The global 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:
The vehicle cameras market includes cameras installed in passenger as well as commercial vehicles. Cameras play an important role in enhancing vehicle and passenger safety by assisting features like backup cameras, lane departure warning systems, collision avoidance systems and autonomous drive. They provide added convenience, visibility and control to the driver.
Market key trends:
One of the key trends in the vehicle cameras market is the rising demand for advanced driver-assistance systems (ADAS) cameras. ADAS cameras help prevent accidents by continuously monitoring the vehicle's surroundings and alerting the driver of potential collision. They use functions like autonomous emergency braking, adaptive cruise control, blind spot monitoring and lane keeping assist. With increasing concerns over road accidents, automakers are focusing on installing more ADAS cameras which is driving the growth of this segment in the overall vehicle cameras market during the forecast period.
Segment Analysis
The global vehicle cameras market is segmented based on technology, vehicle type, application, visibility, and region. Based on technology, the market is segmented into digital camera and analog camera. The digital camera segment dominates the market and is expected to witness high growth during the forecast period. This is attributed to increasing adoption of advanced driver-assistance system and growing usage of digital cameras in vehicles for observing surrounding activities.
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 demand for advanced driver-assistance systems to enhance vehicle and passenger safety.
Regional analysis: North America dominates the global market and is expected to continue its dominance over the forecast period. This is attributed to the presence of major OEMs and tech companies in the region contributing to the development of advanced automotive technologies. Asia Pacific exhibits the fastest growth rate over the forecast period due to growing vehicle production and sales in major economies like China and India.
Key players analysis: 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 new product launches and partnerships to strengthen their foothold in the market. For instance, in 2022, Qrontech launched its new 360-degree camera solutions for electric vehicles to enhance safety and driver experience.
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