Global Vehicle Camera Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Growth attributed to the increase in safety concerns of the passengers and strict government initiatives

The Global Vehicle Camera Market is estimated to be USD 21.4 Bn in 2023 and is expected to reach USD 38.35 Bn by 2028 growing at a CAGR of 12.38%..

The vehicle camera is an electronic device, that sticks to the windscreen and records the front road. The camera uses memory cars to record the video footage. As you start and stop the car, the camera starts and stops continuously recording. Dashcam is another name for the car camera. The camera can take pictures, GPS tracking, and parking protection, all of which provide safety and security. Regular drivers, driving instructors, taxi and bus drivers, police officers, and many more utilize these cameras daily all around the world. It is a useful tool for a wide range of tasks, such as taxi surveillance, law enforcement, fleet risk management, accident reconstruction, student, and advanced driver training, racing car driver training, aerial flight instructors, nautical recording, tourist scenic video, and individual audio or video projects. Back-mounted cameras, also referred to as backup cameras or rear-view cameras, give drivers a view of what is behind them while they reverse. They are made to aid motorists in avoiding collisions with objects or pedestrians. For safety reasons, it is mounted on the front, back, or interior of a car. Also, the cameras are crucial during traffic accidents since the real-time recording video is utilized as evidence for legal defense and insurance claims.

So, the market is driven by stringent safety norms imposed by governments. According to the World Health Organization (WHO), over 1.3 million people die each year in vehicle accidents. Governments all over the world have made it essential to put cameras in all segments of cars due to the rising frequency of traffic incidents. Government-imposed strict regulations are fueling market expansion. Moreover, the ADAS system's cameras are used in several applications, including adaptive cruise control (ACC), lane maintenance assist, and park assist. In addition to outperforming typical driving cameras in terms of performance, cameras also offer cost-effective alternatives that maintain quality standards. As a cost-effective solution, it meets the necessary automotive quality standards while offering a higher degree of performance than general-purpose driving cameras. The need for cameras has been rising as ADAS technologies in cars have become more widely used. The global market is expanding because of consumers' increased preference for ADAS. Modern parking aid systems, such as premium surround vision systems with four or more cameras per vehicle, increasingly include automotive cameras. The U.S. Department of Transportation approved a strategy in February 2022 to reach the target of zero fatalities, which included safety programs emphasizing infrastructure, human behavior, responsible regulation of the automobile and transportation sectors, and emergency response. The safe system method contains ideas like 'Responsibility is Shared, Humans Are Vulnerable, Death and Severe Injuries are Unacceptable” and other this initiative indeed will drive the growth of dash cams and other safety measures.

However, the market is restrained by stringent government sanctions on vehicle cameras in European countries. Germany, Switzerland, Austria, Portugal, and Sweden are among these developed nations. The laws that limit the use of vehicles' data protection and other privacy regulations in Europe are tied to cameras. For instance, the Data Protection Authority evaluated a dash cam in July 2018 that only permanently preserved the final 60 seconds of a recording when an accident was detected by the embedded accelerometer, or the emergency button was pressed. Because the recordings might be permanently preserved by simply pushing the emergency button, the DPA believed they violated the data minimization principle. Hence, even if it is legal to capture recordings in public spaces in Germany, doing so online is against the law because it violates privacy rules.,500. This is because it is illegal to offer video evidence from a vehicle's camera in court there.

However, the market has an opportunity due to the growing adoption of technologically advanced trifocal cameras. These cameras improve depth perception and long-range object detection. Three separate cameras, each with a distinct megapixel count, are combined to create a trifocal camera. These cameras employ sensors to provide a more expansive field of view and an accurate distance between the vehicle and the obstruction. Trifocal cameras can inform drivers to evade these hazards by detecting the rapid arrival of pedestrians, vehicles, or items that may cause accidents. Vehicle Camera is anticipated to be in high demand shortly due to growing awareness of their use in developed nations including the United States, Australia, Canada, and others. Other car security and safety devices include cameras. ZF, a manufacturer of automotive cameras, introduced its S-Cam4.8 with Mobileye's improved vision technology in the new Nissan Rogue in July 2020. To maintain public safety on the highways, governments from various nations are focusing on drafting legislation relating to the required use of car cameras. The market for automotive cameras is seeing increased demand for trifocal cameras due to the ongoing development of fully and partially autonomous vehicles.

• However, the market is challenged by the high installation cost of vehicle cameras integrated with driver assistance systems is restraining the growth of the market. The installation cost of car cameras is relatively high, depending on the type of camera, the number of cameras, and the complexity of the installation process. Specialized equipment, training, certification, integration with current systems, maintenance, and repair are the causes of the camera's high price. The multi-camera system features more electronic systems and wiring, as well as intricate connections. Specialized tools, including mounts, brackets, and wire harnesses, are frequently needed to install cameras in law enforcement and military vehicles. This equipment can be pricey, and installation may be best left to the pros.

Market Segmentations

• The Global Vehicle Camera Market is segmented based on Vehicle, Electric Vehicle, Technology, Prices, Application, End-User, and Geography.
• By Vehicle, the market is classified into Passenger Cars and Commercial Vehicles.
• The Passenger Car segment holds the largest share of the global market. Increasing sales and production, and expanding use of cutting-edge safety technologies like ACC, BSD, park assist, etc., are some of the fundamental elements sustaining the market leadership of the passenger car segment. Another factor driving demand for cars and passenger vehicles over the anticipated period is the growing use of 360-degree view cameras.
• By Electric Vehicles, the market is classified into BEV, HEV, PHEV, and FCEV.
• BEV segment holds the largest share of the market. Factors include government-imposed severe emission standards, the escalating ecological imbalance brought on by excessive carbon emissions, decreased energy usage, and support for the growth of BEV. Moreover, the market is anticipated to grow as luxury features like pedestrian detection and traffic sign recognition are increasingly used by BEVs. Increasing car safety regulations, particularly in the US and Europe, will also help the market for BEVs grow. Also, OEMs are increasing the size of their factories all over the world to boost the production of electric cars.
• By Technology, the market is classified into Monocular and Stereo.
• The Stereo segment is expected to dominate the vehicle camera market share during the forecast period. The integration of the stereo camera with cutting-edge driving aids including adaptive cruise control (ACC), lane keep assist, and forward-collision warning system has accelerated in recent years. The distance between the obstruction and the vehicle is precisely calculated by these cameras, which have two cameras. These cameras can measure the speed of the car in front of them in addition to recording videos. Major OEMs are concentrating on boosting stereo cameras' capabilities. Thinkware recently unveiled the sophisticated F200 camera, which can record wide-angle 1080HD videos from the front of the vehicle and 720p HD videos from the back. This cutting-edge camera can be connected to a smartphone via Wi-Fi as well to download real-time video.
• By Prices, the market is classified into Affordable, Mid-range, and High-end.
• The Affordable segment is expected to dominate the global market, owing to the growing need for live documentation of road incidents. This is the main factor influencing the development of vehicle cameras. Considering this, the segment is anticipated to develop soon.
• By Application, the market is classified into Park Assist, Lane Departure, Adaptive Cruise Control (ACC), Blind-Spot Detection (BSD), Lane Keep Assist, Road Sign Assistance, and Others.
• The Adaptive Cruise Control segment is anticipated to dominate the market over the forecast period. The Indian government mandated that all car segments have adaptive cruise control systems in September 2018. By 2022, the government wants all cars to have ACC. Moreover, adaptive cruise control assists in keeping a reasonable space between vehicles and warns the driver to use the brakes if another vehicle is getting too close. The ACC automatically applies the brakes, stops the car, and avoids a collision if the driver doesn't do so.
• By End-User, the market is classified into Law Enforcement and Defense Vehicles, Private Vehicles, Transportation Vehicles, and Others.
• Law Enforcement and Defense Vehicles are expected to dominate the global market over the forecast period. Law enforcement organizations and military forces employ specialized vehicles to carry out numerous tasks connected to public safety and security. To satisfy the needs of law enforcement and defense activities, these vehicles are frequently built with a variety of features and capabilities. To aid cops in their work, these cars may have radios, sirens, flashing lights, and other equipment. They frequently have cameras set up for a variety of reasons. In addition to aiding with the protection of officers and soldiers in risky situations, these cameras can offer crucial evidence in criminal investigations. It offers video footage of activities taken on in front of the car. This video evidence may be used in court or the investigation of accidents or other situations. It offers more protection. Law enforcement and military personnel use these cameras to find suspects or pinpoint hot spots in fires.
• By Geography, the market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific.
• Americas is expected to dominate the automotive camera market, owing to the increasing demand for luxury vehicles in the United States and Canada. The need for automotive cameras is anticipated to increase in the coming years because of the growing installation of advanced driver-assistance systems (ADAS). The market for automotive cameras is also being greatly influenced by the increasing prevalence of camera-based convenience features in high-end vehicles and the active participation of players in the market. Another factor fueling the growth of the automotive camera market and, in turn, the target market across the area is the increased consumer desire for active safety systems. The US Transportation Department mandated rear view camera installation in May 2018 for automobiles weighing less than 10,000 lbs.

Recent Development

• DTS announced at CES 2022, the launch of its revolutionary single-camera DTS AutoSense driver and occupancy monitoring solution. - January 2022
• Continental acquired a minority stake in the German-U. S start-up Recognize. The company is working on a new chip architecture for object recognition on AI that can perform rapid processing of sensor data for autonomous driving. - July 2021

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Ambarell International LP, APTIV, Autoliv, Automated Engineering, Bosch Mobility Solutions, Continental, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)
• The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Vehicle Camera Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Vehicle Camera Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Vehicle Camera Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market