Vehicle camera Market Global Segmentation and Major key Players Analysis 2023
The global vehicle camera market is given a thorough look over in the latest research report from Market Research Future (MRFR). The global vehicle camera market is expected to exhibit a CAGR of 10% over the forecast period from 2018 to 2023 due to the growing demand for in-car security and monitoring. The growing technological progress in the design of cameras is also likely to be a major driver for the global vehicle camera market over the forecast period. The report provides a detailed insight into the growth trajectory of the global vehicle camera market on the basis of the market’s historical growth trajectory and key drivers and restraints.
Vehicle cameras are used in vehicles to monitor the surroundings or the drivers and other occupants and enable increased safety for everyone involved. The growing need for hard evidence in matters of vehicular accidents is also likely to lead to a growth in the demand for vehicle cameras over the forecast period. Vehicle cameras can record accidents as they happen and can thus help provide determinant evidence in cases where there is ambiguity as to who is to blame for the accident. This helps bring about a better ordered road system and can also contribute to a reduction in the number of accidents. The lack of widespread street camera networks in emerging regions is likely to be a major driver for the global vehicle camera market over the forecast period. Major economic powers that have lacked the resources for large-scale road modernization procedures, including Russia, China, and India, are likely to emerge as key regional markets for vehicle cameras over the forecast period.
The rapid growth in camera technology, making them lighter and more easily accessible even for new users, is likely to be a major driver for the global vehicle camera market, as this has led to the development of camera models that can be used by the layman with ease. Making vehicle cameras more ergonomic and easier to handle is likely to be a key target for players in the global vehicle camera market over the forecast period.
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Competitive Analysis:
Leading players in the global vehicle camera market include Robert Bosch Gmbh, Autoliv Inc., Continental AG, GoPro Inc., DCS Systems Ltd., S. Will Industrial Ltd., Transcend Information Inc., Falcon Electronics LLC, Qrontech Co. Ltd., Valeo, and Delphi Automotive plc.
Industry Updates:
In March 2019, Volvo announced plans to use their in-car vehicle cameras to monitor drunk and distracted driving. In-car cameras will keep track of the driver’s eyelids and hand position, alerting the driver if they fail to keep their hands on the steering wheel for extend periods of time or keep their eyes closed. While the privacy issues related to this move could become a problem, the benefits of this plan are clear for all to see.
Segmentation:
The global vehicle camera market is segmented on the basis of vehicle type, technology, camera type, end use, and region.
By vehicle type, the global vehicle market is segmented into commercial and passenger vehicles.
By technology, the global vehicle market is segmented into night vision recording, accident sensor, built-in GPS, and others.
By camera type, the global vehicle camera market is segmented into front view camera, rear view camera, and interior camera.
By end use, the global vehicle market is segmented into transportation, government and defense vehicles, private vehicles, and others. The private vehicle segment is likely to play a key role in the global vehicle camera market’s growth over the forecast period due to the growing demand for vehicle cameras from urban consumers. The others segment is also likely to grow due to the growing demand for vehicle cameras from the media and entertainment industry and healthcare and fire rescue vehicles.
Regional Analysis:
North America is expected to emerge as the leading regional market for vehicle cameras over the forecast period due to the growing use of vehicle cameras by government as well as private vehicle owners in the region and the growing incorporation of vehicle camera policies into insurance regulations and frameworks in the region. Asia Pacific is likely to exhibit the highest growth over the forecast period due to the growing awareness about vehicle cameras in emerging economies in the region.
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