Side View Camera System Market Report 2020-2027

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Side View Camera System Market Trend
Analysis, Competitive Market Share Forecast,
2020-2027
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Industry Trends Forecast Report 2027 A recent
study conducted by the strategic consulting and
market research firm, BlueWeave Consulting,
revealed that the global side view camera system
market was worth USD 76.3 million in the year
2020. The data generated by the report further
reveals that the market is estimated to grow at a
CAGR of 18.6, earning revenue of around USD
302.4 million by the end of 2027.The growing
demand for passenger and commercial vehicles has
led to the rapid substitution of rearview mirrors
for side view cameras. This trend is due in part
to increased automobile production and a new
focus on safety. Furthermore, the increasing
technological advancements and the increasing
competition among automobile industry players to
develop hi-tech products are influencing the
growth of the side view camera system market.
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Growth drivers Increasing Preference for
Light-Weighted Vehicles The popularity of
lightweight vehicles is increasing because of a
variety of factors, and car manufacturers are
incorporating technologies that reduce weight and
improve aerodynamics in their models. This is a
major factor driving the growth of the global
side view camera system market. Since the camera
replaces the mirror, it is slim and smaller in
size, which further reduces wind noise. Moreover,
lightweight vehicles with side-view cameras
enhance performance by requiring the engine to
work less, more efficiently, resulting in more
fuel efficiency.
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Restraints High Dependence on Technology Although
side-view camera systems are highly advanced,
their use is still limited to luxury cars. This
acts as a major obstacle to the growth of the
global side view camera system market. In
adopting the side view camera system, the price
of the cars could increase, which may not be well
received by the public. Despite the fact that
automobile manufacturers are working on launching
affordable camera systems, price-sensitive
markets in developing economies, such as India,
still prefer mirrors, which are affecting the
sales of side view camera systems.
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Impact of COVID-19 The global demand for side
view camera systems took a hit due to the
COVID-19-induced pandemic. This is because of the
temporary ban on automobile manufacturing
activities due to the nationwide lockdowns
imposed by the governments of different countries
to curb the spread of the deadly virus. As a
result of the downturn in economic stability, the
demand for passenger and commercial vehicles
declined, causing a decrease in the demand for
side view camera systems. Additionally, the
global side view camera system market was also
put at a disadvantage by the reduction of RD
activities.
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Global Side View Camera System Market  By Camera
Type Based on camera type, the global side view
camera system market is segmented into
single-camera systems and multi-camera systems.
The multi-camera system segment captures the
largest market share and is likely to maintain
its dominance even during the forecast period.
This system offers an overall 360 view of the
surroundings to the driver. Side view cameras are
particularly useful for parking, as they provide
a full view of the vehicle's surroundings,
including obstacles and lines. Additionally, they
prevent collisions with walls or other vehicles,
which is why this specific segment is booming at
such a rapid pace.
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Global Side View Camera System Market - By
Component Type Based on component types, the
global side view camera system market is
categorized into the camera, ECU, display, and
others. The display segment accounts for the
largest market share and is also expected to grow
at a higher CAGR during the forecast period.
Displays are expensive components that make up
the major share in the cost of the overall
system. With the introduction of various
technologies in a display, such as organic
light-emitting diodes (OLED), plasma display
panels (PDP), field emitter displays (FED) in the
side view camera system, its overall market is
expected to flourish in the upcoming
years. Sample Copy https//www.blueweaveconsultin
g.com/side-view-camera-system-market/report-sample

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Global Side View Camera System Market Regional
Insights Geographically, the global side view
camera system market is segmented into North
America, Europe, Asia-Pacific, Latin America,
Middle-East Africa. Among these, the
Asia-Pacific region dominated the market in the
year 2020 and is projected to witness the highest
CAGR during the forecast period as well. The
reason for this is the high automobile production
volume in countries such as Japan, South Korea,
China, etc.This region has an extremely high
concentration of automobile market giants
including Hyundai, Kia, Nissan, and Lexus, all of
whom are highly motivated to adopt advanced
technology to remain competitive, which drives
the demand for side view camera systems.
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