Vehicle Camera Market Forecast to Reach $1.26B by 2020
June 11, 2015 | Transparency Market ResearchEstimated reading time: 1 minute
The wide range of advantages vehicle cameras offer for private as well commercial transportation has led to a significant rise in demand, according to a new Transparency Market Research. According to the market analyst, the value of the global vehicle cameras market is poised to rise from $595.3 million in 2013 to $1.26 billion in 2020, growing at a healthy CAGR of 11.3% from 2014 to 2020.
The global vehicle cameras market is primarily driven by encouragement from the government as well as insurance companies towards the installation of vehicle cameras. Increasing number of partnerships with automobile manufacturers to develop vehicle cameras with superior features such as night vision is likely to boost the market for vehicle cameras in the future. The research report segments the global vehicle cameras market on the basis of price, end-use application, and geography.
By price, vehicle cameras are categorized into high-end (above $200), mid-range ($100 to $200), and affordable (up to $100). Mid-range vehicle cameras are most commonly used and this segment dominates the overall vehicle cameras market in terms of revenue.
Mid-range vehicle cameras held a 41% share of the global market in 2013 owing to the availability of several superior features at a comparatively lower cost. These cameras also present high return on investment, making it a more popular choice among end users. Even though affordable vehicle cameras are the cheapest of the lot, they have minimum features and therefore witness low demand.
Vehicle cameras, by end-use application, can be segmented into private vehicles, government and defense vehicles, transportation vehicles, and others such as fire rescue, healthcare, and sports vehicles). Cameras for private vehicles generated the maximum revenue in 2013, accounting for a 35.2% share. This segment is likely to retain its lead over the coming years owing to rising adoption of vehicle cameras for private vehicles in Australia and the United States. Cameras for private vehicles have also been witnessing increased demand in countries such as the UK, Japan, Russia, and Taiwan.
Suggested Items
IDTechEx Examines the Opportunities for Wearables in Digital Health
04/19/2024 | IDTechExIDTechEx’s report, “Digital Health and Artificial Intelligence 2024-2034: Trends, Opportunities, and Outlook”, covers this ongoing trend in the consumer health wearables market and includes analysis of the opportunities and roadmap for biometric monitoring.
Real Time with... IPC APEX EXPO 2024: Pluritec's Expansion and Growth in the North American Market
04/19/2024 | Real Time with...IPC APEX EXPONicola Doria, president of Pluritec, discusses the company's strategic focus on the North American market, their investment in a new sales organization, service expansion, and a new process integration line. The conversation also covers market response and future installations, as well as Pluritec's new partnership with IEC.
Mycronic Releases Interim Report January–March 2024
04/18/2024 | MycronicNet sales increased 39 percent to SEK 1,692 (1,219) million. Based on constant exchange rates, net sales increased 42 percent.
Real Time with... IPC APEX EXPO 2024: Exploring Silicone Solutions with R&D Director of CHT
04/17/2024 | Real Time with...IPC APEX EXPOIn this interview, Gerry Ellis, the R&D director for CHT, discusses the product range offered by his company. He explains the challenges in creating base formulations, the drive to make products more user-friendly, and the various application techniques involved. Ellis also highlights the key market segments and the significance of providing efficient solutions to customers.
Gartner Forecasts Worldwide IT Spending to Grow 8% in 2024
04/17/2024 | Gartner, Inc.Worldwide IT spending is expected to total $5.06 trillion in 2024, an increase of 8% from 2023, according to the latest forecast by Gartner, Inc. This is an increase from the previous quarter’s forecast of 6.8% growth and puts worldwide IT spending on track to surpass $8 trillion well before the end of the decade.