Mexico Automotive Camera Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
|CAGR||> 8.45 %|
*Disclaimer: Major Players sorted in no particular order
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Mexico Automotive Camera Market Analysis
The Mexico automotive camera market was valued at USD 148.12 million in the base year and is anticipated to reach USD 240.32 million, registering a CAGR of over 8.45% during the forecast period.
- Increasing demand for luxury cars in the United States, Canada, and Mexico, followed by the demand and increase in installation of safety and driver assistance systems in the light of the regulatory standards of the Corporate Average Fuel Economy (CAFÉ) and Federal Motor Vehicle Safety Standard (FMVSS) would drive the automotive camera market in the region significantly.
- Automotive cameras are vulnerable to damage and are not all-weather sensors yet. However, with the increase in the adoption of automotive cameras, manufacturers are focusing on the optimization of the vehicle sensor architecture in order to achieve significant adoption in the market.
- Advanced driver-assistance system (ADAS) features are mostly dependent on cameras for recognizing other vehicles, pedestrians, obstacles, traffic signs, and lane lines. After that, the cameras send the information to supporting software which initiates a particular response by the vehicle according to the conditions.
Mexico Automotive Camera Market Trends
ADAS application is projected to lead the market
- Mexico is a major market for US passenger vehicles, light vehicles, trucks, buses, auto parts, and supplies. The automotive sector is one of Mexico’s most significant industries, comprising 3.5 percent of the nation’s GDP, 20 percent of the manufacturing GDP, and employing over one million people nationwide.
- The Mexico automotive camera market is expected to be led by the application of advanced driver assistance systems (ADAS). ADAS refers to a set of technologies and features designed to assist drivers in the driving process and enhance vehicle safety. Automotive cameras play a crucial role in enabling various ADAS functionalities such as lane departure warning, adaptive cruise control, blind-spot detection, forward collision warning, and automatic emergency braking.
- The demand for ADAS-enabled vehicles has been increasing in Mexico due to various factors. First, there is a growing awareness among consumers about the importance of vehicle safety, leading to an increased demand for advanced safety features. Second, government regulations and safety standards are becoming more stringent, driving the adoption of ADAS technologies.
- Automotive cameras are a critical component of ADAS systems as they provide real-time images and data to enable intelligent decision-making by the vehicle's onboard systems. These cameras are typically installed in the front, rear, and side areas of the vehicle to capture the surrounding environment and detect potential hazards.
- The ADAS application is expected to lead the Mexico Automotive Camera Market due to the rising integration of ADAS features in passenger cars and commercial vehicles. Manufacturers are increasingly equipping vehicles with ADAS technologies to enhance safety, improve driving experience, and meet regulatory requirements. As a result, the demand for automotive cameras for ADAS applications is projected to witness significant growth in the coming years.
- It's worth noting that market dynamics can change over time, and new technologies or applications may emerge that could impact the leadership position of ADAS in the Mexico automotive camera market.
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Surge in the Demand of Electric Vehicle will Boost the Market
- In January and February 2023, 2,022 plug-in hybrid or fully electric vehicles were sold, representing an increase of 65.87% compared to the same months last year. Of these, 665 units were fully electric, a surge of 181% from January 2022. That growth was even more pronounced between 2021 and 2022, with sales jumping 394%.
- The surge in the demand for electric vehicles (EVs) in Mexico is expected to boost the Mexico Automotive Camera Market. As EV adoption continues to grow globally, Mexico is also witnessing an increasing interest in electric mobility. The rising awareness of environmental concerns, government initiatives, and incentives are driving the demand for electric vehicles in the country.
- Automotive cameras play a crucial role in EVs by enhancing safety, enabling advanced driver assistance systems (ADAS), and supporting autonomous driving capabilities. EVs often come equipped with advanced camera systems to provide a 360-degree view of the vehicle, assist in parking maneuvers, and aid in collision avoidance.
- Furthermore, electric vehicles often feature innovative designs that prioritize aerodynamics and efficiency. Automotive cameras can be integrated seamlessly into the vehicle's body, allowing for better integration and reduced aerodynamic drag compared to traditional side mirrors. This not only improves the vehicle's efficiency but also enhances the overall driving experience.
- In addition to safety and efficiency, automotive cameras in electric vehicles can facilitate various other functionalities. For instance, they can provide real-time monitoring of battery charging, which is crucial for EV owners. They can also assist in optimizing energy consumption by analyzing the surroundings and adjusting the vehicle's performance accordingly.
- As the demand for electric vehicles continues to rise, the need for automotive cameras in these vehicles is expected to increase. Manufacturers are increasingly integrating advanced camera systems into electric vehicles to enhance safety, improve functionality, and meet regulatory requirements. This, in turn, will drive the growth of the Mexico Automotive Camera Market.
- However, it's important to note that while the surge in electric vehicle demand is expected to have a positive impact on the automotive camera market, it is influenced by various factors, including government policies, infrastructure development, and consumer preferences. Market dynamics can change over time, and it's crucial to monitor the evolving landscape of the automotive industry in Mexico.
Mexico Automotive Camera Industry Overview
The Mexico automotive camera market is consolidated and majorly dominated by a few players, such as Robert Bosch GmbH, Panasonic Corporation, and Continental AG. The automotive camera manufacturers are launching new camera systems and are looking for strategic partnerships with other industry participants to stay ahead in the market.
Mexico Automotive Camera Market Leaders
Robert Bosch GmbH
Magna International Inc.
*Disclaimer: Major Players sorted in no particular order
Mexico Automotive Camera Market News
- January 2023: Technology companies Continental and Ambarella, Inc., an edge artificial intelligence (AI) semiconductor company, have excitingly announced a strategic partnership. Together, they will focus on the joint development of scalable, end-to-end hardware and software solutions powered by AI.
- March 2022: In a successful collaboration, Continental worked in partnership with another firm called Autobrains to create a single optical camera sensor array that costs 30% less than its predecessors. This remarkable achievement marks a significant advancement in the field.
Mexico Automotive Camera Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Growing Emphasis On Improving Vehicle Safety
4.1.2 Advancements in Camera Technologies
4.2 Market Restraints
4.2.1 High Cost Of Camera System
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Drive Camera
5.1.2 Sensing Camera
5.2 By Application Type
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Magna International Inc.
6.2.2 Continental AG
6.2.3 ZF Friedrichshafen AG
6.2.4 Hella KGaA Hueck & Co.
6.2.5 Valeo SA
6.2.6 Gentex Corporation
6.2.7 Delphi Automotive PLC
6.2.8 Denso Corporation
6.2.9 Panasonic Corporation
6.2.10 Robert Bosch GmbH
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Advanced Driver Assistance Systems (ADAS) Expansion
7.2 Integration of Artificial Intelligence (AI)
Mexico Automotive Camera Market Research FAQs
What is the study period of this market?
The Mexico Automotive Camera Market is studied from 2018 - 2028.
What is the growth rate of Mexico Automotive Camera Market?
The Mexico Automotive Camera Market is growing at a CAGR of >8.45% over the next 5 years.
What is Mexico Automotive Camera Market size in 2018?
The Mexico Automotive Camera Market is valued at 160 Million USD in 2018.
What is Mexico Automotive Camera Market size in 2028?
The Mexico Automotive Camera Market is valued at 240 Million USD in 2028.
Who are the key players in Mexico Automotive Camera Market?
Robert Bosch GmbH, Continental AG, Panasonic Corporation, Garmin Ltd, Magna International Inc. are the major companies operating in Mexico Automotive Camera Market.
Mexico Automotive Camera Industry Report
Statistics for the 2023 Mexico Automotive Camera market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Automotive Camera analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.