Vehicle Cameras Market to US$1.2 bn by 2020

Vehicle cameras are video recording devices fixed in vehicles for real-time recording from the windshield. These cameras are usually installed on the dashboard or fixed on the windshield using a vacuum cup or adhesive tapes. Vehicle cameras are equipped with memory cards and a display screen. The power required for the camera is supplied from the vehicle battery or a dedicated built-in battery in the camera. Vehicle cameras connected with the vehicle batteries, start recording when the vehicle ignition is switched on. Some of the vehicle cameras are equipped with different superior features such as integrated global positioning system (GPS), G-sensor, loop recording and others. Additionally, vehicle cameras are available with high-quality night recording which enable video recording during low light.

Vehicle cameras offer various advantages for private as well as commercial transportation vehicle owners. Video footage recorded from these cameras can be used as evidence in different cases such as insurance claims, fake accidents and other fraud cases. Most users of the vehicle camera utilize these cameras to record their trips, stunts and other outdoor events. Another significant factor boosting the demand for vehicle cameras is the availability of numerous camera model options. Most of the vehicle cameras available in the market provide high-quality video recording with a solution of 1080p. Furthermore, the vehicle cameras market is expected to be significantly supported by factors such as encouragement for installation of vehicle cameras from governments’ regulations and plans for automotive safety. This is expected to boost the demand for vehicle cameras in the mid-term of the forecast period. Some of the insurance companies also offer discounts on vehicle insurance for the vehicles equipped with vehicle cameras. However, the demand for vehicle cameras is hampered by restrictions on the installation of vehicle cameras and video shooting in public places. This largely pertains to European countries such as Germany, Sweden, Austria and Switzerland.

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The market for vehicle cameras is segmented on the basis of price, end-use applications and geographic regions. Based on the price, vehicle cameras market is further divided into affordable, mid-range and high-end vehicle cameras. Among these, mid-range vehicle cameras segment led the global vehicle cameras market with highest revenue share in 2013. This was mainly due to the high return on investment provided by these cameras. Mid-range vehicle cameras provide numerous features as compared to the affordable cameras and are cheaper than the high-end cameras. This makes mid-range vehicle cameras preferable over high-end and affordable vehicle cameras. Affordable cameras are cheaper as compared to the mid-range and high-end cameras. However, due to their having fewer features, affordable vehicle cameras are experiencing low demand.

In 2013, Europe held the largest market share and accounted for 44% of the global vehicle cameras market. This growth was attributed to the high adoption of these cameras in Russia and the U.K. The vehicle cameras market is expected to witness the fastest growth in Asia Pacific during the forecast period. This is due to rapidly growing demand for these cameras in countries such as Australia, South Korea, China and Taiwan. Japan is among the earliest adopters of the vehicle cameras in the Asia Pacific vehicle cameras market.

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