Vehicle cameras are likely to grow in popularity as technologies advance and safety concerns increase.
WILMINGTON, Del., Dec. 14, 2023 /PRNewswire/ — The vehicle cameras market reached US$ 9.35 billion in 2021. A CAGR of 10.05% is predicted between 2022 and 2031. Global vehicle camera sales are expected to reach US$ 24.37 billion by 2031. The availability of AI and advancements in technology have made fleet dash cameras more popular in recent years. Combined with traditional dash cam functionality, AI-powered dash cameras provide a comprehensive safety solution.
Businesses that operate commercial vehicles always pay particular attention to fleet safety, and AI dash cams can be a valuable tool in improving fleet safety. Vehicle cameras integrating AI allow them to perform advanced functions such as identifying objects, detecting gestures, and monitoring intelligently. Enhancing the functionality and intelligence of AI-based camera systems may give companies a competitive advantage.
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Vehicle Cameras Market Report Scope:
|
Report Coverage |
Details |
|
Forecast Period |
2022-2031 |
|
Base Year |
2017–2021 |
|
Size in 2021 |
US$ 9.35 Bn |
|
Forecast (Value) in 2031 |
US$ 24.37 Bn |
|
Growth Rate (CAGR) |
10.05 % |
|
No. of Pages |
210 |
|
Segments covered |
Camera View Type, Technology, Price, Vehicle Type, Application, Sales Channel |
Businesses can use these tools to manage their fleets more efficiently while maintaining the safety of drivers, vehicles, and other motorists while making data-driven decisions. Drivers with advanced safety features, like cameras, can get discounts from insurance companies. Consumers are thus motivated to adopt these technologies, resulting in a positive market impact.
Key Findings of the Market Report
- Mid-range vehicle cameras accounted for the largest revenue share of the global vehicle cameras market in 2021.
- The thermal camera segment held a major share of 37.12% in 2021.
- In 2021, Asia Pacific accounted for 36.24% of the global vehicle camera market.
- Governing bodies are expected to impose safety regulations that will allow the United States to dominate the market.
- As technology advances, digital cameras will drive the demand for vehicle cameras.
Global Vehicle Cameras Market: Growth Drivers
- Vehicle users are becoming more aware of road safety, which is increasing their desire for advanced technologies that will encourage safe driving and prevent accidents. In addition to providing real-time monitoring and alerts, vehicle cameras also contribute to this process.
- Advanced camera technology and wide-angle lenses are making vehicle cameras more effective and appealing to consumers. A better performance can be attributed to better sensors and image processing technologies. Cameras play an integral role in ADAS, which includes autonomous emergency braking and adaptive cruise control. Vehicle cameras are becoming more popular as ADAS becomes more popular.
- A significant increase in the number of vehicles on the road has led to the growth of vehicle cameras. The increase in production of these technologies naturally increases the market demand for these products. The use of vehicle cameras is growing among fleet operators to monitor driver behavior, ensure fleet safety, and improve efficiency. Telematics solutions, which include cameras, are becoming more prevalent in fleet management.
- Vehicle owners increasingly seek after entertainment and information systems in cars. In addition to safety cameras, consumers prefer features such as 360-degree viewing, parking assistance, and dashboard cameras. Economies of scale and advances in manufacturing have lowered the cost of camera technology, allowing manufacturers to integrate cameras more affordably into their vehicles.
Global Vehicle Cameras Market: Regional Landscape
- Vehicle cameras are estimated to be the most popular product in the Asia Pacific region. With a growing number of passenger vehicles being sold, the demand for vehicle cameras is expected to grow in the next few years. As electric vehicle production and hybridization increase, Asia Pacific will become a dominant region for vehicle cameras in the coming years.
- With India and China growing as production hubs and suppliers, the Asia-Pacific region is expected to see an increase in camera demand. Vehicle ownership rates have steadily increased in both India and China. Vehicle accessories, including cameras, have become more prevalent as more people own vehicles.
Global Vehicle Cameras Market: Key Players
Several manufacturers control the majority of the market share for vehicle cameras in the global market. To ensure safe, efficient, and modern transportation systems, corporations are heavily investing in the development of self-driving cars. Major players are diversifying their product portfolios and acquiring other companies.
- AIPTEK International Inc.
- Aptiv
- Autoliv Inc.
- Continental AG
- DENSO Corporation
- DCS Systems Ltd.
- Ficosa International SA
- GoPro, Inc.
- Garmin International Inc.
- Gentex Corporation
- Hyundai MnSOFT
- Magna International Inc.
- Pittasoft Co. Ltd.
- Qrontech Co. Ltd. (Lukas)
- Robert Bosch GmbH
- S. Will Industrial Ltd.
- Transcend Information Inc.
- Valeo SA
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Key Developments
- In June 2023, Neousys Technology, a leading manufacturer of rugged embedded systems, introduced GMSL2-compliant rugged camera sensor hubs with Jetson technology, the NRU-51V+ series.
- In November 2023, Rheinmetall Electronics UK was contracted to provide rear-view cameras for the British Army’s Warrior infantry fighting vehicles (IFVs).
Global Vehicle Cameras Market: Segmentation
By Camera View Type
- Mono Camera
- Rear View Camera
- Surround View Camera
By Technology
- Digital Camera
- Infrared Camera
- Thermal Camera
By Price
- Affordable
- Mid-range
- High-end Vehicle Cameras
By Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicles
- Light Commercial Vehicles
- Trucks
- Buses & Coaches
By Application
- Park Assist System
- Driver Monitoring System
- Blind Spot Detection
- Night Vision System
- Adaptive Cruise Control
- Pedestrian Detection
- Road Sign Recognition
- Others
By Sales Channel
- OEM
- Aftermarket
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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