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Commercial Vehicle Surround View System Market by View Type (2 Dimension, 3 Dimension), by Product Type (4 Cameras, 6 Cameras, Others), by Application Type (Park Assist, Lane Departure Warning, Blind Spot Detection, Others), by Market Type (OEM, Aftermarket), by North America (United States, Canada, Mexico), by Europe (Germany, France, Italy, United Kingdom, Spain, Nordics, Benelux, Rest of Europe), by Middle East & Africa (UAE, South Africa, Saudi Arabia, Rest of Middle East Africa), by Asia Pacific (China, Japan, India, South Korea, Taiwan, South East Asia, Australia, Rest of Asia-Pacific), by Latin America (Brazil, Argentina, Rest of South America) Forecast 2024-2032
The size of the Commercial Vehicle Surround View System Market was valued at USD 3.3 USD Billion in 2023 and is projected to reach USD 8.63 USD Billion by 2032, with an expected CAGR of 14.73% during the forecast period. A Commercial Vehicle Surround View System is an advanced camera-based technology designed to provide a comprehensive, 360-degree view around a vehicle. This system enhances driver visibility and safety by integrating multiple cameras positioned around the vehicle, typically at the front, rear, and sides. Types of surround view systems include basic 360-degree systems, which offer a bird’s-eye view, and advanced versions with features like dynamic guidelines and object detection. Key features often include real-time image stitching, obstacle detection, and enhanced night vision. Applications span across various commercial vehicles such as trucks, buses, and delivery vans, where improved visibility assists in maneuvering in tight spaces, reducing blind spots, and preventing collisions.
Commercial Vehicle Surround View System Market Trends
The growing emphasis on safety has led to the implementation of stringent regulations worldwide, including the European Union's General Safety Regulation (GSR) and the United States' Federal Motor Vehicle Safety Standard (FMVSS). These regulations mandate the installation of surround view systems on commercial vehicles.
Advancements in camera technology are also contributing to the growth of the market. High-resolution cameras with wide-angle lenses and improved image processing capabilities provide drivers with a clearer and more comprehensive view of their surroundings.
The primary driving force behind the growth of the commercial vehicle surround view system market is the increasing demand for improved safety and enhanced driver awareness. Surround view systems provide drivers with a comprehensive view of their surroundings, helping them to identify potential hazards and avoid accidents.
Government regulations, such as the Federal Motor Vehicle Safety Standard (FMVSS) 111, are also contributing to the growth of the market. This regulation mandates the installation of rear-view cameras on all new passenger vehicles by 2018. The adoption of surround view systems is expected to grow in the coming years as the demand for enhanced safety features increases.
Despite the strong growth potential, the commercial vehicle surround view system market faces several challenges. These include the high cost of the systems, the need for specialized installation, and the lack of standardization in the industry.
The Asia-Pacific region is expected to dominate the commercial vehicle surround view system market, due to the increasing demand for safety features in China and India. The European and North American markets are also expected to grow steadily in the coming years.
The 3D surround view segment is expected to witness significant growth, due to the increasing popularity of 3D cameras and the benefits they offer in terms of improved visibility and situational awareness.
Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 14.73% from 2018-2032 |
Segmentation |
|
Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 14.73% from 2018-2032 |
Segmentation |
|
Note* : In applicable scenarios
Primary Research
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