Albany, NY, June 19, 2015 --(PR.com
)-- According to the new research study added to Market Research Reports Search Engine (MRRSE), the global vehicle cameras market is set to expand at an 11.3% CAGR during the forecast period of 2014 to 2020. The report is titled “Vehicle Cameras (Affordable, Mid-range and high-end Vehicle Cameras) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”. The global vehicle cameras market was valued at US$595.3 million in 2013 and is estimated to reach total revenue of US$1,259.2 million by 2020.
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The global vehicle cameras market is expected to grow significantly due to the increasing encouragement for vehicle camera installation from governments and insurance companies. Additionally, the convenience of vehicle cameras for consumers will support market growth. The Europe market, however, may suffer due to restrictions imposed by several European governments.
According to price, the global vehicle cameras market is divided into high-end (above US$200), mid-range (US$100 to US$200), and affordable (up to US$ 100) vehicle cameras. At present, the mid-range vehicle cameras segment accounts for the largest market share. In 2013, the mid-range vehicle cameras segment accounted for a massive 41% share in the global market.
By end use, the global vehicle cameras market is segmented into transportation vehicles, private vehicles, government and defense vehicles, and others. In 2013, the largest market share of 35.2% was held by the private vehicles sector. The incorporation of cameras in private vehicles is particularly high in countries such as Japan, Russia, Taiwan, and the U.K. According to the report, the private vehicles segment in the global vehicle cameras market will continue its dominance throughout the forecast horizon due to their accelerating adoption in countries such as the U.S. and Australia.
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The European market held 44% of the global market in 2013. Geographically, Europe is leading this market, as the penetration of vehicle cameras in this region is high in countries such as France, the U.K., and Russia. The penetration of vehicle cameras is high in Russia, since even a minor crash in the country results in a demand for immediate payment, and these cameras have helped cut down staged car crashes.
One of the most influential trends that will shape the market dynamics in the coming years is the partnership of vehicle camera manufacturers with automobile manufactures. The top industry players covered in this Transparency Market Research (TMR) report are Will Industrial, Hyundai, Pittasoft, Garmin, Transcend Information, DCS Systems, GoPro, AIPTEK International, and Qrontech Co.
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