As per the latest market report, published by the Market Research Future (MRFR), on the global vehicle camera market, the market is expected to expand at CAGR of about 10% over the forecast period of 2017 and 2023.
The brilliant advantage of vehicle camera to capture real-time footage of both inside and outside of an automobile is contributing mainly to the prevention of road and parking accidents. This is expected to be the primary factor that is likely to augment the growth of the global vehicle camera market. These cameras are equipped with GPS, G-sensors, and loop recording and are attached in position such as dashboard and windshields. The robust design of these cameras assists the driver in getting real-time information to make better driving decision and avoid accidents, which is expected to benefit the global market.
Other factors such as continuous technical upgradations, cut-down in the production cost, benefits availed from insurance, and stringent norms of government on road safety are expected to favor the market growth.
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The global market of vehicle camera has been segmented by technology, vehicle type, end-use application, and camera type. By vehicle type, the market has been segmented into passenger vehicle and commercial vehicle. The growing need for public safety is increasing the integration of vehicle camera in automobiles. The demand for automobiles that are well-equipped with robust safety features is rising. These factors are likely to promote sales vehicle camera, as producers are incorporate them in both passenger car and commercials cars. This is expected to favor the market growth. By camera type, the market has been segmented into rear view, interior cam, and front view. By technology, the vehicle camera has been segmented into built-in GPS, night vision recording, accident sensor, and others. By end use application, the market has been segmented into private vehicles, government and defense, transportation vehicles, and others. The high demand for vehicle camera market in different end verticals are likely to encourage growth of the market.
By region, the vehicle camera market has been analyzed in Asia-Pacific, Europe, North America, and RoW (Rest of the world).
MRFR states that the vehicle camera market in the North America region is expected to thrive at a higher CAGR than other regions. To meet strict safety measures of an automobile, manufacturers are incorporating high quality of vehicle camera in vehicles. The increase in the production of passenger and commercial vehicle empowered with high security features is likely to boost the regional market growth. Moreover, the increase in level of strictness of safety assessment for automobiles is also expected to cast a positive influence on the growth of the North America market over the forecast period.
The vehicle camera market in Asia Pacific is expected to thrive at a lucrative CAGR in the evaluation period, owing to numerous factors. Growing number of road accidents and rise in number of false claims insurances are two of these major factors that are likely to escalate the growth of the APAC market. Strong economies such as India, Japan, and China are contributing to the expansion of the regional market, as the automobile industry in these regions are expanding at a fast-rate.
Delphi Automotive PLC (U.K.), Robert Bosch Gmbh (Germany), Valeo (France), Autoliv Inc (Sweden), Qrontech Co. Ltd. (South Korea), Continental AG (Germany), Falcon Electronics LLC (Balkans), GoPro Inc. (U.S.), Transcend Information Inc. (Taiwan), DCS Systems Ltd. (U.K.), and S. Will Industrial Ltd. (China) are some of the well-known companies that are growing at a high rate in the global vehicle camera market.
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