VEHICLE CAMERAS MARKET ANALYSIS

Global Vehicle Camera Market size was valued at US$ 6,954.6 Mn in 2022 and is projected to reach US$ 15,211.2 Mn by 2030, growing at a CAGR of 10.28 % from 2023 to 2030.

Vehicle Camera is onboard device that are used in private cars, rental & commercial vehicles, and law enforcement vehicles. These Camera provide constant video recording that can be used as evidence in accident or criminal activity. These Camera are available at a price ranging from less than US$ 100 to more than US$ 400. These Camera help drivers in parking, gathering critical evidence, assisting parking, and in providing night vision.

Global Vehicle Camera Market: Regional Insights

Europe is expected to dominate the global Vehicle Camera Market during the forecast period, owing to rising usage of Vehicle Camera in the end-user such as Law Enforcement and Defense Vehicles, Private Vehicles, Transportation Vehicles, Others. Moreover, the region is witnessing substantial growth in these industries. Furthermore, the region has a strong presence of manufacturers such as Go Pro, Robert Bosch GmbH and others, this is also expected to boost growth of global vehicle Camera market in the region.

Moreover, Asia Pacific is expected to witness substantial growth in the Global Vehicle Camera Market during the forecast period, owing to rising need for documenting day-to-day passenger activities in local transport. Demand for Vehicle Camera is increasing due to rising criminal activities in the public transport, and this leads to increasing adoption of Vehicle Camera in the region All these factors are expected to drive growth of the Global Vehicle Camera market in the region.

Figure 1. Global Vehicle Camera Market Share (%), By Region

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Global Vehicle Camera Market - Impact of Coronavirus (Covid-19) Pandemic

Due to Covid-19 pandemic, many industries witnessed significant shift in their business. The automotive & transportation industry is amongst the most exposed verticals due to ongoing COVID-19 outbreak. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to slow down due to shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months.

Global Vehicle Camera Market- Drivers:

Government encouragement for installation of vehicle Camera

To provide public safety from road accidents is a major concern for national governments worldwide. Thus, various governments are focusing on reducing road crimes and accidents by documenting the reason of the incidents and trying to avoid it in the future in order to enhance road safety. For instance, in February 2022, the U.S. Department of Transportation, endorsed a plan to achieve the goal of zero fatalities, including safety programs focused on infrastructure, human behavior, responsible oversight of the vehicle and transportation industry, and emergency response. The safe system approach incorporates principles such as Responsibility is Shared, Humans Are Vulnerable, Death and Serious Injuries are Unacceptable and other this initiative indeed will drive the growth of dash cams and other safety measures.

Wide range of vehicle Camera

Demand for Vehicle Camera depends upon the cost of installation, maintenance cost, robustness, and ease of installation. Therefore, key market players are providing a vast range of vehicle Camera to cater to varying demands of consumers. Manufacturers of vehicle Camera are focused on offering high video quality at the lowest possible prices. Vehicle Camera are available in a price range from US$ 20 to more than US$ 400. For instance, January 2023, Amazon launched a dashboard camera that can record both inside and outside of the vehicle, these is one of the many type of camera available in the market. There are many more types of cameras available in the market. These Cameras are available in different configurations named front-view, rear-view, and dual-view Camera. Due to all these factors vehicle Camera are affordable by all people. Thus, such factors are expected to propel the global vehicle Camera market growth over the forecast period.

Global Vehicle Camera Market- Opportunities:

Partnership with automobile manufacturers

Vehicle Camera is expected to witness high demand in the near future, owing to increasing awareness regarding the usage of vehicle Camera in major countries worldwide such as U.S, Australia, Canada and others. Vehicle Camera are available as additional vehicle safety and security accessories. These Camera are purchased by the vehicle owners based on their needs. However, Vehicle Camera manufacturers are expected to find immense opportunities through partnerships with automotive manufacturers. For instance, in July 2020 ZF, the supplier of automotive cameras, has launched its S-Cam4.8 with enhanced vision technology from Mobileye, an Intel Company, on the new Nissan Rogue in the U.S. Governments of different countries are focusing on issuing regulations related to the mandatory usage of vehicle Camera in order to ensure public safety on roads.

Potential to grow in emerging markets

Vehicle Camera are popular in few countries such as Russia, South Korea, Japan, and others. Countries such as Australia, and the U.S. have stringent regulations and restrictions regarding automobile safety. Most of the recent regulations and automotive safety plans include clauses related to the installation of vehicle Camera in private and commercial vehicles. Thus, the penetration of vehicle Camera is expected to rise significantly in these countries during the forecast period.

Global Vehicle Camera Market- Trends:

Vehicle cars with superior features

Vehicle Camera manufacturers are focusing on delivery of different real-time features along with video recording in vehicle Camera. The latest vehicle Camera are equipped with G-sensors, Global Positioning System, and other features. G-sensors are used to measure the movement of vehicles in all three axes, named vertical, horizontal, and transverse. Vehicle Camera use G-sensors to detect sudden movement of vehicles, and automatically saves the footage. For instance in March 2020 BMW released the 330e and 330e xDrive plug-in hybrids. Its Advance Driver Assistance System incorporates active cruise control with stop and go, which automatically accelerates and slows to maintain the driver’s chosen pace. Active guard, frontal collision warning, city collision mitigation, and lane departure warning are all standard features. This helps to store the records of incidents such as vehicle collisions, intense braking, and swerving. It is also triggered by speed bumps, potholes, and other minor incidents.

Vehicle Camera with night vision

Vehicle Camera are designed to record various road incidents that can be used as evidence. However, most of the low-priced Camera are incapable of digital recording in poor light conditions. The Vehicle Camera with infrared sensors is a compact thermal imaging camera that helps in reducing the hazards of driving at night. For instance in September, 2020 – Lanmodo is manufacturer of car accessories. The company launched the Vast Pro night vision system to facilitate the car drivers while driving in the night. It even houses a dash camera to record videos and captures your whole traveling. These infrared-sensor-based Camera enable drivers to detect various hazards on the road, and thus, reduces the risk of casualty.

Global Vehicle Camera Market- Restraints:

Stringent government sanctions on vehicle Camera in European countries

Vehicle Camera are permitted in numerous countries but many European countries has imposed sanctions on usage of vehicle Camera. These major countries include Germany, Switzerland, Austria, Portugal, and Sweden. The regulations restricting the usage of vehicle Camera is related to data protection and other privacy laws in Europe. For instance, In July 2018 the Data Protection Authority assessed a dash cam that saved only the last 60 seconds of a recording permanently when the integrated accelerometer detected an accident or the emergency button was pressed. The DPA considered the recording to contravene the principle of data minimization, because the recordings could be stored permanently by simply pressing the emergency button. So, in Germany, although video recording in public places is allowed but posting of such videos on the internet is prohibited as it violates privacy laws. Furthermore, presenting video footage from vehicle Camera is impermissible in the courts in Germany, and internet sharing of the videos recorded on vehicle Camera is subjected to fine of over US$ 379,500 in Germany as of October 2014.  Hence, these factors are expected to hinder growth of the market during the forecast period.

Limitations related to real-time image processing in surround view system

There are several limitations of real-time image processing in the surround view system. It hinders the image quality, and potentially hampers primary function of vehicle Camera, and this leads to decreased demand for a Vehicle Camera. Hence these factors are expected to hamper the global vehicle Camera market growth over the forecast period.          

Figure 2. Global Vehicle Camera Market Share (%), By Segment Type

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Global Vehicle Camera Market- Segmentation:

Global Vehicle Camera market report is segmented into price and end user, and region

Based on Prices, the market is segmented into Affordable, Mid-range, and High-end. Out of which, affordable segment is expected to dominate the global market over the forecast period, owing to growing need for live documentation of road incidents. This is the major driver responsible for growth of vehicle Camera. Thus, the segment is expected to witness growth in the near future.

Based on End User, the market is segmented into Law Enforcement and Defense Vehicles, Private Vehicles, Transportation Vehicles, Others. Out of which, Law Enforcement and Defense Vehicles is expected to dominate the global market over the forecast period.

Global Vehicle Camera Market: Key Developments

Key market players are launching new products in order to expand their product portfolio.

In January 2023, Nexar, Inc. is a dash cam manufacturing company, launched a Pro GPS dual dash camera Max with high quality 1080p full of HD image sensors. Regarding the quality of the footage, it’s crisp and clear. Critical details, such as vehicle number plates and faces, are easily identifiable. This kinds of camera will now be preferred in the market over the other low quality cameras

In January 2023, Amazon.com Inc., Amazons’ Ring division introduced its first car dashboard camera. The device named Ring Car Cam can record both inside and outside of the vehicle. The product has sensors to detect motion within the vehicle and external disturbances such as if the car is hit or broken into.  

In September 2022, Continental Technology Company opened its new, state-of-the-art automotive manufacturing facility in New Braunfels, Texas. The purpose of the new building is to expand its capacity to produce radar sensors in advanced driver assistance systems (ADAS).

Global Vehicle Camera Market: Key Companies Insights

Key players involved in the global vehicle Camera 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.

*Definition: The Vehicle Camera is an electronic device, sticks on the windscreen and records the front road. The camera uses memory cars to record the video footage. The camera continually records by automatically starting and stopping as you turn the car on and off. The Vehicle Camera is also referred to as a dash cam. The camera ensures safety and security and is featured with the ability photographs, GPS tracking, and parking protection.