Vehicle cameras can comfortably be called the next big thing in the world of gadgets. Driven by continuously decreasing prices and the need to increase automotive safety, the demand for vehicle cameras in the global market is expected to soar in the near future.
The global vehicle cameras market, which was worth US$595.3 million in 2013, is anticipated to reach US$1,259.2 million by the end of 2020, growing at a progressive CAGR of 11.3% between 2014 and 2020. Among the various geographic segments of the global market, Asia Pacific is expected to register the fastest rate of growth, expected to be a 12% CAGR from 2014 to 2020. The expansion of the vehicle cameras market in the region is largely driven by the bolstered demand for these cameras from economies such as Australia, Japan, South Korea, Taiwan, and China.
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Real-Time Digital Video Recording Devices Leading Demand
These gadgets record digital videos of both the exterior and interior of vehicles in real time. Private and commercial vehicle users have come to realize the benefits of installing these cameras in their vehicles, since it helps them avoid any false accusations in the event of any accident. The video footage obtained by the camera can be used as evidence in any legal proceedings that may arise following an accident or other road incidents.
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Feature-rich Vehicle Cameras Attract Consumers
Vehicle cameras come with a multitude of features such as G-sensors, global positioning system (GPS), high-quality day and night video recording, and loop recording. The abundance of features in these cameras, coupled with the enhanced reliance on video surveillance for safety purposes, has emerged as major factors boosting the demand for vehicle cameras.
Furthermore, governments of numerous countries have made conscious efforts to implement comprehensive automotive safety regulations, which have considerably accelerated the demand for vehicle cameras. Leading insurance companies also offer attractive discounts on automotive insurance for vehicles with pre-installed dash cameras. Insurance companies mostly encourage the installation of vehicle cameras because it provides video recordings that help them tackle false claims. All these factors contribute to the rising demand for vehicle cameras in the global scenario.
Regulations Imposed in Europe to Hamper Growth
Despite the general consensus pertaining to the benefits of cameras in terms of vehicle safety, there still remain some obstacles that the market must overcome before manufacturers can enjoy widespread penetration in the global market. The main concern comes from regulations imposed against recording in public areas. These are mostly present in European countries such as Sweden, Germany, Switzerland, and Austria.
Mid-Range Vehicle Cameras to Register High Demand
The global market for vehicle cameras can be segmented on the basis of end-use application, price, and geographic region. In terms of price, the global vehicle cameras market is divided into affordable, mid-range, and high-end dash cameras. Among these segments, mid-range cameras were acquired the most in 2013 compared to affordable or high-end cameras. Mid-range vehicle cameras offer numerous features at a relatively pocket-friendly price.
Asia Pacific to Register Maximum Demand for Vehicle Cameras
In 2013, Europe led the global market for vehicle cameras, accounting for 44% of the global market. This growth is mainly attributed to the early adoption of these automotive gadgets in the U.K. and Russia. However, the demand for vehicle cameras in Asia Pacific is expected to grow enormously in the forthcoming years, making it the most lucrative market for these cameras. Rapid increase in demand in countries such as Japan, South Korea, Austria, China, and Taiwan is expected to boost the vehicle cameras market in Asia Pacific.
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Companies such as GoPro, Inc., Pittasoft Co. Ltd., (RoadHawk UK), Qrontech Co. Ltd. (Lukas), Transcend Information, Inc., DCS Systems Ltd. (RoadHawk UK), AIPTEK International Inc., and S.Will Industrial Ltd, dominate the global vehicle cameras market.