Automotive Image Sensors Market to record USD 4.22 Bn growth

Technavio expects the automotive image sensor market size to grow by USD 4.22 billion between 2019 and 2024. The market observed a YOY growth of 22.45% in 2020 and the growth momentum is expected to accelerate at a CAGR of 29.05% during the forecast period.

The steady growth of the camera-based ADAS market has been instrumental in driving the growth of the market. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market growth in the driver support system will be significant over the forecast period. The need to reduce the burden on drivers and improve safety is increasing the adoption of driver support systems among automobile manufacturers.