Digital Cameras for Vehicles Market Estimated to Witness High Growth Owing to Growing Demand for Improved Safety Features
Market Dynamics
The growing demand for improved safety features in vehicles is driving the digital cameras for vehicles market growth. Stringent government regulations regarding vehicle and road safety are also fueling the market expansion. Key safety features enabled by vehicle cameras include lane departure warnings, collision warnings, blind spot detection, and automatic emergency braking. Additionally, increasing adoption of electric vehicles which are equipped with more cameras than conventional vehicles to support advanced driver assistance systems is also supporting market growth. However, high costs associated with vehicle cameras hamper the growth of the market. Nonetheless, technological advancements leading to reduced prices of cameras are expected to create growth opportunities over the forecast period.
Key Takeaways
Global Vehicle Cameras Market Demand is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing adoption of advanced driver-assistance systems and autonomous driving technologies. Rising motorization across developing nations along with implementation of safety regulations mandating driver monitoring systems will further aid the market expansion.
Regional analysis
The Asia Pacific region dominates the global market and is expected to continue its dominance during the forecast period. This is mainly attributed to the presence of emerging economies like China and India with rising disposable incomes and growing vehicle production. In addition, local governments pushing road safety initiatives to reduce accident rates will significantly drive the Asia Pacific vehicle cameras market. North America is another major region accounting for over 25% of global market share in 2023, led by the U.S with stricter safety regulations.
Key players
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 companies are focusing on new product launches and strategic partnerships to strengthen their market position.
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