Vehicle Surround View System Market - Forecast(2023 - 2028)

Vehicle Surround View System Market Overview

The global Vehicle Surround View System market size is forecast to reach $4.89 billion by 2027, growing at a CAGR of 18.76% from 2022 to 2027. A surround view system is a vehicle camera system that provides a complete 360° view of the vehicle and its surroundings to assist the driver in various situations such as driving in an open lane, through tunnels, while parking, and so on. Vehicle surround view systems are used in automotive driver assistance systems such as parking assist systems, lane departure warning systems, and adaptive front lighting systems. Increase in demand for safe vehicles across the globe, advancements in technology leading to affordable camera-assisted safety technologies are driving the growth of the global vehicle surround view system industry. Moreover advancements in the automotive advanced driver assistance systems (ADAS) technologies have led to an increase in the sales of automotive surround view systems. In addition changing consumer demands and need for safety and comfortable driving are enhancing the vehicle surround view system market. Furthermore, rising demand for electric vehicles (EV), strict vehicle safety laws and regulations, and the necessity to incorporate ADAS into high-end vehicles are driving the Vehicle Surround View System market in the forecast period 2022-2027.

Vehicle Surround View System Market Report Coverage

The report: “Vehicle Surround View System Report – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Vehicle Surround View System industry.

By Number of Cameras: 4 Cameras, 5 Cameras, 6 Cameras.

By View: 2D View/Top View, 3D View

By Vehicle Type: Passenger Vehicle, Commercial Vehicle (Heavy Commercial Vehicle, Light Commercial Vehicle)

By End-Users: Original Equipment Manufacturers (OEMs), Automotive Aftermarket

By Geography: North America (U.S, Canada, Mexico), Europe (U.K, Germany, France, Italy, Spain, Others), APAC (China, Japan, South Korea, India, Australia, Others), South America (Brazil, Argentina, Others), RoW (Middle East, Africa)

Key Takeaways

• Passenger vehicles are analyzed to grow with the highest CAGR in the global Vehicle Surround View System market during 2022-2027, which is primarily because vehicle surrounds view systems are used in various automotive driver assistance systems that help to ease passenger driving.
• The Asia-Pacific (APAC) Vehicle Surround View System market held the largest share in 2021, owing to the growing automotive industry in the region.
• The increase in demand for passenger vehicles has been on a rise, especially post the COVID-19 pandemic, as many economies are recovering. This, along with an increase in demand for electric vehicles, has proven to be an excellent driver for the Vehicle Surround View System Market within the forecast period of 2022-2027.
• Vehicle Surround View System companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.

  Global Vehicle Surround View System Market Value Share, By Region, 2021 (%)

  
  

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Vehicle Surround View System Market Segment Analysis- By View

Based on view, the 3D view segment is forecast to be the fastest growing segment with a CAGR of 23.2% as it is a new innovative technology that is increasing in demand. There is a large investment of research and development in the field of 3D view technology, for instance, in February 2021, it was announced that Magna’s new surround view systems a 360-degree panoramic view to assist drivers when parking or performing low speed operations would be implemented in 2022 model vehicles. In addition the 3D view system is innovative, ready-to-use system which minimizes integration time and development costs, making the system an easy, cost-efficient option for automakers. Moreover several automakers have already expressed strong interest in the technology and also making significant developments by announcing collaborations and partnerships, For instance, Renesas Electronics Corporation and Cogent Embedded, have made collaboration to accelerate the mass adoption of advanced driving assistance system (ADAS) features with a new cost-efficient 3D surround view system designed for entry- and mid-range vehicles. Hence these factors are analysed to drive the Vehicle Surround View System market share in the forecast period 2022-2027.

Vehicle Surround View System Market Segment Analysis- By Vehicle Type

Vehicle Surround View System for passenger vehicles is anticipated to grow with the highest CAGR of 22.2% during the forecast period of 2022-2027. This is primarily because vehicle surround view systems are used in various systems that provide a smoother driving experience such as parking assist system, adaptive front lighting system, and lane departure warning system. Some common archetypes of passenger vehicles are sedans, SUVs, MUVs, and hatchbacks. The demand for passenger vehicles has been on a rise, especially as many economies are recovering post the COVID-19 pandemic. According to the Organisation Internationale des Cosntructeurs d’Automobiles (OICA), the total production of vehicles increased to 57.3 million in 2021 which was an 8.9% increase from the production values of 2020. There has also been a tremendous increase in demand for Electric Vehicles (EV). According to the International Energy Agency (IEA), despite the pandemic, globally, there were more than 10 million electric vehicles produced and put on the road in 2020 as opposed to 2019 numbers which were less than 8 million. These factors also prove to be an excellent driver for the Vehicle Surround View System Market within the forecast period of 2022-2027.

Vehicle Surround View System Market Segment Analysis- By Geography

The Asia-Pacific (APAC) region dominated the global Vehicle Surround View System market in 2021, with a share of around 33%, and is also analyzed to have significant growth during the forecast period 2022-2027, owing to rising automotive investments and support from the governments, in countries like China, India, Japan, and South Korea. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the Asia-Pacific region had the largest production of motor vehicles in the year 2020, with a total production value of 44.3 million vehicles. China is the leading producer of motor vehicles in the world, with a total production of 25.3 million in 2020. China alone accounted for 32.5% of the total motor vehicle production in the world. Other than the aforementioned countries, other Asia-Pacific nations are also greatly investing in their automotive industry. For instance, Hyundai, a South Korean multinational automotive manufacturer, has entered into a memorandum of understanding (MOU) with the Indonesian Government to set up their first-ever manufacturing facility in the country for an investment of $1.55 billion. The project is expected to go into the second phase in 2022.  As the automotive industry is the prime end-user of vehicle surround view systems, the demand for the Vehicle Surround view System Industry is also expected to surge in the region within the forecast period of 2022-2027.

Vehicle Surround View System Market Drivers

The increasing demand for Electric Vehicles is analysed to drive the market in the forecast period 2022-2027:

The demand for passenger vehicles has seen a significant increase in recent years, especially as economies are recovering post the COVID-19 pandemic. According to the Organisation Internationale des Cosntructeurs d’Automobiles (OICA), the total production of vehicles increased to 57.3 million in 2021 which was an 8.9% increase from the production values of 2020. According to the International Energy Agency (IEA), the 2020 global electric car stock crossed the 10 million mark, which is a 43% increase over 2019. Electric cars have also risen to hold a 4.6% share in the global automotive industry in 2020. The Europe Electric Vehicle (EV) Market also overtook China in terms of production in 2020 with Germany registering about 395,000 new electric vehicles followed by France at 176,000. This is the primary factor that is driving the Vehicle Surround View Market during 2022-2027. As vehicle surround view systems assist in various applications such as parking assistance and adaptive front lighting and so on. Hence these growing production of vehicles will drive Vehicle Surround View System industry in the forecast period 2022-2027.

Rise in adoption of Automotive Driver Assistance System (ADAS) technology and advancements in surround view system are driving the market growth.

With modern advancements in automotive safety, advanced driving assistance systems (ADAS) such as surround-view are becoming new standard in modern cars. In addition, several companies have been launching advanced system to gain the market traction. In 2021, Valeo, has launched WoodScape, the surround?view fisheye camera open-source dataset, with the aim of taking research in computer vision for automated driving and parking to the next level.  In 2020, StradVision, has launched automotive Surround View Monitoring (SVM) technology at AutoSens.  This SVM along with Automatic Parking Assist (APA) assists drivers to park a vehicle in a vacant parking lot, with or without driver's intervention. Moreover several collaborations for the development of this system is also driving the market. For instance, Renesas and Magna have joined forces to launch a cost-effective 3D surround view system to drive the adoption of ADAS systems in low- to mid-range vehicles. In 2022, Magna has also announced to launch a new 3D surround-view system that allows drivers to see all around the vehicle, enabling safer, more convenient driving and parking. Hence these factors will drive the Vehicle Surround View system market size in the forecast period 2022-2027.

Vehicle Surround View System Market Challenges

The decline in vehicle sales due to outbreak of Covid-19 is restricting the market growth in the forecast period

During the COVID-19 pandemic, many industries had suffered a tumultuous time, and it was no different for the Automotive Industry. Many governments across the globe implemented lockdown regulations and factories & production facilities in many sectors came to a halt. The supply chain was greatly disrupted as many businesses followed lockdown protocols. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the production of passenger vehicles decreased by 16.9% from 2019 to 2020. The first part of 2020 saw new car registrations drop about one-third from the preceding year. The passenger vehicle production of Europe overall contracted 22.3% in 2020 whereas North American production declined by 26.3%. Even though the production has recovered in 2021, it was unable to reach pre-COVID numbers. As such, the COVID-19 pandemic had proven to be a significant deterrent in the growth of the automotive industry. The automotive industry is the prime end-user of vehicle surround view systems and as such, the Vehicle Surround View System Market had seen a significant decline during the COVID-19 pandemic. However, as the situation improves, the market is projected to grow to pre-COVID figures and overtake it within the forecast period of 2022-2027.

Vehicle Surround View System Industry Outlook

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Vehicle Surround View System Market. The Vehicle Surround View System Market top 10 companies include:

• Valeo
• Magna International Inc.
• NXP Semiconductors N.V.
• Renesas Electronics Corporation
• Continental AG
• BorgWarner Inc.
• Faurecia Clarion Electronics Co., Ltd.
• Fujitsu Limited
• OmniVision Technologies, Inc.
• Robert Bosch GmbH

Recent Developments

• In 2021, Renesas Electronics Corporation and OmniVision Technologies, Inc. partnered to introduce a new integrated reference design for a high definition (HD) automotive camera system which provides the industry’s best imaging performance with the most compact form factor and lowest power consumption.
• In 2021, Magna International Inc. announced that global automotive OEMs will begin to offer Magna’s innovative new 3D surround-view systems with new surround-view cameras and electronic control units starting with 2022 vehicle models.
• In 2020, Garmin has just released the Surround View Camera System, a multi-camera integrated platform that uses six high-definition cameras to provide a 360 degree view of the vessel at all times. The system removes blind spots during tight quarters maneuvering, provides distance measurements while backing up/docking, and produces a warning system against contact with unseen objects like pilings, debris in the water, or smaller unseen vessels.

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