Russia Automotive Camera Market - Growth, Trends, and Forecasts (2020 - 2025)
The Russia Automotive Camera Market is anticipated to register a CAGR of over 15% during the forecast period (2020 - 2025).
The increasing demand for automobiles, growing safety concern among customers, mandatory government norms, advanced innovation technology, rapid adoption of ADAS and availability of low-cost parking cameras and sensors in aftermarket are some of the major drivers of growth of the market.
Customers are more likely to prefer the latest advancements in the camera technology such as 360 degrees camera that captures the image from multiple cameras and display a consolidated image on split screen.
Government strict norms such as installing vehicles with advanced safety features like ADAS. European authorities make installation of Automotive Emergency Braking (AEB) and Forward Collision Avoidance/Warning System mandatory by 2020. This is likelyto boost the sales of automotive cameras over the forecast period.
Key Market Trends
Sensing Camera to Experience a Significant Growth
The sensing cameras are gradually becoming an integral part of an active safety system in vehicles. The growth can be attributed to the increase in safety concern of the passengers, and strict government initiatives. Sensing cameras also provide a higher level of performance than general-purpose driving cameras by maintaining quality standards as cost-effective solutions.
These are intelligent safety systems with two key components:A remote sensor is a device that collects data about real-world conditions through sensors, such as radar, ultrasonic sensors, and cameras. The processing computer receives data from these cameras and sensors then make the decision and sends commands to the vehicle subsystems. For instance,
In March 2019 Garmin Ltd. had announced fresh iteration to its backup camera solution with the all-new BC 40, the company’s first wireless backup camera with a compatible Wi-Fi enabled Garmin GPS navigator and allows drivers to confidently see a wide, clear view from the backup camera on the navigation display to help encourage a safer driving experience.
With the increasing adoption of ADAS features in vehicles, the demand for cameras has been increasing significantly. For instance,
In March 2020 BMW has launched plug-in hybrid 330e and 330e xDrive. Its ADAS includes active cruise control with stop and go, which can accelerate and slows automatically to maintain the desired speed set by the driver. It also has standard features such as active guard, frontal collision warning, city collision mitigation, and lane departure warning.
Passenger Cars Segment to Dominate the Market
Currently, the demand for the automotive camera market is rapidly increasing due to its adoption rate used in passenger cars. Also, it will continue its dominance during the forecast period. Advanced ADAS technologies like Adaptive cruise control (ACC), Forward Collision Warning System (FCWS) and Automatic Emergency Braking (AEB) are hindering the market growth.
The increase in this segment can also be attributed to the strict norms in Russia. Such as, the New Car Assessment Program (NCAP) norms in Russia will require all the vehicles to be installed with safety features in coming years. Another factor that is boosting the growth of the market is that, there is a presence of many car equipment manufacturers from Russia. Also, Russian car manufacturers such as Lada, Volga, Kamaz, and UAZ have achieved economies of scale and are producing devices at a cheaper rate. Various OEMs and Aftermarket companies are now introducing parking assist systems. For instance,
In June 2019, Garmin Ltd. had introduced the new RV 785 GPS navigator that offers RV-specific navigation options and a new built-in dash camera. It was designed to bring more conveniences to life on the open road. The built-in camera also allows for more sophisticated parking assistance features including lane departure and forward collision warnings, which is designed to help and encourage a safer driving experience.
The Russia Automotive Camera Market is dominated by few players such as Garmin Ltd., Continental AG, Denso Corporation, Magna International Inc., and Robert Bosch GmbH. These Companies are expanding their business by offering advanced technologies, so that they can have edge over their competitors. Various initiatives, as well as product innovations done by these companies have led them to strengthen their presence in the market.
In September 2019, Denso Corporation had announced its partnership with BlackBerry to launch the first integrated HMI (Human Machine Interface) digital cockpit system with BlackBerry. The advanced software and human interaction together creates a seamless automotive user experience.
In January 2018, Garmin Ltd., with support from Amazon Alexa, has launched Garmin Speak Plus, by adding a built-in dash camera to its innovative Garmin Speak. The in-vehicle device is enabled with Amazon’s cloud-based Alexa voice service for hands-free access to music, news briefings, sports scores, and exclusive GPS navigation from Garmin, and much more. It also includes advanced driver assistance features that include Forward Collision and Lane Departure Warnings.
In February 2018, Garmin Ltd. had announced that it has acquired Trigentic AB, a privately-held provider of intelligent products, solutions and services in the areas of embedded systems.
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