The North America automotive camera market is anticipated to add to more than USD 1700 Million by 2024–29.
In North America, the automotive camera market is experiencing significant growth due to several key factors. Prioritizing automotive safety among consumers, coupled with a high incidence of road accidents and road rage, creates a substantial demand for camera modules. The market has experienced growth, driven by consumer demand for enhanced safety features and regulatory initiatives promoting the integration of advanced driver assistance systems (ADAS) in vehicles. Consumers in North America are increasingly aware of the importance of safety features in vehicles. Information about crash test ratings, safety technologies, and advancements in ADAS has become more accessible, influencing purchasing decisions. Regulatory bodies in North America, such as the National Highway Traffic Safety Administration (NHTSA), have implemented safety standards and initiatives that encourage the adoption of advanced safety technologies. Compliance with these standards has become a priority for market players such as Robert Bosch GmbH. Furthermore, insurance companies such as McKinsey and Company are investing in automotive cameras to increase the interest in automotive safety among customers, which is likely to drive market expansion during the forecast period. OmniVIsion Technologies Inc, headquartered in the United States, develops digital imaging solutions. The company designs advanced digital imaging products and technologies for use in webcams, netbooks, mobile phones, automotive, surveillance and security cameras, medical imaging systems, and entertainment. Moreover, OmniVisionTechnologies Inc caters to clients across the world. Magna International Inc, a Canada-based car parts manufacturer, is one of the largest automotive components’ suppliers in the country. With several camera production facilities, the company provides camera components to its neighboring major car markets, including the United States and Mexico, as well. Furthermore, Canada is also increasing its production footprint, especially across the automotive industry. Hence, these factors are set to propel the automotive camera market growth in North America during the forecast period.
In 2019, OmniVision Technologies, Inc., has launched its 1.3MP OX01E10 SoC for automotive rearview cameras, the OX01E10 integrates a 3-micron image sensor and an advanced image signal processor (ISP), for low-light performance, an ultra-low-power, and reduced cost. An increase in electric vehicle demand across North America and mainly in the United States is supporting the growth of ADAS and ultimately the demand for automotive cameras in the region. The high sales numbers of Tesla and other major companies are well supported by EV tax credits. Various market participants are planning to launch their new electric vehicles in the coming years, thus, the ADAS and camera manufacturers are gearing up to catch this rapidly growing market. Automakers are launching new electric vehicles with more and more ADAS features and automotive camera manufacturers are also launching new camera technology for staying ahead in the market. Increasing demand for luxury cars in the United States, Canada followed by the demand and increase in installation of safety and driver assistance systems in the light of the regulatory standards of CAFé, and FMVSS would drive the automotive camera market in the region significantly. Automotive cameras are vulnerable to damage and are not an all-weather sensor yet. However, with the increase in the adoption of automotive cameras, manufacturers are focusing on the optimization of the vehicle sensor architecture in order to achieve significant adoption in the market. ADAS technology has become one of the automotive electronics in the recent past. Growing awareness towards road and traffic safety from both government and the car owner is driving the demand of ADAS and ultimately the automotive camera system. Leading automotive OEMs and camera manufacturers are launching various new camera technologies to stay competitive in the market.