Global vehicle camera Market Landscape: An Analysis of Current Trends and Future Opportunities for Businesses by 2030
Market outlook
It has been recorded that the vehicle camera market size has increased from $ 6,800 billion by 2030. The CAGR is expected to rise 10.4% during this projected period.
Vehicle Camera has been revolutionary in the automotive industry, it is used for enhanced safety and experiencing comfortable driving. An active security camera assists in identifying objects near the vehicle. It ensures that there are no mishaps on the road; while the weather changes conditions, it helps navigate rough terrain. It also registers suspicious movements around the vehicle and protects from auto theft. It can also monitor children and pets left in the vehicle and guard against accidents. It is estimated that almost 53% of fatal accidents were avoided using these cameras.
Vehicle Camera Market Share
Geographically, the Asia-Pacific region recorded a high growth rate in the vehicle camera market. This region has become a hotbed for automobile manufacturing units due to cheap labour and mass production of automotive parts. Due to rising income, more customers are buying passenger vehicles; there is also new hybridization of Automotives. North America and Europe are next to follow.
In that respect are various participants in this manufacture; more or less of the main companies invested in the vehicle camera market are - Automation Engineering Inc., Robert Bosch GmbH, Continental AG, Aptiv PLC, Stonkam Co., Ltd., Mobileye N.V., Autoliv Inc., Magna International Inc., OmniVision Technologies, and Valeo.
Vehicle Camera Market Growth
A automotive camera is an effective surveillance tool that prevents road accidents. Law enforcement officials also use it to race car drivers and also act as a personal recorders. They are also integrated with on-street parking solutions and busy developments. Progress has been made on implementing ADAS technology for dual-lens cameras. Manufacturers are also in the process of computer integration in the vehicle camera that will help drivers in avoiding fatal collisions.
Vehicle Camera Market Value
Vehicle camera market value is based on four types of market segmentation. Under the type-based application, it applies to light and heavy-duty vehicles on private cars integrated with ADAS technology. In terms of end-user type, vehicle cameras are installed on transport motor vehicles, government and defence vehicles for surveillance and private vehicles. They are also used on sports automobiles to monitor athletes and car racers, follow-up records, and screen events. It is also used during fire rescue operations, healthcare safety, and patrolling vehicles of law enforcement agencies.
When it comes to pricing, the affordable vehicle camera is prized for up to $ 100, the Mid-range automotive camera is priced between $ 100 - $ 200, and High-end cameras are prized for above $ 200. This market is divided into infrared, digital, and thermal vehicle cameras based on technology. The popularity of vehicles equipped with infrared cameras is growing strongly in the commercial automobile market.
Industry News
With advanced features such as GPS tracking, active photography and safe parking, the vehicle camera market is expected to become synonymous with automatic and semi-automatic passenger vehicles.
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