The Global Vehicle Cameras Market, is expected to be valued at $2,671.4 million by 2027, exhibiting a CAGR of 11.3% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Encouragement from insurance companies for installation of vehicle cameras is expected to propel the global vehicle cameras market growth over the forecast period
Insurance companies are concerned about the fraudulent cases filed by the insurance policyholders. According to a report published by the UK’s Insurance Fraud Bureau, the average annual cost for ‘crash for cash’ frauds accounts for over $614.5 Mn to the insurance industry in the UK. ‘Crash for cash’ cases are organized car crashes planned to make fraudulent insurance claims. As a result, insurance companies across the world are focused on reducing the expenditure caused to them due to the casualties of insurance policyholders.
For instance, Swiftcover Insurance Services, a UK-based insurance company, offers a discount of up to 12.5% for insuring a car equipped with a vehicle camera. Likewise, Direct Asia Management Services, a Singapore-based company, offers a discount of four percent for vehicles equipped with a vehicle camera. Thus, these factors are expected to propel the global vehicle cameras market growth over the forecast period.
Key players in the market are focused on research and development activities, in order to expand the product portfolio and gain a competitive edge in the market. For instance, in November 2012, AIPTEK International introduced Car Camcorder X3. The camera has a 1200 lens that enables video recording of a larger angle. In January 2015, Qrontech introduced a new firmware for its products, viz., LK-9500 Duo, LK-9300 Duo,LK-9700 Duo, and LK-9100 Duo (Type D).
Furthermore, in September 2014, GoPro, Inc. launched its HERO4 high-performance digital camera. The HERO4 camera is available in two editions, namely, HERO4 Black and HERO4 Silver.
Vehicle cameras are significantly expensive ranging from $100 to $400. Such high price cameras are not affordable to every car owners. Furthermore, it can also require timely maintenance and repair, which in turn, is expected to hinder the global vehicle cameras market growth over the forecast period.
North America Trends
Among regions, North America is expected to drive growth of the global vehicle cameras market during the forecast period. This is owing to rising adoption of vehicle cameras in light commercial vehicles across the region. Furthermore, presence of major manufacturers is expected to boost the regional market growth over the forecast period.
Europe is expected to exhibit a robust growth rate in the global vehicle cameras market growth over the forecast period. This is owing to increasing use of vehicle cameras for parking assistance in the region. Moreover, increasing demand for autonomous vehicles is expected to accelerate growth of the regional market over the forecast period.
Impact of Coronavirus Pandemic
Due to COVID-19 pandemic, many industrieswitnessed significant shift in their business. There is significant impact on vehicle cameras, as Chinese automotive industries rapidly closing their business to reduce the spread of COVID-19 pandemic.
Further, this trend continued in Europe and North America region, where factories where temporary closed due COVID-19 spread. In pre-crisis time, automotive industry witnessed significant drops in sales, for instance, According to the Coherent Market Insights analysis, in 2019, China registered 4.2% of drops in automotive sells, which is negatively impacted the vehicle cameras.
Key market players are involved in product launches, in order to gain a competitive edge in the market. For instance, in January 2020, Garmin International, introduced Garmin Dash Cam Tandem, a dual-lens dash camera with 180-degree field of view.
In May 2019, Garmin International launched Dash Cam 46/56/66 W and Dash Cam Mini in its popular dashboard camera portfolio.