New Product Development is the Key Strategy Adopted by Major Players to Gain Traction in the Multi Camera System Market.
The multi camera system market is projected to grow at a CAGR of 19.13% during the forecast period, to reach USD 2,843.4 Million by 2025. The key growth drivers for the market are the rising trend of integrating additional safety features in the vehicle and the increasing demand for premium segment vehicles.
New product development is the key strategy adopted by major players to gain traction in the multi camera system market. In 2017, Continental (Germany) developed a surround view camera SVC210, which is capable of detecting blind spots and assists the driver while changing lanes. It also provides a 360-degree wide range of view. In 2016, Valeo (France) introduced a technology called XtraVue to improve the external visibility of the vehicle for the driver, thereby enhancing the safety. This system comprises a set of connected computer vision cameras, which are capable of projecting external views on the interior display.
The second most widely followed strategy by market players is partnerships, supply contracts, collaborations, and joint ventures. In 2017, Delphi (UK) partnered with Mobileye (Israel), a key player in advanced driver assistance system (ADAS) applications such as multi camera system, to develop Centralized Sensing Localization and Planning (CSLP). This technology will use an array of sensors and highly sophisticated surround view cameras to assist the vehicle in autonomous driving. The multi camera system will also drive the growth of self-driving technology in the future.
Bosch (Germany) is one of the key players in the multi camera system market for automotive. The company is one of the key suppliers of electronic components in the automotive industry. It provides diesel systems, starter motors and generators, turbochargers, and advanced software for passenger safety, security, comfort, and infotainment. The company’s major customers include leading OEMs in the automotive industry such as General Motors (US), Volkswagen (Germany), Ford Motors (US), and Daimler (Germany). In 2017, the company formed a joint venture with Baidu (China) for the development of smart mobility solutions. In this agreement, Bosch will develop HD maps for automated driving of vehicles. The two companies will jointly develop “Bosch Road Signature,” which is an accurate localization service in China. This service will help to connect HD maps with Bosch’s advanced cameras for better positioning of automated vehicles, even in adverse weather conditions.
Another important player in this market is Continental (Germany), a leading supplier of automotive chassis and safety systems. The company’s product portfolio of chassis and safety segment includes driving functions, camera systems, radars, LiDARs, assisted & automated driving control unit (ADCU), and V2X communication system. The company has adopted the strategies of new product development and expansion to increase its presence in the multi camera system market. For instance, the company acquired ASL Vision (UK), a surround view system company in 2013. With this acquisition, the company aimed to widen the penetration of the multi camera system technology across different segments of the automotive industry.
Related Reports:
Multi Camera System Market for Automotive by Function (Parking, and ADAS), Display Type (2D, and 3D), Level of Autonomous Driving (Level1, Level 2 & 3, and Level 4), Vehicle Type (Passenger, and Commercial Vehicle), and Region - Global Forecast to 2025
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