CMOS 图像传感器行业：汽车与新兴应用领域驱动行业持续增长

Investment Rating - The report maintains a "Buy" rating for OmniVision Technologies (豪威集团) due to its advantageous position in mobile terminals, automotive, and emerging markets, with expectations of further market share growth through new product introductions by 2025 [2]. Core Insights - The global CMOS image sensor market is expected to rebound in 2024, achieving a market size of $23 billion, reflecting a year-on-year growth of 6.4%. This recovery indicates a new phase of structural differentiation and sustained growth in the industry [2][4]. - The growth drivers for the industry are shifting from mobile terminals, which still contribute over 60% of revenue, to automotive applications driven by the acceleration of ADAS penetration and the emergence of new applications such as smart glasses and machine vision [2][3]. - The competitive landscape is characterized by strategic differentiation and consolidation, with technology leaders like Sony pushing performance boundaries through large pixels and advanced stacking processes, while scale manufacturers like Samsung and agile Chinese competitors drive high-resolution revolutions with cost-effective solutions [2][3]. Market Dynamics - The mobile terminal CMOS image sensor market is stabilizing, with growth primarily driven by an increase in average selling prices as consumers shift towards high-end models and generative AI smartphones. Despite a moderate growth forecast for device shipments, the average number of cameras per device is expected to remain stable [3][12]. - The automotive CMOS image sensor market is projected to maintain double-digit growth from 2025 to 2027, driven by increased camera penetration per vehicle due to ADAS, in-cabin monitoring, and ongoing resolution upgrades [3][25]. - Emerging applications such as smart glasses and machine vision are opening new growth avenues, requiring specialized sensors with ultra-low power consumption, miniaturization, and global shutter technology, providing high-value growth directions for technology-leading companies [3][31]. Competitive Landscape - Sony leads the market with nearly 50% share, further increasing its share by 1 percentage point in 2024, showcasing its technological advantages in mobile terminal CMOS image sensors and growth in the automotive sector [7][11]. - Samsung holds the second position, leveraging its IDM model and focusing on high-resolution, small pixel technology, while also re-entering the Apple supply chain, marking a significant strategic breakthrough [11][30]. - OmniVision ranks third with an 11% market share, experiencing a 23.5% year-on-year revenue growth in 2024 across all business lines, particularly in mobile terminals and automotive applications [11][30]. - Other notable competitors include GalaxyCore and SmartSens, with significant growth in their respective markets, driven by competitive pricing and technological advancements [6][11].