Global vehicle camera market is segmented based on price, end user, and geography.
Portland, OR -- (SBWIRE) -- 02/15/2018 -- Vehicle Camera Market report, published by Allied Market Research, forecasts that the global market expected to garner $7,567 Million by 2022, registering a CAGR of around 15% during the forecast period 2016 to 2022. Mid-range vehicle cameras are expected to dominate the global market throughout the forecast period, while region-wise, North America is estimated to lead in terms of revenue during the forecast period.
Rise in cases of road accidents, false insurance claims, vehicle thefts, and others have fostered the adoption of vehicle cameras. In addition, the growth of the vehicle camera market is expected to be accelerated by the use of vehicle cameras in the commercial sector for movies, advertisements, healthcare, and others. However, increasing prices of vehicles may restrict the growth of vehicle camera industry. Moreover, development of technologically enhanced products and technologies, such as GPS, remote sensing technology, dual lens cameras, night vision cameras, 3D imaging technology, provide numerous opportunities for the growth and development of the vehicle camera industry.
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In the year 2015, the private end-user segment accounted for the maximum revenue share, due to increase in threat of vehicle robberies, road accidents, and parking accidents. In addition, the commercial end-user segment is presently the fastest growing segment, and is projected to grow at a CAGR of around 16%. This is attributable to the extensive use of vehicle cameras among medical, tourism, and entertainment industries.
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In 2015, mid-range vehicle cameras dominated the world vehicle camera market owing to its multiple features provided at reasonable prices. This adoption of mid-range vehicle cameras has increased over the years due to its various superior features such as loop recording, rear and front view, GPS technology, wide angle view and other features available at comparatively low price than the premium segment of the vehicle camera market.
Vehicle Camera Market Segments:
-Affordable (up to US$100)
-High-End (above US$200)
BY END USER
-Government & Defense Sector