Impact of COVID-19 on the Global Automotive Surround-View System Market
An automotive surround-view system is an automotive driver-assistance system technology that assists drivers in parking their vehicles safely by giving them a 360 degree, top-down view of the car. An ADAS system provides a comfortable and safe driving experience with solutions like surround-view camera systems. However, COVID-19 pandemic has drastically impacted the growth of the automotive industry. The primary factors driving the growth of the market include the increasing demand for automotive surround view systems, increased spending on R&D activities, and growing safety concerns among the end-users. However, the COVID-19 pandemic has had a significant impact on product demand and supply chains, which is hindering the growth of the market. Besides, the sharp fall in vehicle sales, the shutdown of small factories owing to the economic crisis, disruptions in supply chains, the halted production of new cars, and the unavailability of labor are some of the factors which are adversely affecting the growth of the automotive surround-view systems market. Moreover, the change in the consumers’ purchase behavior owing to economic uncertainties is also impacting the demand for automotive surround-view systems.
According to the MRFR analysis, Europe holds the largest share in the market. It is expected to continue its domination over the forecast period owing to the presence of a large number of automotive manufacturers and technological advancements. The gradual lifting of lockdowns in some countries of the region has helped companies resume operations, which is expected to drive the market demand. The resumption of manufacturing operations is likely to boost the production and sales of new vehicles, which in turn is estimated to drive the automotive surround-view systems market.
Automotive Driver-Assistance Systems, Global Shipment from 2015 to 2020