Global Automotive Optic Lenses in Safety System Market size was valued US$ 31.5 Bn. in 2019 and the total revenue is expected to grow at a CAGR of 7.2% from 2020 to 2027, reaching nearly US$ XX Bn.
Global Automotive Optic Lenses in Safety System Market
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Global Automotive Optic Lenses in Safety System Market: Overview
Automotive Optic Lenses is Safety System is used in vehicle camera system. This device helps driver in controlling vehicle by avoiding forward collision by object detection. Automotive Optic Lenses in Safety System offers lane recognition by supporting camera to better functioning in driver assistance system. This system is used in vehicle detection, departure warning, traffic sign detection, pedestrian detection, and intelligent light detection. Due to these smart camera features driving becomes safer.
The Automotive Optics Sensors consist of numerous components such as benches, mountings, optics glass, reflectors, adhesives, and housing to fit all components. These components are changed as per requirement of temperature, size, weight, and cost. Some technological evolution makes it possible to view 360o 3D view of vehicle. So, for functioning of such camera hardware needs such types of optics.
Increasing demand for long distance travel is increasing demand safety devices which reduce human error and avoid accidents. Thus, it increases market for Automotive Optic Lenses in Safety System market in the forecasted period. In poor weather condition it is difficult to drive due to less visibility and accidents may happen which can result in fatalities. Automotive Optic Lenses in Safety System increases visibility of camera system and this will inform driver for upcoming vehicles to avoid collision. This increases safety of vehicle and the passenger.
Global Automotive Optic Lenses in Safety System Market: Drivers
Automotive manufacturers are making some system as standard for increasing road safety along with government stringent rules for ensuring road safety. These Optics lenses work with cameras for better visibility which works with other system to ensure safety of pedestrian as well as driver, fueling market growth.
Increasing growth of camera system in vehicle to serve the purpose of rear-view mirror is increasing the market for Global Automotive Optic Lenses in Safety System.
New technological advancement and research in camera system and hardware & software integration makes possible to assess the 360o view of vehicle and represent it on dashboard of vehicle.
Parking system with driver assistance and autonomous parking is also increasing market for Global Automotive Optic Lenses in Safety System.
European countries are regulating laws to use ADAS system in vehicle which will be mandatory, and will include emergency braking with lane departure warning system. US signed agreement with manufacturers to implement AEB (Autonomous Emergency Braking) mandatory in every vehicle from 2022. In 2019, Japan also implemented law NASVA which is promoting use of ADAS features, with adaptive cruise control, damage mitigation brake, and lane keep assistance. These safety measures taken by governments all over anticipated to grow Global Automotive Optic Lenses in Safety System Market.
Global Automotive Optic Lenses in Safety System Market: Restraints
Automotive Optic Lenses in Safety System enabled with multiple cameras is integrated with display system making it highly complex. Also, for connectivity of these cameras more wiring is needed which makes it more complex. This will add extra cost for mounting of system to fit those cameras into the vehicle. Moreover, this system is costlier and mostly found in premium features list in car segment. Premium vehicle sale is not affected by the add on features cost, but in case of midrange automotive manufacturers try to give more cost-effective solution as well as safety features which are cost-effective. Thus, it restricts the manufacturers to equip vehicle with such advance safety features.
Global Automotive Optic Lenses in Safety System Market: Regional Overview
Global Automotive Optic Lenses in Safety System Market is segmented into Asia Pacific, North America, Europe, South America, and Middle East & Africa. To avoid accidents and increase road safety government is mandating manufacturers to include safety features in vehicle, to reduce risk of accident of pedestrian and vehicle.
Many manufacturers in Asia Pacific region are suppliers of vehicle system and components. In APAC region, India and China are the major countries which have key components manufacturers and also many suppliers are operating which supply components to other region. These are the factors driving the market for Automotive Optic Lenses in Safety System in APAC region. It is expected that during 2019-2027 China will grow at a CAGR of 19%.
Europe is the leader in Global Automotive Optic Lenses in Safety System Market, owing to its severe law of road safety which make mandatory to equip vehicle with ADAS system, feature like lane departure warning and emergency braking also mandatory for each vehicle. Following Europe, US also mandated the manufacturers to equip vehicle with Autonomous Emergency braking system by 2022.
Global Automotive Optic Lenses in Safety System Market: Segmentation
Global Automotive Optic Lenses in Safety System Market is segmented into Vehicle Type (Passenger Vehicle, Commercial Vehicle), Supply Chain (Single View System, Multi Camera System), and Region (North America, Europe, Asia pacific, Middle East and Africa, and Latin America). The Global Automotive Optic Lenses in Safety System Market is anticipated to get the highest market share in the forecasted period. Global Automotive Optic Lenses in Safety System Market is emerging in regions like Europe and Asia Pacific where major manufacturers are operating. OEM market will be the leader in this segment owing to the complexity of system, these features are included in premium vehicle which is offered OEMs customer support for maintenance of vehicle.
The report also helps in understanding Automotive Optic Lenses in Safety System Market dynamics, structure by analyzing the market segments and projects the Automotive Optic Lenses in Safety System Market size. Clear representation of competitive analysis of key players by Supply Chain, price, financial position, Product portfolio, growth strategies, and regional presence in the Automotive Optic Lenses in Safety System Market make the report investor’s guide.
Scope of the Automotive Optic Lenses in Safety System Market: Inquire before buying
Automotive Optic Lenses in Safety System Market, By Vehicle Type
• Passenger Vehicle
• Commercial Vehicle
Automotive Optic Lenses in Safety System Market, By View Type
• Single View System
• Multi Camera System
Automotive Optic Lenses in Safety System Market, by Region
• Asia Pacific
• North America
• South America
• Middle East & Africa
Key players operating in Automotive Optic Lenses in Safety System Market
• Sunny Optical
• Nidec Sankyo
• Hitachi Maxell
• Boowon Optical
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