The United Kingdom Automotive Camera Market is projected to grow with a CAGR of more than 5 % during the forecast period.
- The presence of leading automobile manufacturers as well as the component manufacturers is driving the growth in the region. However, the factors such as Brexit, global slowdown in the automobile industry and the ongoing Covid-19 situation has impactedd the market negatively but these effects are not going to remain forever, these are short term factors and will be overcomed in the near future. Recovery is estimaded from the second half of the year 2021 and after that the markets are expected to witness a high demands.
- With the increase in adoption of driver assist systems like, parking assistance, Advanced Driver Assistance Systems and with the ongoing experiments and trials for self-driving and autonomous vehicles use of cameras in automobiles is growing with a high rate.
- The adaption rate of new technology in the country is very high. There are various big players present in the country, making luxurious vehicles like Rolls Royce, Jaguar, Land Rover and many more. These brands are including latest technologies in their vehicles to attract premium customers. For instance, in February 2019, Jaguar Launched new model XE, with a video based rear view mirror, which uses a rear-facing video camera to display what’s going on behind the car via the frameless high-definition display.
Key Market Trends
Passenger Vehicle Sales Driving Growth
Despite of a decline in demand for a couple of years in the region, owing to the factors such as the socio-political situation in the country, the Brexit deal and uncertainty over future environmental regulation, the United Kingdom passenger vehicle market remains second largest market in the European Union, standing behind Germany. The market is well diverse with around 350 different models available for end users with different fuel types.
Many Players in the Passenger Car Segment are introducing new and innovative products to increase the safety of the vehicle owner and attract more demand for their product. For instance, in May 2020, Kia introduced new Sorento to the European Market which is equipped with a new type of camera-based display to help solve the issue of blind spots. The system offers a much wider viewing angle than the standard mirrors, improving safety. It'll be offered alongside Blind-Spot Collision-Avoidance Assist, which can take intervening action to pull the car back into lane if it thinks a crash will occur.
Technological Advancement Driving Growth
With the growing technology in automobiles, the concept of driverless cars is on the edge to be true. In this context small developments towards autonomous driving has already came to reality. Technologies like parking assistance, self-parking cars, Advance Driver Assistance Systems and Collision Alert Systems and there are several other safety features which aids the driver during the ride. Automotive Camera has evolved significantly to integrate with the other safety systems of the vehicles and assist the driver in driving.
The inclusion of technologies like artificial intelligence and machine learning in automotive components is driving steps towards autonomous vehicles. Many big players in the market are spending heavily on testing new products to enhance their technology and gain an edge over the competitors. For instance, in September 2019, Bosch developed a MPC3 camera for automobiles with the latest artificial intelligence technique for autonomous vehicles. The camera uses a combination of unique multi-path approach and AI for object recognition to make surround sensing more reliable and accurate. The MPC3 mono video camera is able to detect in a flash if an object is relevant for their driving strategy and determine what their reaction to relevant objects should be based on the historical data.
There are several major players in the market who are spending heavily on research and development of new and innovative products to capture market share.
In August 2019, Bosch launched camera for automated driving by combining front and interior camera, which will help in safe transition from automated to manual driving.
The United Kingdom Automotive Camera Market is fragmented, with many players accounting for a small market share. Some of the prominent companies in United Kingdom Airbag Systems Market are Aei Boston, Aisin Seiki Co., Ltd., Voxx Electric Corporation, Autoliv Inc., Continental AG and others. The major players in the country are entering into strategic partnership with global leaders to gain considerable market share.
For instance, in September 2019, Veoneer a major technology manufacturer in automotive industry announced a development of thermal camera for autonomous driving vehicles. Veoneer currently makes radars, vision systems, and advanced driver assistance and autonomous driving software.
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