NEW YORK, Nov. 9, 2023 /PRNewswire/ — According to Technavio, the automotive camera market size in China is estimated to grow by 2567.82 thousand units from 2021 to 2026. The market is estimated to grow at a CAGR of 5.02% during the forecast period. The market is driven by the priority of automotive safety among customers. Automobile safety is emerging as an important feature among customers, which is compelling many vehicle owners to adopt safety systems in their vehicles. Automobile manufacturers are actively working on improving safety to reduce accidents and injuries. The growing focus on safety is increasing the penetration of advanced driver-assistance systems (ADAS) technologies, such as backup cameras and dashboard cameras in automobiles. In addition, automotive camera manufacturers are making continuous developments and are introducing customized products for end-users. Get an in-depth analysis of the market study. buy the report!
Automotive camera market in China – Five Forces
The cloud data warehouse market is fragmented, and the five forces analysis covers–
- Bargaining Power of Buyers
- The threat of New Entrants
- Threat of Rivalry
- Bargaining Power of Suppliers
- Threat of Substitutes
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Automotive camera market in China – Customer Landscape
The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Automotive camera market in China – Segmentation Assessment
Technavio has segmented the market based on application (viewing and sensing and viewing only) and vehicle type (passenger vehicles and commercial vehicles).
- The market growth in the passenger vehicles segment will be significant during the forecast period. Tight parking spaces in urban localities have led vehicle users to adopt passive systems such as backup cameras to assist them in parking. In addition, the continuous reduction in the prices of sensors, cameras, and displays has boosted the growth of the segment.
Automotive camera market in China – Market Dynamics
Key trend driving market growth
he increasing use of wide-angle camera technology is the key trend in the market. Wide-angle cameras are increasingly becoming popular in the automotive industry as they offer wide field coverage and enhanced picture quality. Automotive OEMs are exploring applications of these cameras in detecting blind spots on the road. With growing concerns for both passengers and pedestrians, the demand for wide-angle cameras will increase during the forecast period.
Major challenges hindering the market growth
- The high replacement cost associated with camera modules is the major challenge in the market.
- The penetration of automotive cameras is limited in entry-level and lower variants of mid-segment cars, especially in emerging economies, as they increase the cost of vehicles.
- Some customers are reluctant to install automotive cameras in their vehicles due to their high cost.
- Also, the replacement cost of these cameras is high, as it is time-consuming and labor-intensive.
What are the key data covered in this automotive camera market in China report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the automotive camera market in China between 2022 and 2026
- Precise estimation of the size of the automotive camera market in China and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the automotive camera market in China industry across China
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of automotive camera market vendors in China
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Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Vehicle type
Technavio is a leading technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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