PORTLAND, Ore., Nov. 2, 2020
- Rise in number of fatalities leading to rising adoption of backup cameras and increase in demand for passenger vehicles coupled with safety and security concerns among consumers fuel the growth of the global automotive backup camera market
PORTLAND, Ore., Nov. 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Backup Camera Market by Position (Surface Mounted, Flush Mounted and License Mounted), Vehicle Type (Passenger Vehicle and Commercial Vehicle) and Sales Channel (Original Equipment Manufacturers (OEMs) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global automotive backup camera industry garnered $1.95 billion in 2018, and is estimated to reach $3.86 billion by 2026, witnessing a CAGR of 8.7% during the forecast period, 2019–2026.
Drivers, restraints, and opportunities-
Increase in number of fatalities leading to rising adoption of backup cameras and surge in demand for passenger vehicles coupled with safety and security concerns among consumers drive the growth of the global automotive backup camera market. On the other hand, high installation cost of the system hampers the growth to some extent. However, increase in trend of installing advanced driving system and legislations mandating installation of backup cameras in vehicles are expected to create a number of lucrative opportunities for the key players in the industry.
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The surface mounted segment to lead the trail till 2026-
Based on position, the surface mounted segment contributed to nearly half of the global automotive backup camera market in 2018, and is expected to retain its dominance throughout 2019–2026. The same segment is also projected to register the fastest CAGR of 9.8% by the end of 2026. Increasing trend toward the aftermarket installation of backup cameras in existing vehicles to ensure safety has boosted the growth of the segment.
The passenger vehicle segment to dominate during the estimated period-
Based on vehicle type, the passenger vehicle segment accounted for three-fourths of the global automotive backup camera market in 2018, and is anticipated to rule the roost during the estimated period. Installation of backup camera in passenger automobiles helps identify the rear blind spots of the vehicle, thereby ensuring safety of the same while reversing, and this factor has stimulated the growth of the segment. Simultaneously, the commercial vehicle segment would cite the fastest CAGR of 10.2% by 2026. This is because commercial vehicles tend to find major application of backup cameras in them.
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North America garnered the major share in 2018-
Based on geography, North America held the largest share in 2018, generating more than one-third of the global automotive backup camera market. The mandatory installment for rear camera/backup camera has accelerated the demand for the system in the region. The region across Asia-Pacific, on the other hand, would showcase the fastest CAGR of 12.6% throughout the forecast period. This is due to the presence of strict government regulations for the installation of backup camera in vehicles.
Leading players in the market-
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