Prospects for Global Vehicle Cameras Market Seem Lucrative in Emerging Economies Thanks to Strong Automotive Industry

The diverse benefits offered by vehicle cameras have led to the robust growth of the global vehicle cameras market as per Transparency Market Research (TMR). In its latest report, titled “Vehicle Cameras Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020,” TMR has pegged the global vehicle cameras market to exhibit a CAGR of 11.3% between 2014 and 2020.

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According to the report, the market stood at US$595.3 mn in 2013 and is expected to reach US$1,259.2 mn by 2020. Favorable policies and encouragement by insurance companies towards the installation of vehicle cameras have been primarily boosting the global vehicle cameras market. The most prominent names in the automobile industry are collaborating to design and develop advanced vehicle cameras with superior features like night vision. Such developments are likely to influence sales of vehicle cameras positively in the forthcoming years.

The report studies the prospects for the vehicle cameras market globally, based on which it also presents refined projections for the market’s growth. It assesses the global vehicle cameras market based on end-use segments, price, and geography.

In terms of price, the report has classified the market into high-end, mid-range, and affordable segments. Of these, the demand for mid-range vehicle cameras, priced above US$200, has been increasing at a rapid pace. Holding a share of 41%, this segment dominated the market in 2013. The availability of advanced features in mid-range vehicle cameras at an affordable price has been crucial in boosting demand from the segment. Despite being the cheapest in the lot, a lack of adequate features has resulted in low demand for affordable vehicle cameras.

By end-use application, the global vehicle cameras market has been segmented into transport vehicles, government and defense vehicles, private vehicles, and others such as fire rescue, sports, and healthcare. In 2013, cameras for private vehicles accounted for the dominant share of 35.2% in the market. The segment is expected to continue leading the market through the forecast period due to the rising demand for private vehicles in the U.S. and Australia.

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Regionally, Europe accounted for the largest share of 44% in the global vehicle cameras market in 2013. While the market has witnessed considerable growth in the region, especially in Russia and the U.K., the Asia Pacific market is expected to report the fastest CAGR of 12% during the forecast period. The growth witnessed in this region will be contributed by the increasing demand for vehicle cameras across Australia, South Korea, Taiwan, and China. The report presents a granular analysis of the various factors influencing the market’s growth across the regional segments.

To study the prevailing competitive landscape, some of the most prominent enterprises operating in the market have been profiled in the report. These include Garmin International, Inc., Pittasoft Co., Ltd., Transcend Information, Inc., Hyundai MnSOFT, Qrontech Co., Ltd. (Lukas), and others.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.