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.
Albany, NY -- (SBWIRE) -- 08/09/2016 -- The diverse benefits offered by vehicle cameras have led to the robust growth of the global vehicle cameras market as per Transparency Market Research (TMR). In its latest report, titled "Vehicle Cameras Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," TMR has pegged the global vehicle cameras market to exhibit a CAGR of 11.3% between 2014 and 2020.
According to the report, the market stood at US $595.3 mn in 2013 and is expected to reach US$1,259.2 mn by 2020. Favorable policies and encouragement by insurance companies towards the installation of vehicle cameras have been primarily boosting the global vehicle cameras market. The most prominent names in the automobile industry are collaborating to design and develop advanced vehicle cameras with superior features like night vision. Such developments are likely to influence sales of vehicle cameras positively in the forthcoming years.
The report studies the prospects for the vehicle cameras market globally, based on which it also presents refined projections for the market's growth. It assesses the global vehicle cameras market based on end-use segments, price, and geography.
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In terms of price, the report has classified the market into high-end, mid-range, and affordable segments. Of these, the demand for mid-range vehicle cameras, priced above US$200, has been increasing at a rapid pace. Holding a share of 41%, this segment dominated the market in 2013. The availability of advanced features in mid-range vehicle cameras at an affordable price has been crucial in boosting demand from the segment. Despite being the cheapest in the lot, a lack of adequate features has resulted in low demand for affordable vehicle cameras.
By end-use application, the global vehicle cameras market has been segmented into transport vehicles, government and defense vehicles, private vehicles, and others such as fire rescue, sports, and healthcare. In 2013, cameras for private vehicles accounted for the dominant share of 35.2% in the market. The segment is expected to continue leading the market through the forecast period due to the rising demand for private vehicles in the U.S. and Australia.
Regionally, Europe accounted for the largest share of 44% in the global vehicle cameras market in 2013. While the market has witnessed considerable growth in the region, especially in Russia and the U.K., the Asia Pacific market is expected to report the fastest CAGR of 12% during the forecast period. The growth witnessed in this region will be contributed by the increasing demand for vehicle cameras across Australia, South Korea, Taiwan, and China. The report presents a granular analysis of the various factors influencing the market's growth across the regional segments.
Research Report with Toc and Free Analysis at http://www.transparencymarketresearch.com/vehicle-cameras-market.html
To study the prevailing competitive landscape, some of the most prominent enterprises operating in the market have been profiled in the report. These include Garmin International, Inc., Pittasoft Co., Ltd., Transcend Information, Inc., Hyundai MnSOFT, Qrontech Co., Ltd. (Lukas), and others.
The report has segmented the global vehicle cameras market as:
Vehicle Cameras Market, by Price
Affordable (upto US$ 100)
Mid-range (US$ 100 to US$ 200)
High-end (above US$ 200)
Vehicle Cameras Market, by End-use Application
Government and Defense Vehicles
Others (Healthcare, Fire Rescue and Sports Vehicles)
Vehicle Cameras Market, by Geography
Middle East and Africa (MEA)
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