Vehicle cameras attached to automobiles capture images and videos of inside and outside the vehicle. They provide real-time video recording, which helps in collecting legal evidence during an accident, theft, and others. Rise in number of road accidents worldwide boosts the adoption of vehicle cameras across various sectors such as private, commercial, and defense. However, government regulations in some countries concerned with public video recording impede the market growth. Moreover, deployment of advanced technologies and equipment, such as top-down view cameras, 3D imaging, night vision cameras, dual lenses cameras, and GPS is expected to provide abundant growth opportunities for the vehicle camera market.
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Vehicle cameras have proven to be of great importance as evidence in private and commercial sectors due to the increase in number of road accidents, parking accidents, and complications in claiming insurance for the same. These cameras ensure driver safety and theft protection, and thus have gained popularity among private vehicle owners. Armored vehicles and military ground transport vehicles, such as trucks, tanks, armored personnel carriers, that need to operate in total darkness and hostile areas are employed with advanced featured cameras equipped with night vision, GPS tracking, and other additional features.
Prominent players offering vehicle cameras globally include Qrontech Co. Ltd., DCS Systems Ltd., AIPTEK International, GoPro, Garmin International, Inc., Transcend Information, Inc., Pittasoft Co. Ltd., Hyundai MnSOFT, S.Will Industrial Ltd., and PAPAGO Inc.
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The world vehicle camera market is segmented based on price, end user, and geography. The price segment includes affordable, mid-range, and high-end vehicle cameras. The end-user segment comprises private vehicles, commercial vehicles, and government & defense vehicles. This report analyzes the global market based on four key regions, namely, North America, Europe, Asia-Pacific, and LAMEA.
In the year 2015, the private end-user segment dominated the market in terms of revenue generation due to the rise in adoption of vehicle cameras by private vehicle owners for safety and security of their vehicles, video recording in case of accidents, and theft for legal processes among others. However, the commercial end-user segment is expected to grow at the highest CAGR during the forecast period, owing to the increase in demand for these cameras across industries such as entertainment, tourism, and sport events worldwide.
North America generated the highest revenue in the global market in 2015, due to the high adoption of advanced driver assistance systems (ADAS) in automobiles used for private and commercial purposes. However, Asia-Pacific is projected to grow at the highest CAGR, owing to the rise in number of road accidents in India, Pakistan, China, Thailand, and others.
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