360 degree technology, a combination of sensors and electronic devices, provides a complete view of the vehicle’s surroundings. In 360 degree technology, numerous sensors, or cameras, or LiDAR sensors, capture a view of the surrounding of the vehicle, which is presented on the display screen of the infotainment system. It provides the driver an actual surrounding view, which helps to understand the vehicle’s actual situation. A precise view of the vehicle’s surroundings helps the driver to make accurate decisions, which helps eliminate accidents and vehicle to vehicle collisions.
The number of fatal injuries in vehicle crashes is increasing owing to the increasing number of on-road vehicles. Vehicle and occupant protection are of prime importance for manufacturers as well as governing bodies. Continuous research and development activities are being conducted to develop technologies in order to reduce number of accidents and occurring injuries. According to National Highway Traffic Safety Administration (NHTSA), about 94% of accidents are caused by human error or bad decisions made by the driver. Several accidents are caused due to the driver’s blind spots. The 360 degree technology market is primarily driven by its ability to represent a precise view of the surrounding, which enables the driver to make proper decisions accordingly. Vehicles or occupants in the blind spot of a vehicle are visible with the help of 360 degree technology. Raised concern about vehicle safety is driving the global automotive 360 degree technology market at a steady pace.
Automotive 360 degree technology is expensive and may suffer malfunctioning, which is a prime factor restraining the market. 360 degree technology comprises cameras or LiDARs, ECU, display, and other electronic components, which make the technology expensive.
The global 360 degree technology market can be segmented based on sensor, resolution, application, sales channel, vehicle type, and region. In terms of sensors, the global automotive 360 degree technology market can be segregated into two segments. Cameras are inexpensive and able to provide a precise view of the surroundings and hence, consumers and vehicle manufacturers prefer camera-based 360 degree technology. Based on resolution, the automotive 360 degree technology market can be divided into three segments. High definition (HD) cameras provide in-depth view of the surroundings at comparative lower cost. Therefore, they are being widely used in 360 degree technology. For higher resolution than HD camera, ultra high definition (UHD) cameras are employed; however these are preferred by luxury and premium class vehicles owing to their high cost.
Based on application, the global automotive 360 degree technology market can be segregated into three segments. While parking a vehicle, there are several blind spots that can cause a vehicle crash. Therefore, 360 degree technology has proven to be a beneficial technology while parking. According to NHTSA report, published in 2013, driver blind spot causes for about 840,000 accidents. 360 degree technology provides a complete view of the vehicle’s surrounding while driving, which eliminates the driver blind spot and reduces chances of accidents. Therefore, 360 degree technology is gaining popularity for driving applications too.
Based on sales channel, the global automotive 360 degree technology market can be segregated into two segments. OEMs provides 360 degree technologies that are highly reliable and inexpensive as compared to aftermarket available technologies. Therefore, consumers prefer OEM-fitted 360 degree technology. In terms of vehicle type, the global automotive 360 degree technology market can be divided into two segments. Increased travelling and tourism activities, expanding ride hailing and ride sharing activities, and increase in number of cars are fueling the demand for passenger safety. Therefore technologies such as advanced driver assistance system and 360 degree technologies are witnessing a higher rate of adoption in passenger vehicles. Therefore, passenger vehicle is a leading segment of the global automotive 360 degree technology market.
The global automotive 360 degree technology market can be segmented into five prominent regions. Europe and North America comprise countries with marginally higher per capita income, higher standard of living, and raised concern about vehicle safety; hence, these regions witness a significant demand for vehicle safety and comfort technologies such as 360 degree technology. Europe is a technological hub for the automotive industry. According to European Automobile Manufacturers’ Association (ACEA), in 2017, about US$ 63 Bn were invested in R&D activities by the automobile and parts manufacturers and the region ranks first across the globe. Presence of globally leading vehicle manufacturers and technology providers in Europe is expected to propel the automotive 360 degree technology market in the region during the forecast period.
The global automotive 360 degree technology market comprises several global players such as Continental AG, Robert Bosch GmbH, Valeo, Gazer Ltd., Ambarella, FUJITSU, Brigade Electronics Group Plc, and Seon. Increasing awareness about the importance of advanced vehicle technologies, in order to reduce accidents, is likely to offer lucrative opportunities for key players operating the global automotive 360 degree technology market.
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