Although a luxury, vehicle cameras are selling briskly because of the several functions they carry out. Besides recording vehicle activity, which can often be used as evidence in the event of an accident, vehicle cameras are also used for recreational purposes. The novelty attached to vehicle cameras for recording stunts or scenic drives and rides also encourages several people to buy them. It is thanks largely to these factors that the vehicle cameras market will report an 11.3% CAGR between 2014 and 2020 (Source: Transparency Market Research). With this, the market will stand at US$ 1.26 billion by 2020.
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Going forward, the global vehicle cameras market is likely to be driven by a few strong trendlines. Here’s a lowdown on the three top trends in the global vehicle camera market:
Dashboard Cameras Promoting Safe Travel are In Demand
Dashboard cameras are increasingly being used by parents to keep tabs on whether their teenagers are driving safely behind the wheel. Several employers also fit dashboard cams in their own vehicles to monitor if their employees are following speed limits and safe driving rules.
Night Vision Cameras are Much Sought After
The demand for night vision cameras is seen to be on the rise. Unlike navigational cameras, night vision isn’t a necessary for general-use vehicles cameras. Nevertheless, many consumers want to keep high-quality footage of their entire time behind the wheel (especially for insurance claims). This has created demand for vehicle cameras with night vision. A dashboard camera with night vision enhances the overall quality of the footage and lends more clarity to the final output. While several high-end brands also offer the night vision feature on their vehicle dashboard cameras, it remains an add-on in several other smaller brands.
Vehicle Cameras with High-End Features
Like any electronic gadget, vehicle cameras have also evolved at a very rapid pace. For this evolution to reach the next level, companies in the vehicle cameras market will be required to keep pace with several other developments in ancillary industries. Advanced vehicle cameras come with a myriad of sensors for detecting vehicles or other stationary and moving objects in the vehicle’s path. Consumers are also increasingly seeking cameras with internet connectivity so that they can access camera data via their smartphones or other connected devices.
Browse the full Press Release of Global Vehicle Cameras Market: http://www.mrrse.com/global-vehicle-cameras-market
Global positioning systems (GPS) in dashboard cameras has now become a standard feature. Cameras have now become an important surveillance tool, which makes tracking and communication features a must in new-age vehicle cameras.
All of these consumer needs present opportunities for the development of specialized cameras, supporting software, as well as mobile applications. These are opportunities that companies in the vehicle cameras market can capitalize on.
However, it is also important to note that certain countries have restricted the use of vehicle cameras and privacy concerns associated with the same are likely to hinder market growth.