The Vehicle Cameras Market is estimated to be valued at US$ 7669.53 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 are installed in commercial and private vehicles for recording footage and capturing high-quality images and videos. These cameras are used for surveillance purpose, driver monitoring, advanced driver-assistance systems, accident recording, and to detect traffic violations. The key types of vehicle cameras include dashboard cameras, reverse camera, driver monitoring cameras, and commercial vehicle camera. They range from basic cameras for event recording to advanced cameras with global positioning system (GPS) connectivity, Wi-Fi, and cloud storage features.
Market Dynamics:
Increasing road accidents and concerns for vehicular and road safety: Road accidents have been on the rise globally over the past few years. According to World Health Organization (WHO), around 1.35 million people die in road crashes each year, on average 3,287 deaths a day. Vehicle cameras provide crucial footage that can be used for insurance claims and investigating the cause of accidents. This is fueling demand for vehicle cameras globally.
Growing adoption of driver monitoring systems: Driver monitoring systems use cameras to monitor driver behaviors such as drowsiness, distraction, safety belt use and mobile phone usage. They generate audio-visual alerts to encourage safe driving. Many companies have integrated these systems with advanced driver-assistance features. This is expected to propel the growth of the global vehicle cameras market over the forecast period.
Segment Analysis
The vehicle cameras market is dominated by the passenger vehicles sub-segment. Around 60% of the total sales of vehicle cameras can be attributed to the passenger vehicles segment. This is because passenger vehicles have higher demand for advanced driving assistance and rearview cameras for enhanced safety and visibility. Increased awareness regarding safety features and declining average selling prices of cameras are driving the adoption of cameras in passenger cars.
PEST Analysis
Political: The governments across various countries are mandating the installation of rear-view cameras in vehicles for enhanced safety. This is driving the demand for vehicle cameras.
Economic: The declining prices of cameras coupled with rising disposable incomes are positively impacting the sales of advanced driving assistance and safety feature cameras in vehicles.
Social: Rising road accidents and increased focus on safety are raising awareness about cameras amongst vehicle owners. This is boosting the installation of cameras in new as well as existing vehicles.
Technological: Advancements in camera technology like night vision, multi-camera systems, better resolution are supporting the development of autonomous and assisted driving features. This is attracting more automobile manufacturers and strengthening the market position of camera suppliers.
Key Takeaways
Global Vehicle Cameras Market Demand was valued at US$ 7,669.53 million in 2023 and is projected to reach US$ 11,232.48 million by 2030, registering a CAGR of 10%. The passenger vehicles segment dominates the market owing to increasing adoption of safety and driving assistance features. Regionally, Asia Pacific holds the major share in the global market and is expected to maintain its dominance during the forecast period due to high vehicle production in China and India.
The vehicle cameras market is witnessing high growth in the Asia Pacific region primarily due to increasing vehicle production and rising disposable income in developing countries like China and India. China held nearly 30% of the global vehicle camera market share in 2023 due to the large production of passenger and commercial vehicles in the country.
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. These players are focusing on developing advanced cameras with improved features and competitive pricing to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it