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Written by James » Updated on: August 14th, 2024
IMARC Group has recently released a new research study titled “Automotive Surround View Systems Market Report by Type (Touch Screen Control, Infrared Remote Control, and Others), Functioning (Automatic, Manual), Vehicle Type (Commercial Vehicles, Passenger Vehicles), End-User (Aftermarket, OEMs), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global automotive surround view systems market size reached US$ 5.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 18.7 Billion by 2032, exhibiting a growth rate (CAGR) of 14.8% during 2024-2032.
Global Automotive Surround View Systems Market Trends:
The burgeoning integration of advanced visualization technologies, such as augmented reality (AR), to enhance the functionality of surround view systems is positively impacting the market growth. Additionally, the ongoing shift towards fully autonomous vehicles, leading to collaborations between automotive manufacturers and technology companies to develop next generation surround view systems that offer more precise detection and wider coverage areas, is fostering the market growth. Furthermore, the increasing focus on electric vehicles (EVs) that integrate surround view systems as part of their advanced feature is acting as a growth-inducing factor.
Factors Affecting the Growth of the Automotive Surround View Systems Industry:
Rapid Technological Advancements in Automotive Safety and Assistance Systems: The rising advancements in vehicle safety technologies are some of the major factors catalyzing the market growth. In line with this, the heightened integration of surround view systems in mid-range and luxury vehicles to enhance safety and convenience for drivers is fueling the market growth. Moreover, they employ multiple cameras positioned strategically around the vehicle to create a comprehensive bird's-eye view that is displayed on the vehicle's screen, thereby assisting drivers in parking, navigating tight spaces, and detecting nearby objects. Additionally, the widespread integration of surround view systems with other technologies, such as artificial intelligence (AI) and machine learning (ML), for improved object detection and automatic maneuvering capabilities is bolstering the market growth.
Increasing Consumer Demand for Luxury Vehicles: The growing demand for luxury vehicles across the globe is positively impacting the market growth. In line with this, the heightened integration of various technological features, like automotive support view systems, in luxury vehicles to offer superior comfort, enhanced safety features, and advanced technology is favoring the market growth. Besides this, the rising disposable incomes, changing lifestyle preferences, and the aspirational value associated with luxury vehicles are enhancing the market growth. Along with this, the burgeoning focus of manufacturers on integrating advanced technologies like surround view systems to attract consumers who seek sophistication and safety in their vehicles is propelling the market growth.
Rising Focus on Regulatory and Insurance Implications for Enhanced Vehicle Safety: The increasing focus of regulatory bodies across the globe on vehicle safety to reduce traffic accidents and fatalities is anticipated to drive the market growth. In line with this, the growing inclusion of advanced driver-assistance systems (ADAS) features in assessment protocols, encouraging manufacturers to integrate them into new models, is fueling the market growth. Along with this, the heightened recognition among insurance companies about the importance of safety technologies in vehicles, encouraging them to offer premium discounts for vehicles equipped with advanced safety features, which are proven to decrease the likelihood of accidents and claims, is fostering the market growth.
Key Companies:
Automotive Surround View Systems Market Report Segmentation:
By Type:
Based on the type, the market has been divided into touch screen control, infrared remote control, and others.
By Functioning:
Automatic accounted for the largest market share as it offers greater convenience and enhanced safety features, leading to higher consumer adoption rates.
By Vehicle Type:
Passenger vehicles represented the largest segment due to the high volume of personal vehicle sales and the increasing demand for safety features among private consumers.
By End-User:
Original equipment manufacturers (OEMs) constituted the largest market share as manufacturers increasingly integrate surround view systems during the initial vehicle assembly process to comply with safety regulations and meet consumer expectations.
Regional Insights:
Europe's dominance in the automotive surround view systems market is attributed to stringent safety regulations, high consumer awareness about vehicle safety features, and the presence of leading automotive manufacturers investing in advanced technology.
Key Highlights of the Report:
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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