The mushrooming sales of autonomous and luxury vehicles and the growing requirement for advanced safety systems and features are the main factors boosting the demand for automotive camera modules across the world. In addition to this, the enactment of the New Car Assessment Program (NCAP) is further fueling the sales of automotive camera modules. Due to the growing incidence of road accidents, the governments of many countries are implementing strict regulations that mandate the incorporation of safety features in automobiles.
Due to the above-mentioned reasons, the sales of automotive camera modules are rising rapidly, which is, in turn, driving the advancement of the global automotive camera module market. According to the estimates of the market research firm, P&S Intelligence, the market would register huge expansion from 2020 to 2030. The biggest application areas of these camera modules are park assist (PA), lane departure warning (LDW), blind spot detection (BSD), autonomous emergency braking (AEB), and adaptive cruise control (ACC).
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This would be a result of the mushrooming requirement for luxury automobiles and the rapid integration of advanced safety features and systems such as the advanced driver assistance systems (ADAS) in both commercial vehicles and passenger cars. After North America, the automotive camera module market will register the second-highest growth in Europe in the coming years, on account of the enactment of regulatory policies regarding the adoption of safety systems in vehicles in the region.
Hence, it can be said with full surety that the demand for automotive camera modules would surge all over the world in the forthcoming years, primarily because of the increasing popularity of autonomous and luxury vehicles and the growing installation of advanced safety systems and features in automobiles around the world.
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