Vehicle Camera Market Overview
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.
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.
Vehicle Camera Market 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.
Vehicle Camera 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.
Vehicle Camera Market 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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