Vehicle cameras are used extensively to record the real-time recording. These cameras are mostly equipped with a display screen and a memory card. The use of these vehicle cameras is majorly for identifying fake accidents and insurance claims. The rise in the demand for luxury vehicles that is equipped with advanced features is expected to enhance the growth of the global vehicle cameras market in the next few years. Moreover, the rise in the spending capacity of consumers is another factor encouraging the market growth.
In 2013, the global market for vehicle cameras was worth US$0.6 bn and is projected to reach a value of US$1.2 bn by the end of 2020. The market is anticipated to register a promising 11.30% CAGR between 2014 and 2020, states a new report presented by Transparency Market Research.
Furthermore, the rising influence of the new car assessment program and the rising focus of the insurance companies regarding the safety measures, owing to the tremendously rising number of accidents are projected to drive vehicle cameras market in the near future. On the other hand, the high cost of these products and the overall rise in the vehicle prices are estimated to hamper the market growth in the coming years. Nonetheless, the strict rules and regulations concerning the installation of advanced driver assistance systems, especially in passenger cars are driving the global vehicle cameras market.
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The key players that are operating in the vehicle cameras market across the globe, including AIPTEK International, Inc., S.Will Industrial Ltd., Qrontech Co. Ltd. (Lukas), Garmin International, Inc., GoPro, Inc., Hyundai MnSOFT, Pittasoft Co. Ltd., Transcend Information, Inc., and DCS Systems Ltd. (RoadHawk UK) are emphasizing on technological advancements. Moreover, innovations and the rise in consumer awareness related to the advantages of using vehicle cameras are further anticipated to propel global market in the next few years.