Vehicle Cameras Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 06/08/2015 -- The wide range of advantages vehicle cameras offer for private as well commercial transportation has led to a significant rise in demand, states Transparency Market Research in a recent report. The report, titled "Vehicle Cameras Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", states that the value of the global vehicle cameras market is poised to rise from US$595.3 million in 2013 to US$1,259.2 million in 2020, growing at a healthy CAGR of 11.3% from 2014 to 2020.The global vehicle cameras market is primarily driven by encouragement from the government as well as insurance companies towards the installation of vehicle cameras. Increasing number of partnerships with automobile manufacturers to develop vehicle cameras with superior features such as night vision is likely to boost the market for vehicle cameras in the future. The research report segments the global vehicle cameras market on the basis of price, end-use application, and geography.
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By price, vehicle cameras are categorized into high-end (above US$200), mid-range (US$100 to US$200), and affordable (up to US$100). Mid-range vehicle cameras are most commonly used and this segment dominates the overall vehicle cameras market in terms of revenue. Mid-range vehicle cameras held a 41% share of the global market in 2013 owing to the availability of several superior features at a comparatively lower cost. These cameras also present high return on investment, making it a more popular choice among end users. Even though affordable vehicle cameras are the cheapest of the lot, they have minimum features and therefore witness low demand. Vehicle cameras, by end-use application, can be segmented into private vehicles, government and defense vehicles, transportation vehicles, and others such as fire rescue, healthcare, and sports vehicles). Cameras for private vehicles generated the maximum revenue in 2013, accounting for a 35.2% share. This segment is likely to retain its lead over the coming years owing to rising adoption of vehicle cameras for private vehicles in Australia and the U.S. Cameras for private vehicles have also been witnessing increased demand in countries such as the U.K., Japan, Russia, and Taiwan.
Geographically, Europe dominates the global vehicle cameras market, accounting for 44% of the overall market in 2013. While this region has witnessed considerable growth, especially in Russia and the U.K., Asia Pacific is predicted to be the fastest developing regional market for vehicle cameras, registering a strong CAGR of 12% from 2014 to 2020. The demand for vehicle cameras has surged in countries such as China, Australia, Taiwan, and South Korea given the growth of the automotive industry and a rise in consumer purchasing power.
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The key players featured in the vehicle cameras market report are Garmin International, Inc., DCS Systems Ltd. (RoadHawk UK), Qrontech Co., Ltd. (Lukas), GoPro, Inc., Pittasoft Co., Ltd., Hyundai MnSOFT, Transcend Information, Inc., S.Will Industrial, Ltd., and AIPTEK International, Inc.
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