The Global Vehicle Cameras Market, By Price (Affordable, Mid-range and High-end), By End user (Law Enforcement and Defense Vehicles, Private Vehicles, Transportation Vehicles and Others) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 2,671.4 million by 2027, exhibiting a CAGR of 11.3% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
A vehicle camera or dashboard camera or simply known as a car digital video recorder is an onboard camera that continuously records the view through a vehicle’s front windscreen and sometimes rear or other windows. The vehicle cameras market is fueled by a wide range of vehicle cameras equipped with numerous features. These cameras are available at a price ranging from less than US$ 100 to more than US$ 400. Depending upon the power supply, these cameras provide continuous video recording, which could be used as evidence in the event of an accident or civil or criminal lawsuits.
The global vehicle cameras is estimated to account for US$ 2,671.4 Mn in terms of value by the end of 2027.
Encouragement from insurance companies for installation of vehicle cameras is expected to propel the global vehicle cameras market growth over the forecast period
Insurance companies are concerned about the fraudulent cases filed by the insurance policyholders. According to a report published by the U.K.’s Insurance Fraud Bureau, the average annual cost for “crash for cash” frauds accounts for over US$ 614.5 Mn to the insurance industry in the U.K. “Crash for cash” cases are organized car crashes planned to make fraudulent insurance claims. As a result, insurance companies across the world are focused on reducing the expenditure caused to them due to the casualties of insurance policyholders. For instance, Swiftcover Insurance Services Ltd., a U.K.-based insurance company, offers a discount of up to 12.5% for insuring a car equipped with a vehicle camera. Likewise, Direct Asia Management Services Pte Ltd., a Singapore-based company, offers a discount of 4% for vehicles equipped with a vehicle camera. Thus, these factors are expected to propel the global vehicle cameras market growth over the forecast period.
Research and development activities among market players can provide major business opportunities
Key players in the market are focused on research and development activities, in order to expand the product portfolio and gain a competitive edge in the market. For instance, in November 2012, AIPTEK International, Inc. introduced Car Camcorder X3. The camera has a 1200 lens that enables video recording of a larger angle. In January 2015, Qrontech introduced a new firmware for its products, viz., LK-9500 Duo, LK-9300 Duo, LK-9700 Duo, and LK-9100 Duo (Type D). Furthermore, in September 2014, GoPro, Inc. launched its HERO4 high-performance digital camera. The HERO4 camera is available in two editions, namely, HERO4 Black and HERO4 Silver.
High installation cost is expected to hamper the global vehicle cameras market growth over the forecast period
Vehicle cameras are significantly expensive ranging from US$ 100 to US$ 400. Such high price cameras are not affordable to every car owners. Furthermore, it can also require timely maintenance and repair, which in turn, is expected to hinder the global vehicle cameras market growth over the forecast period.
Among regions, North America is expected to drive growth of the global vehicle cameras market during the forecast period. This is owing to rising adoption of vehicle cameras in light commercial vehicles across the region. Furthermore, presence of major manufacturers is expected to boost the regional market growth over the forecast period.
Europe is expected to exhibit a robust growth rate in the global vehicle cameras market growth over the forecast period. This is owing to increasing use of vehicle cameras for parking assistance in the region. Moreover, increasing demand for autonomous vehicles is expected to accelerate growth of the regional market over the forecast period.
Global Vehicle Cameras - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. There is significant impact on vehicle cameras, as Chinese automotive industries rapidly closing their business to reduce the spread of COVID-19 pandemic. Further, this trend continued in Europe and North America region, where factories where temporary closed due COVID-19 spread. In pre-crisis time, automotive industry witnessed significant drops in sales, for instance, According to the Coherent Market Insights analysis, in 2019, China registered 4.2% of drops in automotive sells, which is negatively impacted the vehicle cameras.
Key players involved in the global 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 UK), Garmin International, Inc., and Transcend Information, Inc.