Vehicle Camera Market to Reach $7,567 Million, Globally, by 2022
Global Vehicle Camera Market is expected to reach approximately $7,567 million by 2022, growing at a CAGR of around 15% from 2016 to 2022, according to new research published by Allied Market Research. Mid-range vehicle cameras are expected to dominate the global market throughout the forecast period, while region-wise, North America is estimated to lead in terms of revenue during the forecast period.
Rise in cases of road accidents, false insurance claims, vehicle thefts, and others have fostered the adoption of vehicle cameras. In addition, the growth of the vehicle camera market is expected to be accelerated by the use of vehicle cameras in the commercial sector for movies, advertisements, healthcare, and others. However, increasing prices of vehicles may restrict the growth of vehicle camera industry. Moreover, development of technologically enhanced products and technologies, such as GPS, remote sensing technology, dual lens cameras, night vision cameras, 3D imaging technology, provide numerous opportunities for the growth and development of the vehicle camera industry.
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In the year 2015, the private end-user segment accounted for the maximum revenue share, due to increase in threat of vehicle robberies, road accidents, and parking accidents. In addition, the commercial end-user segment is presently the fastest growing segment, and is projected to grow at a CAGR of around 16%. This is attributable to the extensive use of vehicle cameras among medical, tourism, and entertainment industries.
In 2015, mid-range vehicle cameras dominated the world vehicle camera market owing to its multiple features provided at reasonable prices. This adoption of mid-range vehicle cameras has increased over the years due to its various superior features such as loop recording, rear and front view, GPS technology, wide angle view and other features available at comparatively low price than the premium segment of the vehicle camera market.
North America accounted for majority of the global vehicle camera market share in 2015, and is expected to maintain this trend during the forecast period due to the high adoption of ADAS in vehicles among private and commercial sectors. Asia-Pacific is projected to grow at the highest CAGR, due to rise in events of road and parking accidents and false insurance claiming after accidents.
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Key findings of Vehicle Camera Market Study
- In the year 2015, mid-range vehicle cameras dominated the vehicle camera industry, in terms of revenue, and the segment is projected to grow at a CAGR of over 14%.
- Commercial end-user segment is expected to grow at the highest CAGR of around 16% during the forecast period.
- Private end-user segment is projected to generate the highest revenue during the forecast period.
- North America generated the highest revenue in 2015.
- Asia-Pacific is expected to grow at a significant CAGR of around 16% from 2016 to 2022.
Qrontech Co. Ltd., DCS Systems Ltd., AIPTEK International, GoPro, Inc., Garmin International, Inc. are the key players operating in this market. Market players focus on product launch and partnership for expansion. For instance, in August 2015, Transcend Information, Inc. launched the DrivePro 520 Car Video Recorder, which has a dual lens camera with rear lens equipped with infrared LEDs for clear night view inside and outside the vehicle.