Vehicle Multi-Angle Vision Market Size, Share, Growth, and Industry Analysis By Type (OEM, and AM) By Application (Passenger Cars, and Commercial Vehicles), Regional Forecast To 2031

Updated On: 01 April 2024

Vehicle Multi-Angle Vision Market REPORT OVERVIEW

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The global vehicle multi-angle vision market size was USD 2734.6 million in 2022 and is projected to touch USD 43815.13 million by 2031, at a CAGR of 36.1% during the forecast period.

The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Vehicle multi-angle vision is a driving assistance system that helps drivers better perceive their surroundings by providing a virtual birds-eye perspective. The system displays a three-dimensional bird's eye view through a full 360 degree around the car. A picture of the vehicle was recreated with three-dimensional CG by integrating photos captured with a camera mounted at four locations. A multi-angle monitor system typically consists of four to six cameras positioned around the vehicle body at various angles to capture a 360-degree view.

For the global automotive market, safety is a crucial concern. Customers are adopting safety solutions due to an increase in the number of accidents. Governments across the globe have mandated several safety features for passenger automobiles. Therefore, demand for safety technology such as the Advanced Driver Assist System has increased. For safety reasons, the multi-angle monitor system is anticipated to play a critical role in ADAS. These factors are likely to boost the vehicle multi-angle vision market development. 

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

The world is facing a health and economic epidemic due to the COVID-19 crisis. Several companies have shut down their manufacturing units and halted operations. During this crisis, the major goal of enterprises is to stay afloat by finding safe means to maintain manufacturing activities or exploring other viable revenue streams. The COVID-19 pandemic is a serious source of concern for the automotive industry. The automobile sector came to a halt due to the suspension of vehicle production and supply problems. The vehicle multi-angle vision industry is predicted to grow significantly due to government regulations in several nations.

LATEST TRENDS

"Robust Demand for Sensing Cameras in ADAS Systems to Boost Market Growth"

Sensing cameras are progressively becoming an important feature of a vehicle's active safety system. The growth can be attributed to an increase in passenger safety concerns and severe government actions. Sensing cameras also outperform general-purpose driving cameras in terms of quality while remaining cost-effective. There are two main components to these intelligent safety systems: a remote sensor is a device that uses sensors like radar, ultrasonic sensors, and cameras to collect data about real-world circumstances. The processing computer receives the data from these cameras, and the sensor then makes a decision and transmits commands to the vehicle subsystems.

Sensing cameras are cost-effective and outperform general-purpose driving cameras while also satisfying the essential automotive quality standards. The need for cameras has risen in bikes with the increased deployment of ADAS systems in vehicles. For example, BMW introduced the 330e and 330e xDrive plug-in hybrids in March 2020. Its ADAS incorporates active cruise control with stop and go, which can automatically accelerate and slow to maintain the driver's preferred pace. Active guard, frontal collision warning, city collision mitigation, and lane departure warning are standard features. Therefore, these factors are likely to foster the vehicle multi-angle vision market progress. 

Vehicle Multi-Angle Vision Market Segmentation

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• By Type Analysis

By type, the market is segmented into OEM and AM.

AM is the leading segment in the market share. Manufacturers are focusing increasingly on automation in their production processes due to a scarcity of competent personnel. These factors are likely to foster market growth during the upcoming years. 

• By Application Analysis

Based on application, the market is divided into passenger cars and commercial vehicles. 

The commercial vehicles segment is expected to lead the market share. In the automotive and transportation industries, there is a growing demand for high-quality industrial valves. Vehicle multi-angle vision application valves are an essential part of today's technology world. Therefore, these factors can propel market growth. 

DRIVING FACTORS

"Incorporation of Vision Guided Robotic System in Automotive Production to Boost Industry Progress"

The market has recently undergone substantial changes due to the vision-guided robotics systems. In the automotive industry, the usage of industrial robots for automation has increased dramatically. Therefore, there is a growing demand for machine vision systems to be integrated with vision-guided robot controllers. By allowing robots to view and adapt to their surroundings, machine vision systems improve their efficiency. For example, when multiple automobile models are being constructed on a single assembly line, vision-guided robotics systems can recognize the scenario and assure appropriate vehicle assembly. A machine vision system can ensure that there are no gaps when a robot is applying adhesive beading. Even without a protective fence, a vision-guided robot can operate side by side with humans in a shared office, as it securely avoids any collisions. These factors may propel the vehicle's multi-angle vision market development. 

"Increasing Demand for Multi-Lens Camera to Foster Progress of the Market"

The multi-lens camera segment is also predicted to develop at a high rate during the projection period. A multi-lens/dual channel dashboard camera has two camera modules, one facing outward to capture incidents in front of the car and the other facing inward to record the vehicle's interior. When the car is parked, these camera modules are employed for security purposes, as they record video proof of theft and hit-and-run accidents. Private and commercial car owners are increasingly adopting these cameras. The mandated rearview camera installation in new cars and light vehicles is driving up demand for rearview multi-lens cameras. These factors are likely to drive the vehicle multi-angle vision market growth. 

RESTRAINING FACTORS

"High Pricing and Environmental Concerns to Impede Market Growth"

Because of the technology used in vehicle multi-angle vision, such as camera lenses, sensors, and display units, night vision systems' high pricing constitutes a significant risk. The possibility of electronic components malfunctioning is, however, a significant stumbling barrier for this system. The system fails in some weather conditions, such as rain, snow, and moist weather.

Vehicle Multi-Angle Vision Market REGIONAL INSIGHTS

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"Adoption of New Technologies to Facilitate Market Growth in the Asia Pacific"

Regionally, the market is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. 

Asia-Pacific is expected to dominate the vehicle multi-angle vision market share due to the adoption of new technologies, the construction of more manufacturing units, and the development of value-added supply chains between OEMs and component manufacturers have all contributed to the region's future growth. The Chinese market for electric vehicles is rapidly expanding, with China accounting for more than half of the electric vehicle industry. With the introduction of electric cars, consumers desire more ADAS functions in electric automobiles, such as vehicle multi-angle vision.

North America is expected to hold the second-largest market share because of its big army and military requirements, with the U.S. accounting for most consumers. ADAS has been placed in armored and airborne vehicles used by the U.S. defense forces, with qualities including a high-resolution multi-angle vision intensified camera with a third-generation intensifier and a 1.4MP sensor.

According to the National Highway Road Safety Administration, approximately one-fourth of all driving in the U.S. occurs at night, and more than half of all traffic fatalities occur at this time. Therefore, multi-angle vision cameras in the vehicle industry are in high demand, fueling market expansion.

KEY INDUSTRY PLAYERS

"Companies Invest Heavily in Research and Development Activities to Improve Brand Position"

The market for vehicle multi-angle vision is fragmented, with a significant number of competitive players. Leading players are currently concentrating on supplying clients with technologically advanced items. Increased demand for multi-angle vision cameras, along with lower long-term costs, is predicted to motivate investors to invest in this technology in the coming years, resulting in increased market rivalry.

List of Market Players Profiled

• Valeo
• Continental
• Magna International
• Hitachi Automotive
• Fujitsu
• Ficosa 

INDUSTRY DEVELOPMENT

• September 2019: Bosch released the MPC3 mono video camera for applications such as advanced driver assistance systems (ADAS) and autonomous driving. For more efficient recognition, the new camera employs a multi-path method and artificial intelligence (AI).

REPORT COVERAGE

The research report has included the analysis of several aspects that contribute to the multi-angle vision industry's growth. It consists of market trends, restraints, and drivers that positively or negatively impact the market. This section also discusses the many sectors and applications that may impact the market in the future. The data is based on current trends and historical milestones. This section also includes an analysis of the global market's production volume.