South Korea Automotive Camera Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The South Korean automotive camera market is expected to register a CAGR of 15%, during the forecast period, 2020-2025.
Systems using remote sensing cameras are gradually becoming an integral part of an active safety system in vehicles. Sensing cameras provide a higher performance level than general-purpose driving cameras while also meeting the required automotive quality standards as cost-effective solutions. These are intelligent safety systems with two key components: the remote sensors (using remote sensing technologies) and the processing computer. A remote sensor is a device that collects data about real-world conditions through sensors, such as radar, ultrasonic sensors, and cameras. The processing computer receives data from these cameras and sensors then makes the decision and sends commands to the vehicle subsystems.
With the increasing adoption of ADAS features in vehicles, the demand for cameras has been increasing significantly. Owing to the aforementioned trends, the number of automotive camera shipments is expected to exceed 170 million units globally by 2020, and the ADAS camera market is expected to cross USD 7 billion by 2021.
The demand for the automotive camera is rapidly increasing due to its various applications in different ADAS functions. Also, it will continue its dominance during the forecast period. Major players in the market are introducing the camera system's latest technology to stay ahead of their competitors. For instance, in 2019, FLIR launched its latest thermal enhanced self-driving test vehicle, which demonstrated how thermal cameras could improve the safety of advanced driver-assistance systems (ADAS) and fill performance gaps in autonomous vehicles.
Along with ADAS features, government and industry participants introduce various initiatives and enter into a partnership for autonomous vehicles in the country. For instance,
The South Korean government is currently conducting preliminary feasibility studies for its level 4 self-driving project underway from 2021 to 2027 and will launch a flying car demonstration project in 2025.
Also, the government will supply at least KRW 2 trillion for increasing the degree of independence in terms of major materials and parts required for future cars from 50% to 80% while helping training 2,000 researchers and engineers by 2025.
In 2020, BlackBerry Ltd. announced a partnership with a leader in AI-based camera perception technology, StradVision. StrandVision will utilize the QNX Software Development Platform in several next-generation Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV) from various South Korean automakers.
The South Korea Automotive Camera Market is dominated by various international and regional players such as Garmin Ltd., Panasonic Corporation, Continental AG, and Denso Corporation. Major players in the market are launching advanced camera technology to stay ahead of their competitors.