demand for Electric Vehicles (EV). According to the International Energy Agency (IEA), despite the pandemic, globally, there were more than 10 million electric vehicles produced and put on the road in 2020 as opposed to 2019 numbers which were less than 8 million. These factors also prove to be an excellent driver for the Vehicle Surround View System Market within the forecast period of 2022-2027.
Vehicle Surround View System Market Segment Analysis- By Geography
The Asia-Pacific (APAC) region dominated the global Vehicle Surround View System market in 2021, with a share of around 33%, and is also analyzed to have significant growth during the forecast period 2022-2027, owing to rising automotive investments and support from the governments, in countries like China, India, Japan, and South Korea. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the Asia-Pacific region had the largest production of motor vehicles in the year 2020, with a total production value of 44.3 million vehicles. China is the leading producer of motor vehicles in the world, with a total production of 25.3 million in 2020. China alone accounted for 32.5% of the total motor vehicle production in the world. Other than the aforementioned countries, other Asia-Pacific nations are also greatly investing in their automotive industry. For instance, Hyundai, a South Korean multinational automotive manufacturer, has entered into a memorandum of understanding (MOU) with the Indonesian Government to set up their first-ever manufacturing facility in the country for an investment of $1.55 billion. The project is expected to go into the second phase in 2022. As the automotive industry is the prime end-user of vehicle surround view systems, the demand for the Vehicle Surround view System Industry is also expected to surge in the region within the forecast period of 2022-2027.
Vehicle Surround View System Market Drivers
The increasing demand for Electric Vehicles is analysed to drive the market in the forecast period 2022-2027:
The demand for passenger
vehicles has seen a significant increase in recent years, especially as
economies are recovering post the COVID-19 pandemic. According
to the Organisation Internationale des Cosntructeurs d’Automobiles (OICA), the
total production of vehicles increased to 57.3 million in 2021 which was an 8.9%
increase from the production values of 2020. According to the International
Energy Agency (IEA), the 2020 global electric car stock crossed the 10 million
mark, which is a 43% increase over 2019. Electric cars have also risen to hold
a 4.6% share in the global automotive industry in 2020. The Europe Electric
Vehicle (EV) Market also overtook China in terms of production in 2020 with
Germany registering about 395,000 new electric vehicles followed by France at
176,000. This is the primary factor that is driving the Vehicle Surround View
Market during 2022-2027. As vehicle surround view systems assist in various
applications
such
as parking assistance and adaptive front lighting and so on. Hence these
growing production of vehicles will drive Vehicle Surround View System industry
in the forecast period 2022-2027.
Rise in adoption of Automotive Driver Assistance System (ADAS) technology and advancements in surround view system are driving the market growth.
With modern advancements
in automotive safety, advanced driving assistance systems (ADAS) such as
surround-view are becoming new standard in modern cars. In addition, several
companies have been launching advanced system to gain the market traction. In
2021, Valeo, has launched WoodScape, the surround?view fisheye camera
open-source dataset, with the aim of taking research in computer vision for
automated driving and parking to the next level. In 2020, StradVision, has launched automotive
Surround View Monitoring (SVM) technology at AutoSens. This SVM along with Automatic Parking Assist
(APA) assists drivers to park a vehicle in a vacant parking lot, with or
without driver's intervention. Moreover several collaborations for the
development of this system is also driving the market. For instance, Renesas
and Magna have joined forces to launch a cost-effective 3D surround view system
to drive the adoption of ADAS systems in low- to mid-range vehicles. In 2022,
Magna has also announced to launch a new 3D surround-view system that allows
drivers to see all around the vehicle, enabling safer, more convenient driving
and parking. Hence these factors will drive the Vehicle Surround View system market
size in the forecast period 2022-2027.
Vehicle Surround View System Market Challenges
The decline in vehicle sales due to outbreak of Covid-19 is restricting the market growth in the forecast period
During the COVID-19 pandemic, many industries had suffered a
tumultuous time, and it was no different for the Automotive Industry. Many
governments across the globe implemented lockdown regulations and factories
& production facilities in many sectors came to a halt. The supply chain
was greatly disrupted as many businesses followed lockdown protocols. According
to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the
production of passenger vehicles decreased by 16.9% from 2019 to 2020. The
first part of 2020 saw new car registrations drop about one-third from the
preceding year. The passenger vehicle production of Europe overall contracted
22.3% in 2020 whereas North American production declined by 26.3%. Even though
the production has recovered in 2021, it was unable to reach pre-COVID numbers.
As such, the COVID-19 pandemic had proven to be a significant deterrent in the
growth of the automotive industry. The automotive industry is the prime
end-user of vehicle surround view systems and as such, the Vehicle Surround
View System Market had seen a significant decline during the COVID-19 pandemic.
However, as the situation improves, the market is projected to grow to
pre-COVID figures and overtake it within the forecast period of 2022-2027.
Vehicle Surround View System Industry Outlook
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Vehicle Surround View System Market. The Vehicle Surround View System Market top 10 companies include:
- Valeo
- Magna International Inc.
- NXP Semiconductors N.V.
- Renesas Electronics Corporation
- Continental AG
- BorgWarner Inc.
- Faurecia Clarion Electronics Co., Ltd.
- Fujitsu Limited
- OmniVision Technologies, Inc.
- Robert Bosch GmbH
Recent Developments
- In 2021,
Renesas Electronics Corporation and OmniVision Technologies, Inc. partnered to
introduce a new integrated reference design for a high definition (HD)
automotive camera system which provides the industry’s best imaging performance
with the most compact form factor and lowest power consumption.
- In 2021,
Magna International Inc. announced that global automotive OEMs will begin to
offer Magna’s innovative new 3D surround-view systems with new surround-view
cameras and electronic control units starting with 2022 vehicle models.
- In 2020, Garmin has just released the Surround View Camera System, a multi-camera integrated platform that uses six high-definition cameras to provide a 360 degree view of the vessel at all times. The system removes blind spots during tight quarters maneuvering, provides distance measurements while backing up/docking, and produces a warning system against contact with unseen objects like pilings, debris in the water, or smaller unseen vessels.
Relevant Reports:
Advanced Driver Assistance Systems
(ADAS) Market – Forecast (2022 - 2027)
Report Code: ATR 0008
Electric Vehicles (EV) Market -
Forecast (2022 - 2027)
Report Code: ATR 0007
Remote Vehicle Diagnostics &
Management Market – Forecast (2022 - 2027)
Report Code: ATR 0003
For more Automotive Market reports, please click here
LIST OF TABLES
1.Global Major Manufacturers Introduction Market 2023-2030 ($M)1.1 Manufacturers List Market 2023-2030 ($M) - Global Industry Research
1.1.1 Future Strategic Planning Market 2023-2030 ($M)
2.Global Major Manufacturers Introduction Market 2023-2030 (Volume/Units)
2.1 Manufacturers List Market 2023-2030 (Volume/Units) - Global Industry Research
2.1.1 Future Strategic Planning Market 2023-2030 (Volume/Units)
3.North America Major Manufacturers Introduction Market 2023-2030 ($M)
3.1 Manufacturers List Market 2023-2030 ($M) - Regional Industry Research
3.1.1 Future Strategic Planning Market 2023-2030 ($M)
4.South America Major Manufacturers Introduction Market 2023-2030 ($M)
4.1 Manufacturers List Market 2023-2030 ($M) - Regional Industry Research
4.1.1 Future Strategic Planning Market 2023-2030 ($M)
5.Europe Major Manufacturers Introduction Market 2023-2030 ($M)
5.1 Manufacturers List Market 2023-2030 ($M) - Regional Industry Research
5.1.1 Future Strategic Planning Market 2023-2030 ($M)
6.APAC Major Manufacturers Introduction Market 2023-2030 ($M)
6.1 Manufacturers List Market 2023-2030 ($M) - Regional Industry Research
6.1.1 Future Strategic Planning Market 2023-2030 ($M)
7.MENA Major Manufacturers Introduction Market 2023-2030 ($M)
7.1 Manufacturers List Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Future Strategic Planning Market 2023-2030 ($M)
LIST OF FIGURES
1.US Vehicle Surround View System Market Revenue, 2023-2030 ($M)2.Canada Vehicle Surround View System Market Revenue, 2023-2030 ($M)
3.Mexico Vehicle Surround View System Market Revenue, 2023-2030 ($M)
4.Brazil Vehicle Surround View System Market Revenue, 2023-2030 ($M)
5.Argentina Vehicle Surround View System Market Revenue, 2023-2030 ($M)
6.Peru Vehicle Surround View System Market Revenue, 2023-2030 ($M)
7.Colombia Vehicle Surround View System Market Revenue, 2023-2030 ($M)
8.Chile Vehicle Surround View System Market Revenue, 2023-2030 ($M)
9.Rest of South America Vehicle Surround View System Market Revenue, 2023-2030 ($M)
10.UK Vehicle Surround View System Market Revenue, 2023-2030 ($M)
11.Germany Vehicle Surround View System Market Revenue, 2023-2030 ($M)
12.France Vehicle Surround View System Market Revenue, 2023-2030 ($M)
13.Italy Vehicle Surround View System Market Revenue, 2023-2030 ($M)
14.Spain Vehicle Surround View System Market Revenue, 2023-2030 ($M)
15.Rest of Europe Vehicle Surround View System Market Revenue, 2023-2030 ($M)
16.China Vehicle Surround View System Market Revenue, 2023-2030 ($M)
17.India Vehicle Surround View System Market Revenue, 2023-2030 ($M)
18.Japan Vehicle Surround View System Market Revenue, 2023-2030 ($M)
19.South Korea Vehicle Surround View System Market Revenue, 2023-2030 ($M)
20.South Africa Vehicle Surround View System Market Revenue, 2023-2030 ($M)
21.North America Vehicle Surround View System By Application
22.South America Vehicle Surround View System By Application
23.Europe Vehicle Surround View System By Application
24.APAC Vehicle Surround View System By Application
25.MENA Vehicle Surround View System By Application