Market Overview

The automotive surround view system market is experiencing significant growth due to advancements in technology and the increasing demand for safety features in vehicles. This system provides a 360-degree view around the vehicle, aiding drivers in maneuvering and parking. It consists of multiple cameras placed strategically on the vehicle, which capture images and create a composite view that is displayed on the dashboard screen. The market for automotive surround view systems is expected to witness substantial growth in the coming years as automakers focus on enhancing driver safety and improving the overall driving experience.

Meaning

An automotive surround view system, also known as an around view monitor or bird’s eye view system, is a sophisticated technology that provides a comprehensive view of the surroundings of a vehicle. It utilizes multiple cameras positioned on the front, rear, and sides of the vehicle to capture real-time images. These images are then processed and stitched together to create a seamless 360-degree view, eliminating blind spots and enhancing situational awareness for the driver. The resulting image is displayed on a screen, allowing the driver to see the vehicle’s surroundings from a bird’s eye perspective.

Executive Summary

The automotive surround view system market is witnessing robust growth due to the increasing emphasis on vehicle safety and the rising demand for advanced driver assistance systems (ADAS). The system offers a range of benefits, including improved maneuverability, enhanced parking assistance, and increased safety for pedestrians and objects in the vehicle’s vicinity. With the growing adoption of ADAS technologies, the demand for surround view systems is expected to escalate in the forecast period.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

1. Rising emphasis on safety: With the increasing number of road accidents, governments and regulatory bodies across the globe are focusing on implementing stringent safety regulations. Automotive surround view systems play a crucial role in enhancing driver safety by providing a comprehensive view of the vehicle’s surroundings.
2. Growing demand for ADAS: Advanced driver assistance systems are becoming increasingly popular among consumers. Automotive surround view systems are an integral part of ADAS, contributing to the overall growth of the market.
3. Technological advancements: The automotive industry is witnessing rapid technological advancements, including the integration of artificial intelligence and machine learning algorithms into surround view systems. These advancements improve the accuracy and reliability of the system, further driving market growth.

Market Drivers

1. Increasing vehicle safety regulations: Governments worldwide are implementing stringent safety regulations, mandating the inclusion of advanced safety features in vehicles. Automotive surround view systems help automakers comply with these regulations, driving market growth.
2. Rising consumer demand for safety features: With the increasing awareness of road safety, consumers are demanding vehicles equipped with advanced safety features. The demand for automotive surround view systems is propelled by the desire to enhance safety during parking and maneuvering.
3. Growing popularity of luxury and premium vehicles: Automotive surround view systems are primarily installed in luxury and premium vehicles. The rising demand for these vehicles, particularly in developing economies, is positively influencing the market growth.

Market Restraints

1. High cost of implementation: The cost of integrating automotive surround view systems into vehicles can be substantial, especially for mass-market and entry-level vehicles. The high cost of implementation acts as a barrier to market growth, limiting adoption rates.
2. Technical challenges: The complexity of the technology and the need for accurate image stitching pose technical challenges for automotive surround view system manufacturers. Overcoming these challenges and ensuring seamless integration is essential for market expansion.
3. Limited awareness and adoption in emerging economies: While the market for automotive surround view systems is growing rapidly in developed regions, awareness and adoption rates in emerging economies are comparatively low. Limited consumer awareness and affordability hinder market growth in these regions.

Market Opportunities

1. Integration with autonomous vehicles: The rise of autonomous vehicles presents a significant opportunity for automotive surround view system manufacturers. These systems can contribute to the safety and efficiency of autonomous driving by providing a comprehensive view of the vehicle’s surroundings.
2. Collaboration with software and technology providers: Automotive surround view system manufacturers can explore partnerships and collaborations with software and technology providers to enhance the functionality and features of their systems. Integration with advanced algorithms and artificial intelligence can open new avenues for market growth.
3. Expansion in emerging markets: Developing economies offer substantial growth potential for the automotive surround view system market. By focusing on increasing awareness and affordability in these regions, manufacturers can tap into untapped market opportunities.

Market Dynamics

The automotive surround view system market is driven by a combination of factors, including increasing safety regulations, consumer demand for advanced safety features, and technological advancements in the automotive industry. However, the market faces challenges related to implementation costs, technical complexities, and limited awareness in emerging economies. To capitalize on the market opportunities, manufacturers need to explore collaborations, expand into emerging markets, and adapt to the evolving technological landscape.

Regional Analysis

The automotive surround view system market is segmented into several regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America currently dominates the market, driven by the presence of major automotive manufacturers and the increasing adoption of advanced safety features. Europe is also a significant market, with stringent safety regulations and the high demand for luxury vehicles. The Asia Pacific region is expected to witness rapid growth due to the rising disposable income, growing automotive industry, and increasing awareness of road safety.

Competitive Landscape

Leading Companies in the Automotive Surround View System Market:

1. Valeo SA
2. Continental AG
3. Robert Bosch GmbH
4. Magna International Inc.
5. Aptiv PLC
6. Panasonic Corporation
7. Clarion Co., Ltd. (Faurecia Clarion Electronics)
8. Fujitsu Limited
9. Denso Corporation
10. Gentex Corporation

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The automotive surround view system market can be segmented based on camera type, vehicle type, and region.

1. By Camera Type:
   • Single View Camera
   • Multi-View Camera
2. By Vehicle Type:
   • Passenger Vehicles
   • Commercial Vehicles
3. By Region:
   • North America
   • Europe
   • Asia Pacific
   • Latin America
   • Middle East and Africa

Category-wise Insights

1. Single View Camera:
   • Single view cameras provide a limited perspective, capturing images from a single angle. These cameras are commonly used in entry-level vehicles due to their cost-effectiveness.
   • The demand for single view cameras is expected to remain steady in the forecast period, primarily driven by the affordability and basic safety features they offer.
2. Multi-View Camera:
   • Multi-view cameras utilize multiple cameras positioned on different sides of the vehicle to provide a comprehensive view. They offer a higher level of safety and convenience.
   • The demand for multi-view cameras is increasing due to their superior functionality and ability to eliminate blind spots, contributing to improved safety and maneuverability.
3. Passenger Vehicles:
   • Passenger vehicles, including sedans, hatchbacks, and SUVs, are the primary consumers of automotive surround view systems. The rising demand for advanced safety features in passenger vehicles drives the market growth.
   • With the increasing disposable income and changing consumer preferences, the passenger vehicle segment is expected to maintain its dominance in the market.
4. Commercial Vehicles:
   • Commercial vehicles, such as trucks and buses, are also adopting automotive surround view systems to enhance safety during parking and maneuvering. The implementation of safety regulations for commercial vehicles further drives market growth in this segment.
   • The demand for automotive surround view systems in commercial vehicles is expected to rise due to the need for improved safety and efficiency in commercial operations.

Key Benefits for Industry Participants and Stakeholders

1. Automotive Manufacturers:
   • Automotive surround view systems help manufacturers comply with safety regulations and meet consumer demands for advanced safety features, enhancing their market competitiveness.
2. Drivers:
   • Drivers benefit from improved visibility and situational awareness, reducing the risk of accidents and facilitating safe and convenient parking and maneuvering.
3. Pedestrians and Cyclists:
   • Surround view systems contribute to pedestrian and cyclist safety by alerting drivers to their presence and reducing the risk of collisions.
4. Insurance Companies:
   • With enhanced safety features, automotive surround view systems can lead to a reduction in accidents and insurance claims, resulting in lower insurance premiums.
5. Government and Regulatory Bodies:
   • Automotive surround view systems align with the objectives of governments and regulatory bodies to improve road safety, reducing the overall number of accidents and injuries.

SWOT Analysis

Strengths:

• Enhanced driver safety and convenience
• 360-degree view for eliminating blind spots
• Integration with advanced driver assistance systems
• Increasing demand for advanced safety features

Weaknesses:

• High implementation cost
• Technical complexities in image stitching
• Limited awareness and adoption in emerging markets

Opportunities:

• Integration with autonomous vehicles
• Collaboration with software and technology providers
• Expansion in emerging markets

Threats:

• Intense market competition
• Rapidly evolving technological landscape
• Economic uncertainties impacting automotive industry

Market Key Trends

1. Integration with other ADAS technologies: Automotive surround view systems are increasingly being integrated with other advanced driver assistance systems, such as parking assist, lane departure warning, and adaptive cruise control. This integration enhances the overall functionality and safety of vehicles.
2. Advancements in camera technology: Camera technology is continuously evolving, with the introduction of higher resolution cameras, low-light sensitivity, and improved image processing capabilities. These advancements result in better image quality and accuracy, enhancing the performance of automotive surround view systems.
3. Integration of artificial intelligence: Artificial intelligence and machine learning algorithms are being incorporated into surround view systems to improve object detection, image recognition, and collision avoidance. This integration enables more accurate and reliable system performance.

Covid-19 Impact

The COVID-19 pandemic had a significant impact on the automotive industry, including the automotive surround view system market. During the initial stages of the pandemic, automotive production and sales were severely affected due to lockdowns and supply chain disruptions. However, as the situation improved, the market witnessed a gradual recovery. The pandemic highlighted the importance of safety features in vehicles, leading to increased demand for automotive surround view systems as consumers prioritized safety while purchasing vehicles.

Key Industry Developments

1. Integration of augmented reality: Some automotive surround view systems are incorporating augmented reality technology, providing additional information to the driver, such as parking space availability, obstacle detection, and road sign recognition. This integration enhances the overall driving experience and safety.
2. Introduction of 3D surround view systems: Manufacturers are developing 3D surround view systems that provide a more realistic and immersive view of the vehicle’s surroundings. These systems utilize advanced cameras and display technologies to create a three-dimensional representation of the environment.
3. Collaboration between automakers and technology companies: Automotive manufacturers are partnering with technology companies to leverage their expertise in software development and artificial intelligence. These collaborations aim to enhance the functionality and performance of automotive surround view systems.

Analyst Suggestions

1. Focus on cost reduction: To overcome the barrier of high implementation costs, manufacturers should invest in research and development to develop cost-effective solutions without compromising on quality and performance.
2. Improve awareness and education: Manufacturers should conduct awareness campaigns and educate consumers about the benefits and functionality of automotive surround view systems. This will help increase adoption rates, particularly in emerging economies.
3. Embrace technological advancements: To stay competitive, manufacturers should actively monitor and embrace emerging technologies, such as augmented reality, artificial intelligence, and 3D imaging. These advancements will enable the development of advanced and innovative surround view systems.

Future Outlook

The future of the automotive surround view system market looks promising, driven by the increasing focus on safety, rising demand for advanced driver assistance systems, and technological advancements. As the automotive industry evolves with the introduction of autonomous vehicles and advanced safety features, the demand for surround view systems is expected to grow. Manufacturers need to adapt to these changing market dynamics, explore collaborations, and invest in research and development to stay ahead in the competitive landscape.

Conclusion

The automotive surround view system market is witnessing significant growth due to the increasing emphasis on safety and the rising demand for advanced driver assistance systems. These systems provide a 360-degree view of the vehicle’s surroundings, enhancing driver safety, maneuverability, and parking assistance. Despite challenges related to implementation costs and technical complexities, the market presents lucrative opportunities, including integration with autonomous vehicles, collaborations with technology providers, and expansion in emerging markets. Manufacturers need to focus on cost reduction, improve awareness, and embrace technological advancements to capitalize on these opportunities and thrive in the competitive landscape.