Market Size of South Korea Automotive Camera Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 348.5 Million |
| Market Size (2029) | USD 626.5 Million |
| CAGR (2024 - 2029) | 12.45 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
South Korea Automotive Camera Market Analysis
The South Korea Automotive Camera Market size is estimated at USD 348.5 million in 2024, and is expected to reach USD 626.5 million by 2029, growing at a CAGR of 12.45% during the forecast period (2024-2029).
Factors such as the increasing market penetration of premium cars, autonomous vehicles, and electric vehicles, as well as the rising safety installations per vehicle, are accelerating the demand for automotive camera systems. The automotive industry in South Korea is expected to continue witnessing rapid technological evolutions over the next few years.
The latest 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 gaining popularity across South Korea. Mass production of camera units is expected to bring down the price drastically over the coming years. However, due to advanced technological requirements for production, new player penetration into the market remains a challenge.
The growing inclination of customers to achieve an advanced safety performance experience while driving is expected to fuel the growth of the automotive camera market. Furthermore, the surge in demand for passenger vehicles owing to a rise in disposable incomes and improved lifestyles is propelling the South Korean automotive camera market. During the forecast period, production is expected to register an increase in line with the abovementioned factors.
