South & Central America Automotive Camera Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Application, Type, Vehicle Type, and Level of Autonomy

The automotive camera market in South & Central America is expected to grow from US$ 287.35 million in 2022 to US$ 693.22 million by 2028; it is estimated to grow at a CAGR of 15.8% from 2022 to 2028.

Brazil is largely contributing to the automotive market in South America. The growing investment in the production of vehicles is fueling the growth of the automotive industry. For instance, in April 2022, Nissan Motor Co planned to invest US$ 276.12 million in its plant in Rio de Janeiro and is expected to launch new products such as the Frontier pickup truck between 2022 and 2025. In addition, in February 2022, Volvo's Brazilian unit announced that it would invest US$ 283.36 million in the country by 2025 in order to provide boost to the automotive industry. In 2021, Volvo sold 21,800 trucks in Brazil, which increased by 45.7% as compared to the sales in 2020. The Brazilian truck market recorded a growth of 43.5% in 2021 by registering the sale of 128,700 vehicles. All these vehicles have inbuilt automotive cameras thus, such growth prospects in sales of commercial vehicles are expected to drive the demand for automotive cameras.

The rise in demand for electric vehicles is making EV manufacturers increase their manufacturing capabilities, aiding the usage of automotive cameras in vehicles. In 2021, all major vehicle markets in South & Central America reported an increase in EV sales. As per the local electric vehicle association ABVE, EV sales in Brazil reached ~35,000 in 2021, an increase of 77% compared to 2020. According to Chile's national automotive chamber, sales of zero and low-emission light and medium-sized vehicles increased by 231% in 2021. Furthermore, the growing investment in manufacturing plants is anticipated to drive the automobile market thus indirectly impacting the automotive camera market also. For instance, in January 2022, Great Wall Motor announced the plan to invest US$ 1.9 billion in Brazil over the next decade to manufacture electric and hybrid cars, which will serve as an export hub in Latin America. Such investment prospects would help the automotive sector strengthen the Brazilian economy. Hence, growing investment in the automotive industry and rising demand for EVs are the prominent factors driving the demand for automotive cameras in South America.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the South & Central America automotive camera market at a substantial CAGR during the forecast period.

South & Central America Automotive Camera Market Segmentation

The South & Central America automotive camera market is segmented into application, type, vehicle type, level of autonomy, and country.

• Based on application, the South & Central America automotive camera market is bifurcated into park assist and ADAS. The park assist segment accounted for a larger market share in 2022.
• Based on type, the South & Central America automotive camera market is categorized into mono camera, surround view camera, and rear view camera. The rear view camera segment accounted for the largest market share in 2022, owing to increasing awareness for safe driving that needs the proportion of cars with a rear view camera.
• Based on vehicle type, the South & Central America automotive camera market is bifurcated into passenger cars and commercial vehicle. The passenger cars segment accounted for a larger market share in 2022 owing to growing initiatives for introducing regulatory policies for safety and comfort for passenger vehicles.
• Based on level of autonomy, the automotive camera market is segmented into L1, L2, L3, and others. The L1 segment accounted for a larger market share in 2022. Moreover, the L2 segment is projected to observe significant growth during the forecast period owing to the growing demand for driver assistance systems.
• Based on country, the South & Central America automotive camera market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held the largest market share in 2022.

Aptiv PLC; Autoliv Inc.; Continental AG; FLIR Systems, Inc.; Magna International Inc.; Mobileye; Robert Bosch GmbH; Stonkam Co., Ltd.; and Valeo are among the leading companies operating in the South & Central America automotive camera market.