By 2030, it is expected that the number of cameras equipped on new energy bicycles will reach 11.5, and the number of cameras on non-new energy bicycles will reach 5.3. According to calculations, the global passenger car on-board camera front-loading market will reach 123.2 billion in 2030, with a compound growth rate of 21% in 10 years, of which the compound growth rate of the number of vehicles installed will be 18%. The CIS market space of the industrial chain can reach 51.7 billion yuan, and the lens can reach 34.5 billion yuan. The two account for about 70% of the overall camera space.
The value of the automotive camera industry chain is far-reaching and multi-dimensional, which runs through the supply of upstream key materials, the manufacturing of midstream core components, and the integration and application of downstream final products. In this complete chain, the dual drive of technological innovation and market demand plays a central role. In particular, according to Onsemi, CMOS image sensors, as the core component that determines image quality, occupy the most significant share (up to 50%) of the cost structure of in-vehicle cameras, highlighting their importance. Module packaging and optical lenses account for the majority of the remaining cost (about 25% each), demonstrating the indispensability of both in building high-performance automotive cameras.
When comparing the cost of mobile cameras with in-vehicle cameras, we find that while CMOS image sensors also dominate mobile cameras (about 52%), the proportion of module cost is more significant in in-vehicle cameras (higher than 19% in mobile phone cameras), reflecting the higher manufacturing complexity and system integration requirements of in-vehicle cameras.
Minsheng Securities deeply analyzed the reasons for this cost allocation difference, pointing out that Tier1 manufacturers play a vital role in the automotive camera industry chain. They are not only responsible for the fine assembly of modules, but also undertake the important task of system integration, which makes Tier1 manufacturers accumulate strong bargaining power in long-term cooperation with car companies. Therefore, compared with the mobile phone camera market, the relatively high proportion of the cost of in-vehicle camera modules is partly attributed to the key position of Tier1 manufacturers in the industry chain and the solid cooperative relationship between them and car companies.
According to the data of Zosi Industry and Research, in 2019, the global automotive camera CR5 reached 55%, and the industry is relatively fragmented, with Tier1 manufacturers in the majority, and has the advantage of long-term cooperation with car companies. According to ICVTank data, the automotive lens CR4 reaches 78%, and Sunny Optics occupies a 34% share. According to Yole, CR3 accounts for 97% of the in-vehicle CIS market, with high barriers to competition.
Figure: 2019 global automotive camera and CIS market share
Domestic vehicle cameras are also developing, and Sunny Optics entered the field of vehicle cameras in the early days, and its market share continued to be the first. The company has entered the field of automotive lenses since 2004, and established Ningbo Sunny Automotive Optical Technology Co., Ltd. in 2008, which reached the first place in market share for the first time in 2012 and has maintained this position until now. In terms of shipments, the company increased from 11 million units in 2014 to 56 million units in 2020, with a CAGR of 30.76%. As a leader in China's automotive lenses, it has completed the research and development of 800W pixel front-view, side-view and rear-view lenses, which can be applied to L4 ADAS.
In the field of automotive cameras, the CIS market is mainly dominated by Onsemi and OmniVision. According to the 2019 Yole report, Onsemi occupies 62% of the global automotive camera CMOS image sensor market, followed by OmniVision with 29% and Sony with 6%, with high market concentration.
