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A comprehensive overview of the Global Automotive Backup Camera Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Automotive Backup Camera Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Global Automotive Backup Camera Market at the regional & country levels. The Global Automotive Backup Camera Market is expected to grow at a CAGR of 6.9% between 2021-2027
Market Overview
As per our analysis, it is predicted that global automotive backup camera sales are expected to grow at a CAGR of about 6.9%. Furthermore, as per the analysis global automotive backup camera sales is expected to reach around US$ ~ billion by 2027, compared to US$ 4 billion in 2020. The backup camera for vehicles has grown in popularity across the world due to the higher number of accidents that occur during vehicle reversal, followed by the number of deaths and infrastructure damage. Backup cameras can also provide a view of the vehicle's blind area on the back side, which has aided the growth of automobile backup cameras. They also give a mirror picture of the rear side object, which aids in the reduction of accidents when the car is reversed. Additionally, government rules around the world have mandated the installation of backup cameras in vehicles, which has aided the growth of car backup cameras.
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COVID-19 Impact
Many companies have suffered a lot during the COVID and some of the examples are such as “Aptiv” a global technology company who's the advanced safety and user sector reported revenue of USD 902 million in Q1 2020, down 13% from USD 1,023 million in Q1 2019. According to the firm, the situation might worse in the second quarter, with worldwide vehicle manufacturing likely to drop by 50-60%. China was the first country where production was halted, followed by North America and Europe. Because countries are on lockdown to avoid the spread of the disease, camera manufacturers are experiencing supply chain difficulties. As a result, the market for vehicle cameras is expected to decline in 2020.
Global Automotive Backup Camera Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Position, the market is primarily bifurcated into:
Based on position, the market is segmented into Surface Mounted, Flush Mounted and License Mounted. The surface Mounted segment dominated the market as they may be mounted on any flat surface and are frequently scaled to great heights. They're usually found in bigger automobiles.
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By Vehicle, the market is primarily studied into:
Based on vehicle, the market is segmented into passenger and commercial. Passenger cars account for a significant share of the market. Increased passenger car production around the world, as well as evolving technology that has already become standard in many vehicles, are projected to reduce the number of injuries and fatalities caused by so-called back over crashes in passenger vehicles.
By Sales Channel, the market is primarily studied into:
Based on sales channel, the market is segmented in Original Equipment Manufacturer (OEM) and Aftersales. OEM owns the major share as the OEMs are moving towards adopting to provide better safety feature via backup camera in different variants. Demand for safety innovation in passenger cars is responsible for rear view camera market growth as increasing accidents due to human error in driving adds fuel to the growth
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Global Automotive Backup Camera Market Region Segmentation Includes:
Based on the estimation, North America dominated the market in 2020 whereas Asia-Pacific is expected to witness highest CAGR growth during the forecast period.
The major players targeting the market includes:
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Automotive Backup Camera Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
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