South Korea Automotive Camera Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 14.36% from 2023 to 2033.
• The South Korea Automotive Camera Market Size is Expected to Hold a Significant Share by 2033.

The South Korea Automotive Camera Market Size is Expected to Hold a Significant Share by 2032, at a CAGR of 14.36% during the forecast period 2023 to 2033.

Market Overview

Numerous camera sensors are installed in cars, both inside and out. These cameras are there to help with driving; they can be used for machine or human vision. Since there are only so many cameras available, they must be used for both machine and human vision. To do this, specific imaging algorithms that process the camera's raw video feed and adapt to the needs of the application are required. Furthermore, the demand for vehicle cameras is being driven by the growing use of automotive cameras in Level 4 (High Automation) and Level 5 (Full Automation) of autonomous mobility, according to the most recent analysis of the automotive camera market. Top players in the automotive camera market are concentrating on seizing incremental opportunities by providing major automakers with new products like cameras with HD (High Definition) imaging capabilities, camera-based depth perception platforms for fully and partially autonomous vehicles, back-end data analysis based on models on artificial intelligence and machine learning, and camera integration services. Moreover, the most recent advancements in camera technology, such as 360-degree cameras that stitch images from multiple cameras and display a consolidated image on a split screen, automatic emergency braking, adaptive cruise control, and collision warning systems, are becoming increasingly popular. It is anticipated that mass production of camera units will result in significant price reductions. Thus, such factors will boost the market growth in the forecast period.

Report Coverage

This research report categorizes the market for South Korea automotive camera market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea automotive camera market. Recent market developments and competitive strategies such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea automotive camera market.

Driving Factors

Increased demand for automobile safety from vehicle buyers, as well as increased adoption of more stringent automobile safety standards, has prompted key market players to launch new cameras with technological advancements in camera functionality, as well as the development of new use cases for camera applications. Using driver monitoring systems to improve overall vehicle safety, one of the most notable trends in the automotive camera market is the inclusion of behavior-detecting features in vehicles.

Restraining Factors

Vehicles are not connected to cloud data because of the poor network connectivity on highways. Adequate connectivity infrastructure is necessary for V2V and V2X communications, but it is lacking in some areas of the country. For this reason, the drivers might not be able to use these technologies

Market Segment

• In 2023, the passenger cars segment accounted for the largest revenue share over the forecast period.

Based on the vehicle type, the South Korea automotive camera market is segmented into passenger cars, utility vehicles, and commercial vehicles. Among these, the passenger cars segment has the largest revenue share over the forecast period. The growth of this segment is expected to be aided by the increasing use of ADAS features in passenger cars in the mid-and economy segments. The most promising market for active safety systems is the passenger car segment, which makes up the largest portion of the automotive industry.

• In 2023, the ADAS segment accounted for the largest revenue share over the forecast period.

Based on application, the South Korean automotive camera market is segmented into ADAS and parking. Among these, the ADAS segment has the largest revenue share over the forecast period. ADAS stands for Advanced driver assistance systems. Thus, increasing sales of vehicles with ADAS capabilities and raising awareness about vehicle safety among young car buyers in the country. Furthermore, there is a high demand for automotive cameras due to the expanding sales of premium and luxury cars in South Korea.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea automotive camera market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Valeo SA
• Magna International Inc.
• Continental AG
• Panasonic Corporation
• Garmin Ltd
• ZF Friedrichshafen AG
• Hella KGaA Hueck & Co.
• Gentex Corporation
• Denso Corporation
• Robert Bosch GmbH
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• On August 2023, Valens Semiconductor a leading provider of high-performance connectivity solutions for the automotive and audio-video markets, announced that LG Vehicle Component Solutions (VS) Company, headquartered in Seoul, Korea, has chosen Valens Semiconductor's VA7000 MIPI A-PHY chipset family for its next-generation camera system project.

Market Segment

This study forecasts regional and country revenue from 2022 to 2033. Spherical Insights has segmented the South Korea automotive camera market based on the below-mentioned segments:

 South Korea Automotive Camera Market, By Vehicle Type

• Passenger Cars
• Utility Vehicles
• Commercial Vehicles

 South Korea Automotive Camera Market, By Application

• ADAS
• Parking