Automotive Surround View System Market

Automotive Surround View System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030

Automotive Surround View System Market: Introduction

Rise in demand for safety features in a vehicle is expected to drive the global automotive surround view system market. The preference for safety ratings of automobiles is a key factor driving rapid transformation of the automotive and mobility sectors.
Automotive surround view system has embedded cameras that provide top view, rear view, and panorama view to the vehicle driver. The cameras can be operated either manually or automatically. The camera feedback can be viewed on the dashboard-mounted screen. This technology helps the driver during vehicle parking, narrow pathways, or maneuvering through highway traffic.

Key Drivers of Automotive Surround View System Market

Increase in demand for safe vehicles across the globe is expected to be a key factor boosting the global automotive surround view system market. Modern vehicles possess various safety features including global positioning system (GPS), biometric lock/unlock of vehicle, and remote vehicle locking/unlocking and surround view system. An automotive surround view system coupled with the park assist system can capture and display, onscreen, the area surrounding the car from a virtual 3D view. The perspective moves dynamically, depending upon the trajectory of the car, providing a 360° view around the car. This enables the driver to view the entire vehicle surrounding, which helps during parking and maneuvering. Increased demand for such features among passengers is prompting automakers to provide these features in their vehicles. Additionally, aftermarket players are providing retrofit of automotive surround vie systems in existing vehicles at affordable costs.
Increased trend of autonomous vehicles is expected to drive the global automotive surround view system market. The AI in an autonomous vehicle uses vehicle cameras to drive safely on the road. Additionally, automotive systems, such as automotive driver assistance system (ADAS) technology that uses vehicle sensors and cameras to sense obstacles on the road, can provide a surrounding view in addition to warning sounds. Therefore, a rise in adoption of ADAS technology is expected to offer significant opportunity for the global automotive surround view systems market during the forecast period.

Impact of COVID-19 Pandemic on Global Automotive Surround View System Market

Disruptions in supply chain catering to the automobile industry, owing to the shutdown of production and manufacturing facilities caused by the coronavirus pandemic across the world, is estimated to contract the market in 2020-2021. Consequently, the coronavirus pandemic has hampered the global automotive surround view system market.
The market is anticipated to recover by increasing production volume of vehicle components as well as vehicles in 2021. This, in turn, is projected to offer lucrative opportunity to players operating in the supply chain of the automotive surround view system market during the forecast period.

North America and Europe combined to Account for Prominent Share of Global Automotive Surround View System Market

In terms of region, the global automotive surround view system market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
North America and Europe have presence of economically stable countries. These regions are home to technologically advanced research institutes catering to the development of vehicle safety and comfort technologies.
Both North America and Europe are witnessing a rise in the demand for luxury vehicles such as premium sedans and SUVs. Automakers provide surround view system in such vehicles as a part of a luxury feature.
Major automakers and aftermarket players have also established their technological centers and manufacturing facilities in various countries in these regions including the U.S., Germany, the U.K., and France.
All the factors mentioned above are likely to boost the adoption of automotive e-surround camera systems and subsequently, propel the market in North America and Europe

Key Players Operating in Automotive Surround View System Market

The global automotive surround view system market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive surround view system market are: