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 |
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.
South Korea Automotive Camera Industry Segmentation
An automotive camera is a specialized electronic device designed for use in vehicles. It continuously captures and provides the vehicle driver with a view of their surroundings. The camera enables drivers to make better decisions based on real-time images of the environment that consider vehicle maneuvers, thereby helping drivers and offering an imagining system that improves vehicle safety. Automotive cameras can be installed inside or outside of vehicles, depending on the applications.
The South Korean automotive camera market is segmented by vehicle type (passenger vehicles and commercial vehicles), camera type (viewing camera and sensing camera), and application type (Advanced Driver Assistance Systems (ADAS) and parking). For each segment, market sizing and forecasting have been done based on value (USD).
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| By Type | |
| Viewing Camera | |
| Sensing Camera |
| By Application Type | |
| ADAS | |
| Parking |
South Korea Automotive Camera Market Size Summary
The South Korean automotive camera market is poised for significant growth, driven by the increasing adoption of premium, autonomous, and electric vehicles. The demand for advanced safety features per vehicle is propelling the market, as consumers seek enhanced safety performance while driving. Technological advancements in camera systems, such as 360-degree cameras and intelligent safety systems, are gaining traction. These systems, which integrate remote sensing technologies and processing computers, are becoming integral to active safety solutions in vehicles. Despite the challenges posed by the advanced technological requirements for production, the market is expected to expand as mass production reduces costs and more players enter the field.
The market's growth is further supported by the South Korean government's initiatives and the automotive industry's focus on autonomous vehicle technology. The country is on a roadmap to adopt level-4 autonomous vehicles by 2027, with various partnerships and projects underway to support this goal. The demand for automotive cameras is increasing due to their critical role in advanced driver-assistance systems (ADAS) and autonomous vehicle navigation. The market is characterized by the presence of both international and domestic players, with major companies launching innovative camera technologies to maintain a competitive edge. As the market evolves, it is expected to continue its upward trajectory, fueled by technological advancements and supportive government policies.
South Korea Automotive Camera Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Rising Automotive Vehicle Sales Anticipated to Drive the Market
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1.2 Market Restraints
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1.2.1 High Initial Cost Acting as Barrier for the Market
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Vehicle Type
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2.1.1 Passenger Cars
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2.1.2 Commercial Vehicles
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2.2 By Type
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2.2.1 Viewing Camera
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2.2.2 Sensing Camera
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2.3 By Application Type
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2.3.1 ADAS
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2.3.2 Parking
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South Korea Automotive Camera Market Size FAQs
How big is the South Korea Automotive Camera Market?
The South Korea Automotive Camera Market size is expected to reach USD 348.5 million in 2024 and grow at a CAGR of 12.45% to reach USD 626.5 million by 2029.
What is the current South Korea Automotive Camera Market size?
In 2024, the South Korea Automotive Camera Market size is expected to reach USD 348.5 million.
