Vehicle Multi View Camera System (MVCS) Market
The Vehicle Multi-View Camera System (MVCS) market includes four wide-angle CCD cameras placed on the right and left doors, as well as the front and rear of a vehicle. This system allows drivers to have an unobstructed view of the surroundings, which helps them efficiently enter low-visibility intersections. It further aids in parking and helps pull a vehicle to the side of the road without blocking the road or colliding with another vehicle, object or passerby. Live images captured by the cameras are displayed on the Smartphone Link display audio screen.
The global Vehicle Multi-View Camera Systems (MVCS) market is currently worth USD 7,866.6 million and is poised to amplify at a CAGR of 110.6% over 2022-2030, amassing a valuation of $4.6 billion by the end of the assessment schedule.
What are the determinants of growth and the constraints of this market?
Rising incidence of road accidents and increasing vehicle sales across the globe are the major factors increasing the prospects of this market.
Moreover, technological advancements in the field and increasing disposable income of the masses create lucrative opportunities for the business sphere to flourish.
In addition, favorable government initiatives aimed at reducing the rates of road accidents worldwide are boosting the development of the industry.
Additionally, the growing demand for improving the fuel efficiency of automobiles by using lightweight technologies is further increasing the adoption of the multi-view camera system. At the same time, the increase in R&D investments in the field and rapid urbanization are positively influencing the dynamics of this market.
Additionally, there has been a widespread trend of the masses towards luxury vehicles which is driven by drastic improvements in the standard of living of individuals. This in turn propels the expansion of this market.
On the contrary, the high costs related to the installation of multi-view camera systems in vehicles hinder the scope of remuneration of this sector of activity.
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Industry sector assessment
The 1080p segment is expected to rack up notable gains over the stipulated timeline due to the high clarity offered by multi-view cameras equipped with 1080p resolution
• Passenger vehicles
• Commercial vehicles
The passenger vehicle segment is poised to generate significant returns over the estimated period owing to the rising rate of adoption of personal vehicles fueled by the growth in the disposable income of the masses.
What is the fastest growing region in the industry?
North America, the Middle East and Africa, South America, Europe and Asia-Pacific are the main beneficiaries of the expansion of this market. Of these, North America is expected to capture a substantial share of revenue over the 2022-2030 period. This is attributed to the increasing prevalence of road accidents, rising vehicle sales and rapid technological advancements in the field.
Expose the competitive hierarchy
Major players characterizing the competitive terrain of this business vertical are Valeo, Magna, Continental, Philips, LG, Honda, Mitsubishi, Vastfly Tech, Tung Thih, and Dowcause.
Notably, in April 2019, Robert Bosch GmbH announced the launch of its digital rear-view mirror system for Nikola’s new line of trucks.
Answers to key questions in the report
• What is the growth rate projection for this market?
• What are the main segments covered in this market report?
• Which is the fastest growing region in the global Vehicle Multi-View Camera Systems (MVCS) market?
• What are the key drivers driving the growth of the global Vehicle Multi-View Camera Systems (MVCS) market?
• Which application segment currently dominates the global Vehicle Multi-View Camera Systems (MVCS) market?
Main lessons of the report
• Global Vehicle Multi-View Camera Systems (MVCS) Market is poised to grow at a CAGR of 110.6% over the period 2022-2030.
• The market is segmented on the basis of type and application.
• The increasing rate of road accidents and the increase in vehicle sales are improving the outlook for the industry.
• North America currently dominates the market in terms of revenue share due to widespread technological advancements in the field.a
• The passenger vehicle application segment is currently dominating the market owing to the growing disposable income of the masses which in turn is increasing the adoption of the vehicles globally.
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