February 25, 2024
Vehicle Camera Market

Growing Demand For ADAS Applications To Drive The Growth Of The Global Vehicle Cameras Market

The global Vehicle Cameras Market is estimated to be valued at US$ 7669.53 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The vehicle cameras market includes products such as black box cameras, road scene documentation cameras, DVR rear view cameras, and interior-exterior cameras designed for installation in vehicles. These cameras provide safety and security functions in vehicles by monitoring driver behavior, road conditions ahead, and surroundings. Black box cameras continuously record activities inside and outside the vehicle to capture accidents, road incidents, and driving patterns which helps in insurance investigations. Rear-view cameras assist drivers while reversing by providing an improved field of view. Interior-exterior cameras help detect blind-spots, monitor passenger seats, and safeguard vehicles from intruders.

Market key trends:

One of the key trends in the vehicle cameras market is the growing demand from automotive OEMs for advanced driver assistance systems (ADAS). ADAS utilizes various cameras, radars, and sensors installed in vehicles to monitor speed limits, detect lane departure, assist with parking, adaptive cruise control, and autonomous emergency braking. As self-driving and autonomous vehicles gain commercial acceptance, adoption of ADAS features is increasing rapidly. Major automakers are integrating more advanced camera sensors and software to enable partial driving automation and level 2 autonomy. Higher revenue spending on ADAS technologies by automakers as well as regulatory mandates for safety features are fueling the need for sophisticated vehicular camera solutions.

Porter’s Analysis

Threat of new entrants: Low investments required for infrastructure and distribution network make threat of new entrants moderate in vehicle cameras market.

Bargaining power of buyers: Buyers have high bargaining power due to availability of wide range of products from various brands in vehicle cameras market.

Bargaining power of suppliers: A few major suppliers dominate the global vehicle cameras supply market, giving them significant bargaining power over buyers.

Threat of new substitutes: Availability of substitute products like front cameras and rear cameras pose threat of substitution to vehicle cameras market.

Competitive rivalry: Intense competition exists among established players to gain higher market share through innovative product offerings in vehicle cameras market.

Key Takeaways

Global Vehicle Cameras Market Demand is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for advanced driver-assistance systems and infotainment features.

Regional analysis: Asia Pacific dominates the global vehicle cameras market and is expected to continue its dominance, witnessing a growth rate of over 11% during the forecast period. Proliferating automobile production in China and India is supporting market growth in the region.

Key players analysis: Key players operating in the 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 U.K.), Garmin International, Inc., and Transcend Information, Inc. These companies are focusing on new product launches and enhancing their existing product portfolio to gain higher market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it