Increasing Awareness And Government Regulations To Boost The Vehicle Cameras Market
According to a new market research report published by Brisk Insights “Vehicle Cameras Market (By Technology Type (Thermal Cameras, Infrared Cameras, Digital Cameras), By Application Type (Park Assist, Dashcams, Others), By Channel (OEMs, Aftermarkets), By View Type (Single View System, Multi-Camera System), By Vehicle Type (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle)), Market – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the overall vehicle cameras market worldwide was valued at US$ 9.30 Bn in 2018 and is set to grow with 10.30% CAGR during the forecast period
Vehicle cameras market is primarily governed by the increasing penetration of park assist systems and government regulations on automotive safety. According to WHO, nearly 1.25 Mn people die in road accidents each year, which has ultimately given rise to various automotive safety systems including vehicle cameras. These cameras are attached to the dashboard or windshield of the vehicle and helps the driver to get a clear picture of the surroundings and rear area. Technological advancement in the cameras along with price reduction has immensely helped the market growth over the period. In addition, government encouragement towards automotive safety is another major factor supporting market growth. Earlier in 2018, the NHTSA mandated to include all new cars with backup cameras by May 2018. As a result, of these factors, we are expecting a huge growth in the vehicle cameras market during the forecast period.
Based on vehicle type, vehicle cameras market is led by passenger cars comprising sedan, hatchback and others. In 2018, passenger cars held more than 70% market share in overall vehicle sales. The increase in demand for ADAS in passenger cars and the emergence of autonomous vehicles are expected to drive the market. Vehicle cameras are highly beneficial due to features such as recording, parking assistance, night vision and various others. On account of these benefits, we are expecting huge growth in the forecast period.
Based on geography, North America is the largest market for vehicle cameras worldwide contributing to over 1/3rd of the market share. Larger market size is primarily due to government regulations and higher consumer awareness. We are expecting rapid growth in Europe, on account of a provisional political agreement on the revised General Safety Regulation. According to this regulation, by 2022 a suite of 15 new safety technologies will become mandatory in European vehicles (including reverse cameras and speed sign-recognition camera) for enhanced passenger safety. Thus, we are expecting huge growth in North America and Europe.
Some of the major companies profiled in the report include Robert Bosch GmbH, Continental AG, Aptiv PLC, Stonkam Co., Ltd., Autoliv Inc, Valeo S.A., Automation Engineering Inc., Mobileye, OmniVision Technologies Inc., Ficosa International S.A., Clarion, Qrontech Co. Ltd., GoPro Inc., DCS Systems Ltd., Transcend Information Inc., Falcon Electronics LLC, Garmin International, Inc and others.
Browse the full report at https://www.briskinsights.com/report/vehicle-cameras-market
The Global Vehicle Cameras Market is Segmented into:
By Technology Type (2019–2027; US$ Bn)
By Application Type (2019–2027; US$ Bn)
By Channel (2019–2027; US$ Bn)
By View Type (2019–2027; US$ Bn)
By Vehicle Type (2019–2027; US$ Bn)
By Geography Segment (2019–2027; US$ Bn)
*Complete segmentation list is on report page