360 Degree Parking Camera Market: Current Analysis and Forecast (2024-2032)
Emphasis on Propulsion (Electric and Non-Electric); Vehicle Type (Passenger and Commercial); Technology (Digital, Infrared, and Thermal); and Region/Country
360 Degree Parking Camera Market Size & Forecast
The 360 Degree Parking Camera Market was valued at approximately USD 1.85 Billion in 2023 and is expected to grow at a robust CAGR of around 5.7% during the forecast period (2024-2032) owing to the increased safety and awareness of vehicle risks.
360 Degree Parking Camera Market Analysis
The market for 360-degree parking cameras around the globe is rapidly rising because of the growing necessity for innovative ADAS services and car safety systems. This technology gives a top view of the surrounding environment of a particular vehicle. This is becoming common in many new automobile models due to legal requirements and individuals’ inclination towards safer vehicles. They add that significant market participants develop products and incorporate technologies like artificial intelligence and machine learning to enhance imagery processing and obstacle identification. The market also conventionally notes instances of aftermarket modifications to improve the performance of the old models owned by car owners. The market is dominated today by North American and European countries because of the strict rules and regulations regarding automobile safety and the increasing inclination towards new technologies. However, the Asia-Pacific region is anticipated to experience growth at a faster pace because of the expanded avenues in vehicle manufacturing and distribution.
Companies and governments worldwide are actively promoting the adoption of Advanced Driver Assistance Systems (ADAS) to enhance vehicle safety and reduce traffic accidents. Automotive manufacturers increasingly integrate ADAS features, such as lane-keeping assistance, adaptive cruise control, and automatic emergency braking, into new vehicle models. These companies are investing heavily in research and development to improve the reliability and functionality of ADAS technologies. Governments are supporting these efforts through regulations and incentives. For instance, the European Union has mandated that by 2022, all new vehicles must be equipped with specific ADAS features, such as intelligent speed assistance and advanced emergency braking systems. A related instance is Volvo’s commitment to make its entire lineup electric and ADAS-equipped by 2030, aligning with regulatory requirements and consumer demand for safer, more sustainable vehicles.
360 Degree Parking Camera Market Trends
This section discusses the key market trends influencing the 360 Degree Parking Camera Market segments, as identified by our research experts.
Non-Electric Segment Transforming Industry
The non-electric segment acquired a majority share in the 360 Degree Parking Camera Market, and electric is expected to showcase a substantial growth rate during the forecast period. The increasing use of 360-degree cameras in most non-electric vehicles is evident, and the emphasis is placed on safety and convolutions. These advanced camera systems give the drivers a panoramic view around the vehicle and improve their parking and turning ability, especially in congested areas. This has been made possible with the growing awareness of vehicle safety features, which has led more manufacturers to include 360-degree cameras in their models. This is due to developments in digital cameras that provide better image quality and compatibility with the current automobile systems. Therefore, having 360-degree cameras in non-electric cars is turning into a standard option that makes driving safer and more convenient quite fast.
Asia Pacific is Expected to Grow with Significant CAGR During Forecast Period
The APAC region is witnessing substantial growth in the ADAS and 360 Degree Parking Camera Market. This growth is characterized by a surge in companies offering ADAS and autonomous sensor maintenance solutions. The rapid advancements in autonomous driving technologies and the proliferation of vehicle sensors drive the adoption of ADAS across the APAC region. The increasing demand for autonomous vehicles, driven by benefits like enhanced safety, improved energy efficiency, reduced traffic congestion, and enhanced accessibility, contributes to this trend. Level 1 and 2 autonomous vehicles are already on roads in most automotive markets. As the demand for ADAS and autonomous sensor maintenance solutions continues to grow in the forecast period, competition among established and emerging equipment providers is expected to intensify in the APAC ADAS and autonomous sensor maintenance equipment industry. The government is focusing on several advanced vehicle technologies, like ADAS features, along with electric mobility. With that, major automakers in the region are updating their portfolio with the introduction of the new level 2 and level 3 ADAS features. For instance, In May 2021, the HAVAL brand of Great Wall Motor Co. Ltd launched the new Chitu compact SUV, and it is equipped with a 1.5L turbocharged engine (maximum power output of 135kW, peak torque of 275Nm) in combination with a 7-speed wet dual-clutch transmission. In addition, the vehicle includes a Level 2 ADAS system, with varying functions depending on the version.
360 Degree Parking Camera Industry Overview
The 360 Degree Parking Camera Market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Robert Bosch GmbH, Continental AG, Aptiv, Valeo, Magna International Inc, Veoneer US Safety Systems, LLC, Ficosa International, Inc, Mobileye, DENSO CORPORATION, GENTEX CORPORATION.
360 Degree Parking Camera Market News
In May 2021, Geely Auto Group launched the Lynk & Co 05 PHEV Halo SUV. The vehicle was developed based on the CMA (Compact Modular Architecture) platform, and it is equipped with a Drive-E 1.5L turbo-diesel engine with a Siemens motor with an output efficiency level of 96%. The vehicle also includes 21 Advanced Driver Assistance Systems, a Highway Assist (HWA) system, a Traffic Jam Assist (TJA) system, an Emergency Lane Keep Assist (ELKA) system, and a Door Open Warning (DOW) system) that supports Level 2 autonomous driving.
In 2024, Chinese electric vehicle maker BYD announced that it had obtained a conditional testing license for Level 3 (L3) autonomous driving on high-speed roads. BYD is the first company in China to receive such a license.
360 Degree Parking Camera Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The Global 360 Degree Parking Camera Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the 360 Degree Parking Camera Market Analysis (2022-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the Global 360 Degree Parking Camera Market were the three major steps undertaken to create and analyze the adoption of 360 Degree Parking Camera in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Global 360 Degree Parking Camera Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the 360 Degree Parking Camera Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the 360 Degree Parking Camera Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as propulsion, vehicle type, technology, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the 360 Degree Parking Camera Market. Further, we conducted factor analysis using dependent and independent variables such as propulsion, vehicle type, technology, and 360 degree parking camera market regions. A thorough analysis of demand and supply-side scenarios was conducted, considering top partnerships, mergers and acquisitions, business expansion, and product launches in the 360 Degree Parking Camera Market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the Global 360 Degree Parking Camera Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the 360 degree parking camera market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Global 360-Degree Parking Camera Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Global 360-Degree Parking Camera Market. Data was split into several segments and sub-segments after studying various parameters and trends in the propulsion, vehicle type, technology, and regions of the global 360 Degree Parking Camera market.
The main objective of the Global 360 Degree Parking Camera Market Study
The current & future market trends of the Global 360-Degree Parking Camera Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the 360 Degree Parking Camera market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of propulsion, vehicle type, technology, and regions.
- Define and analyze the regulatory framework for the 360 Degree Parking Camera
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the 360 Degree Parking Camera market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the 360 Degree Parking Camera market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry.
Frequently Asked Questions FAQs
Q1: What is the global 360-degree parking camera market's current size and growth potential?
Q2: What are the driving factors for the growth of the global 360-degree parking camera market?
Q3: Which segment has the largest share of the global 360-degree parking camera market by propulsion?
Q4: What are the emerging technologies and trends in the global 360-degree parking camera market?
Q5: Which region will dominate the global 360-degree parking camera market?
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