As mentioned in the previous part, in the field of automotive cameras, the market of CIS is mainly dominated by two major manufacturers: Onsemi and omnivision. According to the 2019 Yole survey report, Onsemi occupies 62% of the global automotive camera CMOS image sensor market share, followed by OmniVision with 29% market share, and Sony with 6% market share. Among them, OmniVision is the only manufacturer in the top three that adopts the Fabless production model.
The CIS chip industry chain can classify as IDM、Fab-lite and Fabless
IDM model: This model refers to the fact that enterprises have their own wafer fabs, packaging factories and test plants, and can complete the whole life cycle of the chip by themselves, including the entire process from design to manufacturing. Enterprises in the IDM model can better control product quality and technological innovation, while reducing costs and improving production efficiency.
Fab-lite model: light wafer model, this model is a strategic model of light assets in order to reduce investment risks, which combines the characteristics of IDM and outsourced wafer foundries. Under this model, the relevant manufacturers or IDM companies retain part of their own production capacity, complete key production links independently, and outsource non-critical links on the premise of ensuring chip quality and reliability. The Fab-lite model provides a low-cost, more flexible solution for manufacturers who need to expand their chip manufacturing capacity, and responds quickly to market demand.
Fabless mode: Fabless mode refers to the fact that the company is mainly responsible for the design, testing and sales of integrated circuits without its own manufacturing fab, and outsources the production links such as wafer manufacturing, packaging and testing to professional foundry partners. Fabless businesses focus on the creation of design technology and intellectual property, so they can focus more on improving design capabilities and product performance, while reducing equipment and fixed costs, reducing technical risks, and leveraging high-quality resources on a global scale.
Figure: CIS chip production mode
Pixel upscaling is on the way, and HDR, LFM, and low-light sensitivity are trending
With the improvement of consumers' requirements for image quality, high-pixel CIS chips are becoming the mainstream of the market. For example, the 48MP CIS chip has already begun to become popular, and there is a trend towards higher pixels. High pixels not only provide more detailed images, but also provide better performance in low-light environments with pixel binning technology. The HDOR function is very important for CIS chips, especially in the field of automotive electronics. It allows the camera to capture detail over a wider range of brightness in high-contrast lighting conditions, such as when a vehicle is exiting a tunnel. HDR technology works by taking multiple photos with different exposures in quick succession and then composing them into one image with a wider dynamic range. The LFM technology is used to solve the problem of camera flickering caused by LED lights. In security surveillance and automotive night vision systems, performance in low light is critical. CIS sensors improve light sensitivity in low-light conditions by employing larger pixel sizes, back-illuminated (BSI) technology, and stacked structures.
Figure: A glance at the market size and competitive landscape of the four tracks at the perception layer
Minsheng Securities said that smart electric vehicles are a high-quality track in the next 5-10 years. It is estimated that by 2030, the market size of the perception layer hardware driven by intelligent driving will reach 389.2 billion yuan, with a 10-year CAGR of 23%. Among them, the camera was 123.2 billion yuan, with a 10-year CAGR of 21%; ultrasonic radar 33.2 billion yuan, 10-year CAGR of 12%; millimeter microwave radar 96 billion yuan, 10 years CARG 16%; LiDAR is 136.7 billion yuan, with a CAGR of 42% from 2025 to 2030.
According to Minsheng Securities, among the four tracks, the growth certainty of cameras is the strongest, and the pattern of lens and CMOS industry chain links is improving. The LiDAR track is the most resilient and is still in the technology-driven stage, with both risks and opportunities. Although the main market is occupied by TOP manufacturers, there are still opportunities for domestic startups to break the monopoly for technology integration and innovation. The ultrasonic radar market technology is relatively mature, and there are domestic manufacturers such as Audi.
