Albany, NY, March 13, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research entitled "Vehicle Cameras Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," the market was valued at US$ 595.3 Mn in 2013 and is expected to reach US$ 1,259.2 Mn by 2020, expanding at a CAGR of 11.3% from 2014 to 2020. Europe was the largest regional contributor to global vehicle cameras market in 2013. Asia Pacific is expected to be the fastest growing market for vehicle cameras during the forecast period with a CAGR of 12% from 2014 to 2020. The growth of vehicle cameras market in the region is largely due to rapidly growing demand for these cameras from countries such as Taiwan, Australia, South Korea and China. Japan is among the earliest adopters of vehicle cameras. This is attributed to high awareness regarding the advantages of installing these cameras in vehicles.
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Vehicle cameras provide high quality real-time video recording and are equipped with different features such as global positioning system (GPS), loop recording and G-sensors. Moreover, these cameras are available in a wide range of price options. This is expected to be significant factor for the adoption of vehicle cameras during the forecast period. Furthermore, different national governments have included vehicle camera installation as their automotive safety plans. Thus, the demand for vehicle cameras is expected to soar significantly during the implementation of these safety programs across different countries worldwide. The vehicle cameras market is also supported by the discounts on auto insurance offered by insurance companies. Video footages recorded from these cameras are helpful for insurance companies to curb the filing of false claims. Thus, some insurance companies offer discounts on insurance for the vehicles that are equipped with vehicle cameras.
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The market for vehicle cameras is segmented on the basis of price of camera, end-use applications and geographic regions. On the basis of price, the vehicle cameras market is segmented into affordable, mid-range and high-end vehicle cameras. Currently, mid-range vehicle cameras account for the largest share, in terms of revenue, of the global vehicle cameras market. In 2013, mid-range vehicle cameras accounted for a share of 41 % of the total vehicle cameras market. The high penetration of the mid-range vehicle cameras is due to various superior features available in these cameras at low prices as compared to the high-end vehicle cameras. Furthermore, the vehicle cameras market is segmented on the basis of end-user applications into government and defense vehicles, private vehicles, transportation vehicles and others. The other vehicles segment comprises healthcare vehicles, vehicles used for fire fighting and sports vehicles. In 2013, private vehicles accounted for the largest share of 35.2%, in terms of revenue, of the global vehicle cameras market. This is due to the high penetration of these cameras in countries such as Russia, Japan, the U.K. and Taiwan. Moreover, private vehicles is expected remain the largest segment due to growing adoption of vehicle cameras in countries such as the U.S. and Australia.
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Europe led the global vehicle cameras market in 2013 with the share of 44.0% of the global market. This was mainly due to high adoption of vehicle cameras in countries such as Russia, the U.K. and France in the region.
The Global Market For Vehicle Camerasincludes large number of vehicle camera manufacturers such as Qrontech Co. Ltd. (Lukas), DCS Systems Ltd. (RoadHawk UK), AIPTEK International, Inc., GoPro, Inc., Garmin International, Inc., Transcend Information, Inc., Pittasoft Co. Ltd., Hyundai MnSOFT and S.Will Industrial Ltd.
Other Reports By Transparency Market Research :
- Wearable Sensor Market : http://www.transparencymarketresearch.com/wearable-sensor-market.html
The report studies the global vehicle cameras market, and provides estimates in terms of revenue (US$ million) from 2012 to 2020. Market estimates are provided on the basis of price, end-use applications and geography. The market has been segmented as follows:
Market Segmentation of Global Vehicle Cameras Market:
- Vehicle Cameras Market, by Price
- Affordable (upto US$ 100)
- Mid-range (US$ 100 to US$ 200)
- High-end (above US$ 200)
Vehicle Cameras Market, by End-use Application
- Government and Defense Vehicles
- Private Vehicles
- Transportation Vehicles
- Others (Healthcare, Fire Rescue and Sports Vehicles)
Vehicle Cameras Market, by Geography
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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