by The global Vehicle Cameras Market is estimated to be valued at US$ 7,669.53 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vehicle cameras provide video recording of the surroundings of vehicles for enhanced safety and accountability. Advancements in camera technology have led to features such as night vision, parking assistance and lane change support systems in vehicles.
Market key trends:
One of the key trends in the vehicle cameras market is the growing demand for cameras equipped with advanced driver-assistance systems (ADAS). ADAS utilizes cameras, radar, and other sensors to capture images and data around the vehicle to provide safety features such as automatic emergency braking, blind spot monitoring, and lane keeping assistance. The integration of ADAS in luxury and mid-segment vehicles is expected to drive the demand for advanced cameras with capabilities such as night vision, driver monitoring, and multi-camera setups in the forecast period.
SWOT Analysis
Strength: Vehicle cameras provide drivers with a wider field of vision for better awareness of surroundings and safety. They can also be used to record videos as evidence in accidents or incidents.
Weakness: Additional hardware components increase the cost of vehicles. Data storage requirements for recorded videos can be large.
Opportunity: With rising concerns over road safety, demand for advanced driver assistance systems is growing. Vehicle camera footage has applications in autonomous driving, traffic management, and insurance claim processing.
Threats: Stricter regulations around data privacy and storage can impact the use of recorded videos. Technology alternatives like sensors and radar systems provide competition.
Key Takeaways
Global Vehicle Cameras Market Demand is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing focus on road safety features.
The Asia Pacific region dominates the global vehicle cameras market, with China being the largest producer and consumer of vehicles. Supportive government regulations for advanced driver assistance systems and rising vehicle production are driving market growth. Europe is another major regional market for vehicle cameras supported by widespread adoption of autonomous driving technologies.
Key players operating in the vehicle cameras market are Qrontech Co., Ltd. (Lukas), S. Will Industrial, Ltd., AIPTEK International, Inc., Hyundai MnSOFT, GoPro, Inc., Pittasoft Co., Ltd., DCS Systems Ltd. (RoadHawk U.K.), Garmin International, Inc., and Transcend Information, Inc. Major players are focused on advancing camera technologies and expanding into integrated driver monitoring systems. Partnerships with automakers is another key strategy to increase market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
