The growth of the global vehicle market is majorly driven by inclination of government and insurance companies towards the promotion of the installation of vehicle cameras. The video recordings generated from these cameras help the insurance companies to block false claims, especially in case of accidents. The other factor contributing towards the evolution of the market is the undertaking of partnership agreements with the vehicle manufacturers to develop advanced cameras with superior features such as night vision systems.
The growth of the market is further driven by the increase in adoption of such vehicle cameras in commercial sector for healthcare, advertisements, movies and others. The vehicle cameras market is expected to experience certain opportunities with the development of technologically enhanced products such as 3D imaging technology, night vision cameras, GPS and remote sensing technology among others. Technological advancements such as in-built GPS systems and audio recording features also boost the demand of the market.
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Vehicle Camera Market – Competitive Analysis
The Market is witnessing increased competition and is expected to further intensify during the forecast period. The players in the market incorporate acquisition, collaboration, partnership and expansion in order to gain competitive advantage in this market and to maintain their market position. Technological advancements in the manufacturing of the automotive test equipment and the increasing research and development expenditure by the key players is expected to increase the level of competition in the vehicle camera market.
Industry/ Innovation/ Related News:
Aug, 2017 – Delphi Automotive PLC has added another partner, Israel-based Innoviz Technologies, in efforts to create an end-to-end driverless vehicle system. When teamed with radar and on-board cameras, vehicles are given a digital understanding of the world around them. The company has partnerships with Silicon Valley chip maker Intel and on-board camera expert Mobileye.
June, 2017 – Robert Bosch and Sony Semiconductor Solutions came together to develop a high-dynamic camera technology. Video camera along with radar, lidar and ultrasonic sensors are also critical for proper functioning of driver assistance systems and automated driving. For proper functioning of ADAS features like traffic sign recognition pedestrian detection and lane keeping there is high dependability on video cameras as they can provide a higher signal density and object recognition.
Jan, 2017 – Continental AG and Valeo SA, agreed to produce solid-state lidar for automakers. Automakers are counting on lidar to supplement radar and cameras in self-driving vehicles part of a belt-and-suspenders strategy to ensure safety even if one sensor fails. Lidar units form 3-D images of road obstacles by bouncing laser beams off objects in the vehicle’s path. Unlike cameras, lidar can function well in snow or rain.
Vehicle Camera Market – Segmentation:
The Vehicle Camera Market can be segmented in to three key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Vehicle Type – Commercial Vehicle and Passenger Vehicle
Segmentation by Camera Type – Front View, Rear View and Interior Cam
Segmentation by technology – Night Vision Recording, Accident Sensor, Built-in GPS and Others
Segmentation by end use application- Transportation Vehicles, Government and Defense Vehicles, Private Vehicles and Others
Segmentation by Regions: North America, Asia-Pacific, Europe and Rest of the world
Vehicle Camera Market – Regional Analysis:
The vehicle camera market in North America region is expected to grow with highest CAGR owing to the high production volume of both passenger cars and commercial vehicles. The increasing influence of new car assessment program in the region is also driving the growth of the market in the region. The Asia Pacific region is also expected to grow with lucrative CAGR owing to factors such as the increase in the road and parking accidents and the increase in the false claims of insurance from insurance companies after the accident. The increase in road accidents and the growing demand for road safety in developing countries such as India and China are further contributing to the growth of the market in the region.
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