APAC automotive cameras market set to grow 4.2% annually

The market is expected to reach 323.0 million units by 2029.

The automotive cameras market in the Asia-Pacific (APAC) region is projected to grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2029, driven by increasing adoption of advanced driver assistance systems (ADAS) and a focus on autonomous vehicles, according to GlobalData.

The report, “Global Sector Overview & Forecast: Automotive Cameras – Q2 2024,” estimates the market will rise from 262.4 million units in 2024 to 323.0 million units by 2029.

Madhuchhanda Palit, automotive analyst at GlobalData, explained that the growing prevalence of ADAS technologies, such as Automatic Emergency Braking and Lane Keeping Assist, is fueling demand for automotive cameras. These systems use cameras, sensors, and radars to enhance driving safety and efficiency.

The shift towards autonomous vehicles also boosts demand for automotive cameras. For example, Nissan's LEAF prototype features 14 cameras, 10 radars, and 6 lidars. China is leading the development of Level 3 autonomous vehicles, with production expected to increase starting in 2024, thanks to government support.

Palit noted ongoing innovations in vehicular vision technology, including cameras and imaging systems designed to improve safety and awareness. Companies like Valeo and Bosch are advancing these technologies, with Valeo’s smart front camera and Bosch’s MPC3 multi-purpose camera enhancing vehicle safety and functionality.

“With the projected uptick in production and adoption of autonomous vehicles, the automotive camera sector is expected to witness a surge in both scope and necessity for innovations to uphold road safety standards.”