The global automotive back-up camera market in 2022 was US$ 292.7 million and is estimated to be US$ 302.9 million in 2023. According to Future Market Insights anticipation, the automotive back-up camera market is predicted to expand at a CAGR of 4.4% between 2023 and 2033, totaling around US$ 465.8 million by 2033.
Key Takeaways from the Market Study
The global automotive back-up camera market expanded at a CAGR of 2.8% between 2018 and 2022.North America is projected to exhibit significant growth with a market share of 33%.The United States is forecasted to capture a market share of 28.9% between 2023 and 2033.Europe is anticipated to emerge as a highly remunerative market for automotive backup cameras with a market share of 29.2%.Based on vehicle type, the passenger vehicle segment mainly accounts for 63.2% of the global automotive back-up camera market.Under position segment, surface mounted segment contributes to 52.3% of the global automotive back-up camera market.
“Swift rise in production and sales of automotive vehicles is considered as one of the key growth factors of the automotive back-up camera market”, - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
More insights: https://www.futuremarketinsights.com/reports/automotive-back-up-camera-market
The rise in the number of fatalities that leads to a rise in the adoption of backup cameras and a surge in demand for passenger vehicles coupled with safety and security concerns among consumers drives the growth of the global automotive back-up camera market.
The high cost of installation hampers the growth of the market. Boost in the trend for the installation of advanced driving systems and legislation mandating the installation of backup cameras in vehicles are anticipated in creating a number of key opportunities for the key players in the industry.
Important Developments
In November 2022, Continental AG expanded its global activities in software development for the automotive industry. It is one of the leading providers in the field of automated and connected mobility, opening a development center for software and systems in Chongqing, southwest China. It is not going to increase Continental’s local capacity for software development in China, but it might also allow the DAX-listed company to strengthen its know-how and expertise in the field of software and system development for modern vehicle concepts.In March 2023, HANOVER - Automotive supplier Continental presented its final business figures for the past year and might provide an outlook for the rest of 2023. According to preliminary data, the Hanover-based DAX-listed corporation could generate more sales but remained under pressure financially due to high additional costs for energy, transport and materials.
