Automotive Surround View Systems Market Size, Share, Growth, and Industry Analysis by Type (Touch Screen Control and Infrared Remote Control) By Application (Commercial Vehicles, Passenger Vehicles and Other), Regional Insights, and Forecast From 2024 To 2031

Updated On: 22 April 2024

Automotive Surround View Systems Market Report Overview

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The global automotive surround view systems market size was USD 3573.2 million in 2022 and is expected to reach USD 17360.12 million in 2031, exhibiting a CAGR of 19.2% during the forecast period. 

The automotive surround view systems market refers to the market for advanced camera-based systems that provide a 360-degree view around a vehicle. These systems use multiple cameras strategically placed around the vehicle to capture real-time images, which are then processed and stitched together to create a composite view. This composite view is displayed on a screen inside the vehicle, helping the driver to navigate and park safely.

The market for automotive surround view systems has been growing rapidly due to the increasing demand for safety and convenience features in vehicles. These systems provide drivers with a comprehensive view of their surroundings, eliminating blind spots and making parking and maneuvering easier. They are especially useful in large vehicles, such as SUVs and trucks, where visibility can be limited.

COVID-19 Impact: Supply Chain and Production Disruptions to Challenge the Market Demands

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre- pandemic levels once the pandemic is over.

The pandemic led to factory shutdowns and disruptions in the global supply chain, affecting the production of automotive components, including surround view system components. Many manufacturers faced challenges in sourcing raw materials and components, leading to delays in production and supply chain bottlenecks.

The pandemic has influenced consumer behavior and preferences when it comes to vehicle purchases. With an increased focus on health and safety, consumers have shown more interest in contactless features such as touchless entry systems, voice control, and advanced driver-assistance systems (ADAS) that enhance safety. While surround view systems contribute to safety, their prioritization may have shifted compared to other features.

LATEST TRENDS

"Advanced Camera Technologies to Augment the Market Growth"

Automotive surround view systems were witnessing increasing adoption in various vehicle segments, including passenger cars, SUVs, and commercial vehicles. This trend was driven by the desire for enhanced safety, convenience, and parking assistance features. Surround view systems played a crucial role in improving driver safety by eliminating blind spots and providing a comprehensive view of the vehicle's surroundings. These systems utilized multiple cameras strategically placed around the vehicle to detect obstacles, pedestrians, and other vehicles, assisting the driver in avoiding collisions. The automotive industry was witnessing advancements in camera technologies used in surround view systems. High-resolution cameras, wide-angle lenses, and night vision capabilities were being incorporated to provide clearer and more detailed views of the surroundings, even in low-light conditions.

Automotive Surround View Systems Market Segmentation

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• By Type Analysis

By type, market is segmented into touch screen control and infrared remote control. The touch screen control type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into commercial vehicles, passenger vehicles and other. The commercial vehicles segment will lead the global share through 2028.

DRIVING FACTORS

"Increasing Consumer Awareness to Push the Market"

Governments and regulatory bodies in various countries are mandating the inclusion of advanced safety features in vehicles to reduce accidents and enhance road safety. Surround view systems contribute to meeting these requirements by improving visibility and reducing the risk of collisions. Consumers are becoming more aware of the benefits of advanced driver assistance systems (ADAS) and demanding vehicles equipped with such features. Surround view systems are considered a valuable ADAS feature, enhancing safety and convenience for drivers. Advancements in camera technology, image processing algorithms, and connectivity have significantly improved the performance and reliability of surround view systems. These advancements have made these systems more affordable and accessible to automakers and consumers alike.

"Increasing adoption of electric vehicles (EVs) to Boost the Market Demands"

The luxury and premium vehicle segments have witnessed substantial growth in recent years. Surround view systems are often included as standard or optional features in these vehicles to provide an enhanced driving experience and cater to the preferences of high-end customers. The rising popularity of electric vehicles has created opportunities for the integration of advanced technologies. Surround view systems are being incorporated into EVs to improve safety and assist with charging station navigation.

Overall, the automotive surround view systems market is expected to continue its growth trajectory as vehicle safety and driver assistance technologies evolve. Increasing consumer demand, regulatory requirements, and technological advancements will likely drive the adoption of surround view systems in a wide range of vehicles, contributing to a safer and more convenient driving experience.

RESTRAINING FACTORS

"Limited Benefits in Certain Driving Conditions to Slow the Market Growth "

Surround view systems rely on multiple cameras and sensors, and any failure or malfunctioning of these components can impact the system's performance. Maintaining and troubleshooting these systems can be costly and time-consuming, which may discourage some consumers or manufacturers from investing in them. Surround view systems are designed to provide a comprehensive view of the vehicle's surroundings, but they may have limited benefits in certain driving conditions, such as dense fog, heavy rain, or snowstorms. Poor visibility or obstructions can affect the effectiveness of these systems, limiting their utility in such situations. While surround view systems are increasingly becoming a standard feature in high-end vehicles, their adoption in the aftermarket segment is relatively limited. Retrofitting surround view systems into existing vehicles can be challenging, and the cost and complexity involved may discourage aftermarket consumers from adopting these systems.

Automotive Surround View Systems Market Regional Insights

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"European Market to Grow Exponentially with the Forecasted Period"

North America is one of the key regions for the automotive surround view systems market. The region has a well-established automotive industry and a high adoption rate of advanced technologies. The demand for surround view systems is driven by increasing consumer awareness about vehicle safety and the growing popularity of luxury and high-end vehicles. Additionally, stringent safety regulations and the presence of major automotive manufacturers and technology providers contribute to the growth of the market in this region.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Weivsion (China)
• GreenYi (China)
• Logitech (Switzerland)
• Pyle (U.S.)
• Gazer (Russia)
• Old Shark (China)
• Genesis (South Korea)
• Crosstour (China)
• Ddpai (China)
• Blueskysea (China)
• Yamaha (Japan)
• REXING (U.S.)
• LEADTRY (China)
• Rear View Safety (U.S.)
• Madventure (China)
• Advance Portable (China)
• Ambarella (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.