Vehicle Camera Market Overview
Market Analysis
The global vehicle camera market size will grow at 10% CAGR in the forecast period (2022- 2030), states the latest Market Research Future (MRFR) report.
Drivers
Increased
Demand for Cars Equipped with Safety Cameras to Boost Market Growth
The
increased demand for cars equipped with cameras for security and safety of the
passengers, driver, and vehicle will boost market growth over the forecast
period. As the camera incorporated in the car can offer drowsiness detection,
blind spot detection, is likely to minimize road accidents. Besides, road
accidents cause people considerable economic losses. These losses arise due to
cost of treatment and lost productivity for those who are disabled or killed by
their injuries and for the family that in turn boost the need for automotive
cameras, thus fuelling the vehicle camera market value.
Key
Players
Leading
players profiled in the global vehicle camera industry report include robert
Bosch Gmbh (Germany), Delphi Automotive PLC (U.K.), and Autoliv Inc (Sweden),
Valeo (France), and Continental AG (Germany),Qrontech Co. Ltd. (South Korea),
GoPro Inc. (U.S.), Falcon Electronics LLC (Balkans), DCS Systems Ltd. (U.K.),
Transcend Information Inc. (Taiwan), S.Will Industrial Ltd. (China) among
others.
Opportunities
Growing
Adoption of Trifocal Cameras to offer Robust Opportunities
The
rising adoption of technologically advanced trifocal cameras will offer robust
opportunities for the market over the forecast period. These cameras improve
depth perception and long-distance object detection. They are a combination of
three different cameras with varied megapixels. Trifocal cameras use sensors to
offer accurate distance between the obstacle and the vehicle and also wider
field view. They have the ability of detecting the sudden appearance of
vehicles, pedestrians, or objects which may cause accidents and also alert the
drivers to steer these obstacles away. The constant development of
semi-autonomous and autonomous vehicles is also propelling the demand for such
cameras in the automotive cameras market.
Restraints
High
Installation Cost to act as Market Restraint
The
high installation cost of vehicle cameras may impede the global vehicle camera
market growth over the forecast period.
Challenges
Constraints
in Real-Time Image Processing to act as Market Challenge
The
constraints in real-time image processing in surround view systems may act as
market challenge over the forecast period.
COVID-19
Analysis
The
COVID-19 outbreak has turned into a major concern for automotive stakeholders.
The suspension of vehicle production & supply disruptions has brought the
auto industry to a halt. Lower vehicles sales post the pandemic will be a key
concern for auto OEMs for some quarters. There was a small chance of car sales
recovery in 2020. The auto camera market is likely to see a significant boost
from 2022 for the mandates by different countries. Abrupt stoppage in the
creation of new automotive technologies and reduced vehicle sales are likely to
result in a sluggish growth in the auto camera market in 2021.
Market
Segmentation
The
global vehicle camera market is segmented based on end use application,
technology, camera type, and vehicle type.
By
vehicle type, the vehicle camera market is segmented into passenger vehicle and
commercial vehicle.
By
camera type, the vehicle camera market is bifurcated into interior cam, rear
view, and front view.
By
technology, the global vehicle camera market is segmented into accident sensor,
built-in GPS, night vision recording, and others.
By
end use application, the global vehicle camera market is segmented into
transportation vehicles, private vehicles, government and defense, and others.
Regional
Analysis
North
America to Spearhead Vehicle Camera Market
North
America will spearhead the market over the forecast period. The existence of
countries such as the US and Canada, insurance companies offering various
schemes like in-car camera incentive program, safety regulations introduced by
the government that has encouraged customers in installing such cameras in
vehicles, and the growing concern about safety are adding to the global vehicle
camera market growth in the region.
APAC
to Have Admirable Growth in Vehicle Camera Market
The
APAC region will have admirable growth over the forecast period. Increasing
number of accidents, increasing awareness for benefits of installation of
vehicle cameras like protection of thieves, electrification and vehicle
hybridization, rising production of electric cars, increasing sales of
passenger vehicles, several original equipment manufacturers shifting their
automobile manufacturing plants to countries owing to high growth
opportunities, increasing population, government policies promoting industrial
growth, and the region being an ideal destination for automobile manufacturers
for setting up their facilities are adding to the global vehicle camera market
share in the region.
The
global vehicle camera market is fragmented and highly competitive for the
presence of different international & domestic industry players. These
players have encompassed innovative strategies to stay ahead and sufficing the
customers & surging requirement that comprises contracts, partnerships, geographic
expansions, collaborations, joint ventures, novel product launches, and more.
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