In 2023, the automotive industry saw a resurgence in production, reaching approximately 88 million vehicles. This uptick was accompanied by a notable rise in the automotive camera market, which soared to US$5.7 billion. Projections suggest these markets will continue to expand, with expected CAGRs of 6.9% to reach US$8.4 billion by 2029. On the component level, automotive lens set market is estimated at US$1.7 billion in 2023. The increased adoption of high-resolution cameras and advancements in product offerings will drive the growth of the market to reach US$2.4 billion by 2029 with a 6.5% CAGR.
According to Anas Chalak, Technology & Market Analyst - Imaging, at Yole Group: “Looking ahead, the automotive image sensor market is poised for substantial growth, forecasted to increase from US$2.3 billion in 2023 to US$3.2 billion by 2029 with a 5.4% CAGR. This growth will be primarily driven by the increased camera implementation per car and the adoption of high-resolution sensors. Of particular interest, the growth in the image sensor market outpaced that of the semiconductor industry, buoyed by the recovery from the chip shortage.”
Furthermore, ADAS cameras are projected to reach US$3.6 billion by 2029, with side and rear cameras gaining popularity. DMS are anticipated to exceed US$1 billion by 2029, indicating significant opportunities for expansion. Niche markets such as OMS and e-mirrors also show promising growth potential, aiming to enhance the human-machine interface and the overall driving experience.
In this context, Yole Group releases its market & technology report, Imaging for Automotive 2024. In this new analysis, the company provides a market dynamics-based scenario for cameras within the automotive market, offering a comprehensive understanding of the impact of atomization and safety regulations on the automotive imaging industry. This new study was developed thanks to numerous DMS/OMS teardowns performed by a dedicated team at Yole Group and revealed in the company’s Automotive Teardown Tracks.
To read the full story, please click: Revving up: building a robust Chinese ecosystem in the automotive camera industry
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