Mexico Automotive Camera Market

Mexico Automotive Camera Market Overview:

The Mexico automotive camera market size reached USD 110.11 Million in 2023. Looking forward, IMARC Group expects the market to reach USD 231.36 Million by 2032, exhibiting a growth rate (CAGR) of 8.30% during 2024-2032. The market is propelled by the rise in production of vehicles, the growing consumer awareness about safety, various regulations supporting vehicle safety, escalating demand for luxury vehicles, and technological advancements.

Mexico Automotive Camera Market Trends:

Increasing Vehicle Production

Mexico has established itself as a significant hub for vehicle production and export, driven by favorable trade agreements, a skilled workforce, and strategic geographical location. The increase in vehicle manufacturing directly correlates with the demand for automotive components, including cameras. As per the INTERNATIONAL TRADE ADMINISTRATION, Mexico produces 3.5 million passenger cars a year, making it the seventh-largest passenger vehicle producer in the world. Seventy-six percent of the vehicles made in Mexico are exported, with the majority going to the US. As global car manufacturers set up plants in Mexico, the need for integrating advanced safety features such as cameras grows. This is especially true for export-oriented vehicles destined for markets with stringent safety regulations. The rise in production numbers has made Mexico one of the largest vehicle producers in the world, consequently leading to increased procurement of automotive cameras. The continuous expansion of production capabilities, alongside investments in technological advancements, ensures that automotive camera manufacturers benefit from a steady demand, thus driving growth in the market.

Supportive Government Policies

Government regulations and safety standards are pivotal in driving the automotive camera market in Mexico. Regulatory bodies in Mexico, as well as those in regions where Mexican vehicles are exported, such as the United States and Europe, have been progressively implementing stricter safety standards that require the incorporation of advanced safety technologies, including cameras. For instance, mandates for backup cameras in new vehicles have significantly increased the demand for automotive cameras. The Federal Official Gazette (abbreviated "DOF") released the NOM-194-SE-2021 ("NOM") [1] on October 3rd, 2022, outlining the specifications and standards for safety equipment on new lightweight vehicles. The primary goal of the NOM is to ascertain which safety devices, along with any applicable legislation, commercial data, and standards, must be included in new lightweight vehicles that are intended for commercialization inside the national territory. These regulations are aimed at reducing traffic accidents and improving overall road safety, thereby encouraging manufacturers to integrate cameras into their vehicle designs. Additionally, government incentives for developing and adopting advanced automotive technologies further stimulate the market. As regulations continue to evolve, the automotive camera market is expected to grow, aligning with global trends toward enhancing vehicular safety through technological advancements.

Rising Consumer Demand for Vehicle Safety

The automotive camera market in Mexico has risen dramatically, with consumer awareness and demand for safety features increasing significantly. As more buyers have become aware about road safety and the possible benefits of advanced safety features, the preference for vehicles installed with the latest safety technologies has also risen. Cameras installed to enhance driver visibility and reduce blind spots have thus become a major selling factor. Additionally, increased road accidents and fatalities have driven consumers and policymakers to take up vehicle safety, hence implementing stringent safety regulations and guidelines.

Mexico Automotive Camera Market News:

• In July 2024, LG Innotek bought about 99,173 square meters of land near its manufacturing subsidiary in San Juan de Rio, Mexico to expand its facility. In the latter part of next year, the recently enlarged facility is expected to start producing car camera modules in bulk quantities.

Mexico Automotive Camera Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on vehicle type, technology, and application type.

Vehicle Type Insights:

• Passenger Cars
• Commercial Vehicles
   

The report has provided a detailed breakup and analysis of the market based on the vehicle type. This includes passenger cars and commercial vehicles.

Technology Insights:

• Digital Camera
• Infrared
• Thermal
   

A detailed breakup and analysis of the market based on the technology have also been provided in the report. This includes digital camera, infrared, and thermal.

Application Type Insights:

• ADAS
• Parking
   

The report has provided a detailed breakup and analysis of the market based on the application type. This includes ADAS and parking.

Regional Insights:

• Northern States
• Central States
• Southern States
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern States, Central States, and Southern States.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Mexico Automotive Camera Market Report Coverage:

Key Questions Answered in This Report:

• How has the Mexico automotive camera market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Mexico automotive camera market?
• What is the breakup of the Mexico automotive camera market on the basis of vehicle type?
• What is the breakup of the Mexico automotive camera market on the basis of technology?
• What is the breakup of the Mexico automotive camera market on the basis of application type?
• What are the various stages in the value chain of the Mexico automotive camera market? 
• What are the key driving factors and challenges in the Mexico automotive camera?
• What is the structure of the Mexico automotive camera market and who are the key players?
• What is the degree of competition in the Mexico automotive camera market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Mexico automotive camera market from 2018-2032
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Mexico automotive camera market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Mexico automotive camera industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.