A research study on the global vehicle cameras market has been recently published by Transparency Market Research (TMR), a market intelligence and research firm. The report, titled “Vehicle Cameras Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, estimates the market to expand at a CAGR of 11.30% during the period from 2014 to 2020 and reach US$1.2 bn by the end of the forecast period. The report further states that the worldwide vehicle cameras market stood at close to US$0.6 bn in 2013.
According to the research report, North America, Asia Pacific, Latin America, and the Middle East and Africa are the key regional markets for vehicle cameras. Among these, Europe holds the leading share in the global market. In 2013, it has accounted for a share of 44% in the global market. The rising usage of cameras in automobiles in the U.K. and Russia is considered as the main driver for the vehicle cameras market in Europe. Analysts project this regional market to retain its position over the forecast period.
The Asia Pacific market for vehicle cameras is also experiencing an impressive rise in its market share. The rapid increase in the demand for vehicle cameras from Australia, China, South Korea, and Taiwan, owing to the growth of the automotive sector as well as the rise in the disposable income of consumers, is fueling this regional market significantly. The vehicle cameras market in Asia Pacific is likely to report the fastest growth, at a CAGR of 12.0% during the forecast period, notes the research study.
The global market for vehicle cameras has been analyzed on the basis of product prices and end-use applications in this market study. Based on price, affordable cameras (less than US$100), mid-range cameras (US$100-US$200), and high-end cameras (more than US$200) are the major segments of the global vehicle cameras market.
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The mid-range vehicle cameras segment leads the overall market on account of its popularity among consumers. In 2013, this market segment held a share of 41% in the global vehicle cameras market. The presence of state-of-the-art features at a relatively lower price has been the main driver of this market segment.Though affordable vehicle cameras are available at the most economical rates, the lack of advanced features has limited the demand for them, the report states.
On the basis of end-use application, the market report classifies the global market for vehicle cameras into the markets for private vehicles, transportation vehicles, government and defense vehicles, and other vehicles used in healthcare, fire rescue, and sports. Private vehicles have emerged as the biggest end user of vehicle cameras. The market segment accounted for a share of 35.2% in the overall revenue generated in the global market in 2013.
Qrontech Co., Ltd., GoPro Inc., AIPTEK International Inc., DCS Systems Ltd., Garmin International Inc., Transcend Information Inc., Pittasoft Co. Ltd., S.Will Industrial Ltd., and Hyundai MnSoft are the key manufacturers of vehicle cameras across the world, states the market report.