Increasing Demand from Automotive Industry Boosts Camera Module Market
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The Global Camera Module
Market, valued at over US$ 28.99 Bn in 2020, is projected to expand at a
CAGR of 10.4% from 2021 to 2031, reaching an estimated value of US$ 86.63 Bn by
the end of the forecast period, according to the latest report by Transparency
Market Research (TMR).
Key Market Drivers and Trends
The market's impressive growth trajectory is attributed to
several factors, including the proliferation of consumer electronics,
advancements in digital imaging technologies, and the increasing integration of
camera modules in the automotive industry. The adoption of smart devices,
driven by consumer demand for enhanced photographic capabilities, has
significantly boosted the camera module market. Innovations such as 3D depth
sensing, infrared thermal technology, and ultra HD display technology are
enhancing the functionality and reliability of camera modules, further fueling
market growth.
Impact of COVID-19 on the Camera Module Market
The COVID-19 pandemic has had a notable impact on the camera
module market. The surge in remote working and learning has increased the
demand for video conferencing, recording, and digital storage applications.
Brands have capitalized on this trend by tapping into sales opportunities
through online shopping platforms and eCommerce. As business activities
normalize, particularly in China and other Asia Pacific countries, the
high-volume manufacturing of camera modules is expected to continue its upward
trend.
Geographical Insights and Competitive Landscape
The Asia Pacific region is expected to dominate the global
camera module market, driven by a high concentration of manufacturers and
increasing consumer demand. Countries like Japan, Korea, and China are leading
in the production and innovation of camera modules, particularly for
smartphones.
Key players in the market, including LG Innotek, Sunny
Optical Technology (Group) Co., Ltd., Hon Hai Precision Inc. Co., Ltd.
(Foxconn), Samsung Electro-Mechanics, and Q Technology, are focusing on
customer acquisitions, mergers, collaborations, and new product launches to
maintain their competitive edge. Noteworthy developments include:
- Sunny
Optical Technology's partnership with Valens Semiconductor to
integrate MIPI A-PHY-compliant chipsets into next-generation camera
modules.
- LG
Innotek's collaboration with Microsoft to innovate across multiple
industry verticals using LG Innotek’s ToF (Time of Flight)
technology-based 3D camera modules.
- Samsung
Electro-Mechanics' development of an optical 10x zoom folded camera
module, marking a significant advancement in smartphone camera technology.
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Future Outlook and Market Opportunities
The report underscores the potential for substantial revenue
streams in the consumer electronics sector, particularly with the increasing
demand for smartphones and tablets equipped with advanced camera modules. More
than 70% of the demand for camera modules stems from this sector, driven by
consumer preferences for high-resolution cameras and the integration of camera
technologies in social networking and communication apps.
Additionally, the automotive industry's trend toward
electrification and the rise of autonomous vehicles are creating new
opportunities for camera module applications. Advanced driver assistance
systems (ADAS) and other safety features are increasingly reliant on camera
technologies, further driving market growth.
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Market Research
Transparency Market Research, a global market research company registered at
Wilmington, Delaware, United States, provides custom research and consulting
services. The firm scrutinizes factors shaping the dynamics of demand in
various markets. The insights and perspectives on the markets evaluate
opportunities in various segments. The opportunities in the segments based on
source, application, demographics, sales channel, and end-use are analysed,
which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides
forward-looking insights for thousands of decision-makers, made possible by
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data sources and various tools & techniques we use always reflect the
latest trends and information. With a broad research and analysis capability,
Transparency Market Research employs rigorous primary and secondary research
techniques in all of its business reports.
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