Vehicle Camera Market Overview:
Global Vehicle Camera Market is expected to garner $7,567 Million by 2022, registering a CAGR of around 15% during the forecast period 2016 to 2022. Vehicle cameras attached to automobiles capture images and videos of inside and outside the vehicle. They provide real-time video recording, which helps in collecting legal evidence during an accident, theft, and others. Rise in number of road accidents worldwide boosts the adoption of vehicle cameras across various sectors such as private, commercial, and defense. However, government regulations in some countries concerned with public video recording impede the market growth. Moreover, deployment of advanced technologies and equipment, such as top-down view cameras, 3D imaging, night vision cameras, dual lenses cameras, and GPS is expected to provide abundant growth opportunities for the vehicle camera market.
Vehicle cameras have proven to be of great importance as evidence in private and commercial sectors due to the increase in number of road accidents, parking accidents, and complications in claiming insurance for the same. These cameras ensure driver safety and theft protection, and thus have gained popularity among private vehicle owners. Armored vehicles and military ground transport vehicles, such as trucks, tanks, armored personnel carriers, that need to operate in total darkness and hostile areas are employed with advanced featured cameras equipped with night vision, GPS tracking, and other additional features.
Prominent players offering vehicle cameras globally include Qrontech Co. Ltd., DCS Systems Ltd., AIPTEK International, GoPro, Garmin International, Inc., Transcend Information, Inc., Pittasoft Co. Ltd., Hyundai MnSOFT, S.Will Industrial Ltd., and PAPAGO Inc.
The world vehicle camera market is segmented based on price, end user, and geography. The price segment includes affordable, mid-range, and high-end vehicle cameras. The end-user segment comprises private vehicles, commercial vehicles, and government & defense vehicles. This report analyzes the global market based on four key regions, namely, North America, Europe, Asia-Pacific, and LAMEA.
In the year 2015, the private end-user segment dominated the market in terms of revenue generation due to the rise in adoption of vehicle cameras by private vehicle owners for safety and security of their vehicles, video recording in case of accidents, and theft for legal processes among others. However, the commercial end-user segment is expected to grow at the highest CAGR during the forecast period, owing to the increase in demand for these cameras across industries such as entertainment, tourism, and sport events worldwide.
North America generated the highest revenue in the global market in 2015, due to the high adoption of advanced driver assistance systems (ADAS) in automobiles used for private and commercial purposes. However, Asia-Pacific is projected to grow at the highest CAGR, owing to the rise in number of road accidents in India, Pakistan, China, Thailand, and others.
Vehicle Camera Market: Top Impacting Factors
Need for safety
The need for safety of vehicles and passengers on roads and parking areas has led to the expansion of vehicle camera market. The increase in the number of accidents has boosted the use of vehicle cameras at a high rate. Vehicles installed with cameras offer visual security and protection from thieves. Moreover, cab drivers employ car cameras as video security systems to protect themselves from theft and being cheated by fares as well as proof for their employers that they were on the job. Installing an “in-vehicle camera” has become a necessity to monitor activities of drivers and passengers as well. Thus, this feature is expected to have a significant effect on the market.
Extensive use in commercial sector
On-board cameras are widely used in the entertainment industry, especially in movie direction and tourism-based shows. Vehicle cameras provide real-time videos and images, which are utilized during shooting of action sequences in movies, creating advertisements, and by tourists. These cameras are also installed in ambulances, fire rescue vehicles, sport vehicles, and others. Vehicle cameras are applicable in sport events to track records, monitor athletes and car racers, and broadcast events. Thus, the commercial sector contributes maximum to the growth of the market.
Introduction of novel technologies pave the way for high growth rate for the vehicle camera market in the coming years. Advancement and fusion of technologies and equipment are likely to transform and increase the camera efficiency, including light detection and ranging (LIDAR) sensors, 3D imaging, night vision, dual lenses cameras, GPS, blind-spot detection features, park cameras, top-down view cameras, and others.
Vehicle Camera Market Key Benefits:
- The study provides an in-depth analysis of the world vehicle camera industry along with current trends and future estimations to elucidate the imminent investment pockets.
- Current and future trends are outlined to determine the overall market potential and to single out profitable trends to gain a stronger foothold in the market.
- Key drivers, restraints, and opportunities along with their impact analysis are explained.
- Quantitative analysis of the current market size and forecast from 2014 to 2022 is provided to highlight the financial competency of the market.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers participating.
- Value chain analysis provides a clear understanding on the roles of stakeholders involved in the value chain.
Vehicle Camera Market Segments:
The vehicle camera market is segmented based on price, end user, and geography.
- Affordable (up to US$100)
- Mid-Range (US$100‐US$200)
- High-End (above US$200)
BY END USER
- Private Sector
- Commercial Sector
- Government & Defense Sector
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
KEY MARKET PLAYERS
- Qrontech Co. Ltd.
- DCS Systems Ltd.
- AIPTEK International
- GoPro, Inc.
- Garmin International, Inc.,
- Transcend Information, Inc.
- Pittasoft Co. Ltd.
- Hyundai MnSOFT
- S.Will Industrial Ltd.
- PAPAGO Inc.
COMPANIES MENTIONED IN THE REPORT
Synnex Australia Pty Ltd., Google Inc., General Things, BMW Group, Polaroid, Xiaomi Inc., General Motors Company, Tesla Motors, Inc., Martel Electronics, Ausdom Inc., Skyhigh Electronics Co. Ltd.