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A cutting-edge technology that is gaining popularity in the market for vehicle cameras in computer vision. Due to the proliferation of digital technologies in-vehicle cameras that support applications like parking assistance, blind spot recognition, and adaptive cruise control, among others, automotive firms are on the lookout for potential value-grab possibilities in the market.
The market for electric vehicle (EV) cameras is expanding as a result of rising passenger car sales, vehicle electrification and hybridization, and rising EV manufacturing.
North America is the ideal location for automakers to set up their production facilities due to government regulations that encourage industrial expansion and an ever-growing population. Due to these reasons and rising passenger car sales and marketing, North America has emerged as a significant area of the global automotive camera market.
The US EV Camera market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
The electronic components division of Samsung Group, Samsung Electro-Mechanics Co., has secured a multi-billion dollar contract to provide camera modules to Tesla Inc. for the majority of the US company’s electric vehicles.
In order to get the contract, the South Korean business outbid rival LG Innotek Co. from across the street and Taiwan’s Primax Electronics Ltd.
With this agreement, Samsung Electro-Mechanics secures its position as Tesla’s top supplier of camera modules and signs its single largest contract in company history.
Samsung’s version 4.0 camera modules, which have 5 million pixels and display five times sharper images than the company’s prior 3.0 modules, will be the components given this time. Samsung intends to create the most recent camera modules in bulk.
Samsung will provide its most recent camera modules for Tesla’s Model 3 car, Model S sedan, Model X SUV, Model Y crossover, as well as electric vehicles like the Cybertruck and the Tesla Semi over the course of the next few years.
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