Global Vehicle Camera Market is was valued at US$ 6,954.6 Mn in 2022. A vehicle camera or dashboard camera or simply a car digital video recorder is an onboard camera that continuously records the view through a vehicle’s front windscreen and sometimes rear or other windows. Global Vehicle Camera market is fueled by a wide range of vehicle Camera equipped with numerous features. These Camera are available at a price ranging from less than US$ 100 to more than US$ 400. Depending upon the power supply, these Camera provide continuous video recording that could be used as evidence in the event of accident or civil or criminal lawsuits.
Global Vehicle Camera Market: Drivers
Encouragement from insurance companies for installation of vehicle Camera
Insurance companies globally are concerned about the fraudulent cases filed by the insurance policyholders. According to a report published by the U.K.’s Insurance Fraud Bureau, the average annual cost for “crash for cash” frauds accounts for over US$ 614.5 Mn to the insurance companies in the U.K. “Crash for cash” cases are organized car crashes that are planned to make fraudulent insurance claims. As a result, insurance companies across the world are focusing on reducing the expenditure caused to them, due to casualties of insurance policyholders. For instance, Swiftcover Insurance Services Ltd., a U.K.-based insurance company, offers discount of up to 12.5% for insuring a car equipped with a vehicle camera. Moreover, Direct Asia Management Services Pte Ltd., a Singapore-based company, offers a discount of 4% for vehicles equipped with a vehicle camera. Thus, these factors are expected to propel the global vehicle Camera market growth over the forecast period.
Global Vehicle Camera Market: Opportunities
Research and development activities among market players
Key players in the market are focused on research and development activities in the vehicle camera market, in order to expand their product portfolio, and to gain a competitive edge in the market. For instance, in In June 2020, Omnivision a semiconductor manufacturers, launched the world's first image sensor for vehicle cameras. It offers a combination of STEREO flicker mitigation (LFM) and a 3 micron pixel size camera integrated with 140db HDR accommodating features such as lens correction and defect pixel correction. In January 2015, Qrontech, launched a new firmware for its products, named LK-9500 Duo, LK-9300 Duo, LK-9700 Duo, and LK-9100 Duo (Type D). Furthermore, in September 2014, GoPro, Inc., a camera manufacturer launched its HERO4 high-performance digital camera. The HERO4 camera is available in two editions named HERO4 Black and HERO4 Silver.
Global Vehicle Camera Market: Restraints
High installation cost
Vehicle Camera are expensive, and range from US$ 100 to US$ 400. Such high price Camera are not affordable to every car owners. For instance, the Ring camera launched by Amazon Corporation costs in between $200 to $400 Furthermore, it also require timely maintenance and repair which cannot be affordable to a regular person, and this is expected to hinder the global vehicle Camera market growth over the forecast period.
Global Vehicle Camera Market- Impact of Coronavirus (Covid-19) Pandemic:
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. There is significant negative impact on vehicle Camera, as Chinese automotive industries closed their business in order to reduce the spread of COVID-19 pandemic. Further, this trend continued in Europe and North America region, where factories were temporary closed due COVID-19. Automotive industry witnessed significant drops in sales in pandemic. For instance, According to the Coherent Market Insights analysis, in 2019, China registered 4.2% of drop in automotive sales, and this negatively impacted the global vehicle Camera market.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/vehicle-cameras-market-4341
Key Takeaways:
Global Vehicle Camera market was valued at US$ 6,954.6 Mn in 2022 and is expected to reach US$ 15,211.2 Mn by 2030, exhibiting CAGR of 10.28% between 2023 and 2030.
Global Vehicle Camera Market Trends:
North America Trends
Among regions, North America is expected to drive growth of the global vehicle cameras market during the forecast period. This is owing to rising adoption of vehicle cameras in light commercial vehicles across the region. Furthermore, presence of major manufacturers is expected to boost the regional market growth over the forecast period.
Europe Trends
Europe is expected to exhibit a robust growth rate in the global vehicle cameras market growth over the forecast period. This is owing to increasing use of vehicle cameras for parking assistance in the region. Moreover, increasing demand for autonomous vehicles is expected to accelerate growth of the regional market over the forecast period.
Global Vehicle Camera Market: Competitive Landscape
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.
Global Vehicle Camera Market: Recent Developments
Major market players are focusing on partnership and collaboration in order to enhance their market presence. For instance, in January 2019, Hyundai MnSOFT a vehicle infotainment company partnered with Netradyne for HD map development of autonomous vehicles.
In February 2022, THINKWARE, a dash cam manufacturer company, launched the F790 dash camera, the latest addition to THINKWARE’s F-series line of dash cams that’s built for both commercial and consumer use.
