The global vehicle cameras market is expected to demonstrate considerable growth in the next few years. Around the world people are realizing the importance of having their vehicles fitted with cameras such as dash cameras. In Seattle, a 70-year-old military veteran was charged with swinging a club at a police officer, however, a release of the dash cam video clarified that the veteran never raised the club. Another video captured by a cab’s dash cam in San Francisco helped to identify a man who had assaulted a woman on Polk Street.
Lack of Consumer Awareness to Restrain the Global Vehicle Cameras Market in North America
Nations such as China and Russia are hot markets for vehicle cameras. The awareness about the safety and effectiveness of vehicle cameras in these regions is very high. However, the markets of North America and Europe still are untapped as consumers lack awareness about the effectiveness of vehicle cameras, unlike the China and Russia markets. It is owing to this cultural and legal differences between the countries that vehicle cameras have remained very popular among millions of drivers in China and Russia since the past decade. On the other hand, the regulatory scenario along with lack of awareness in North America tends to hamper the growth of this market. Insurance companies in Europe and North America can boost the market for vehicle cameras if they make these camera available at subsidized rates.
Global Vehicle Cameras Market to Grow at a Moderate 11.3% CAGR till 2020
The global vehicle cameras market was worth US$595.3 million in 2013 and is expected to reach a value of US$1,259.2 million by 2020. The global vehicle cameras market will grow at a positive 11.3% CAGR during the forecast period from 2014 to 2020. Government restrictions on installing vehicle cameras in the European region is one of the major restraints for this market. Nevertheless, in 2013 Europe accounted for a major 44% in the global vehicle cameras market. This growth can be attributed to the rising adoption of vehicle cameras especially in Russia and the U.K. However, this regional market has a higher growth potential if the government of other countries in Europe introduce polices that support subsidized pricing of vehicle cameras.
On the other hand, Asia Pacific will emerge as the fastest growing market during the forecast period. The Asia Pacific market due to increasing popularity of vehicle cameras in nation such as Australia, Taiwan, China, Japan, and South Korea will expand greatly in the coming years. Asia Pacific vehicle cameras market is projected to grow at a 12% CAGR during the forecasting horizon.
Private Vehicles Hold the Bulk of the Demand in the Global Vehicle Cameras Market
The global vehicle cameras market by end-use application is segmented into private vehicles, government and defense vehicles, transportation vehicles, and others. In 2013, the private vehicles segment accounted for the bulk of the demand in the market and contributed 35.2% in terms of revenue. Private vehicles segment is expected to continue its dominance throughout the forecast period.
Browse the full Global Vehicle Cameras Market report at http://www.mrrse.com/vehicle-cameras-market
Papago is one of the leading manufacturer of dash cams in several countries such as China, Russia, and Australia. Notable vendors in the global vehicle cameras market include AIPTEK, GoPro, Qrontech, DCS Systems, Pittasoft, Garmin, and Hyundai MnSOFT