The global vehicle cameras market is witnessing significant growth owing to growing demand for driver safety and assistance features in vehicles. Increasing adoption of advanced driver-assistance systems (ADAS) features such as blind spot detection, lane departure warning, park assist, and surround view cameras in premium and mid-segment vehicles is driving the growth of the market. Vehicle manufacturers are increasingly integrating multiple cameras in vehicles for functionalities ranging from driver assistance, parking assistance, backup assistance, interior vehicle monitoring, and others. Rear-view cameras, interior cameras for cabin monitoring, and side-view cameras are some commonly used camera types.
The Global Vehicle Cameras Market Size is estimated to be valued at US$ 8835.3 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers fueling the growth of the vehicle cameras market is the increasing demand for recording accidents and incidents. Camera systems installed in vehicles help in recording critical driving moments such as accidents and incidents for insurance claims and investigations. This is driving the demand for cameras integrated in vehicles. Additionally, stringent safety regulations mandating the installation of vehicle cameras for driver assistance are further propelling the market growth. For instance, the European Union has made it mandatory for new cars to be equipped with advanced driver assistance systems including intelligent speed assistance, lane keeping assist, advanced emergency braking, crash test improved structures, and more. Such regulations are expected to boost the adoption of vehicle cameras significantly over the forecast period.
Segment Analysis
The global vehicle cameras market is dominated by the passenger cars segment. Within passenger cars, back cameras and dashboard cameras together account for over 50% share owing to rising safety concerns. The back camera segment dominates as governments across regions have made rear-view cameras mandatory for increased visibility. The commercial vehicles segment is expected to witness high growth led by fleet operators opting for cameras to monitor onboard activities for safety and security.
PEST Analysis
Political: Regulations mandating safety features like rear-view cameras in new vehicles across regions will drive market growth. However, non-uniform standards increase compliance challenges.
Economic: A stable global economy and rising incomes will increase automobile sales and demand for advanced safety and driver-assist systems. Higher insurance costs for vehicles without safety tech will further propel adoption.
Social: Rising road accidents and enhanced awareness about vehicle and passenger safety is a key driver. Customers particularly prefer features ensuring safety of children and prevention of theft.
Technological: Advanced cameras with driver-monitoring, night vision, parking assist and360-degree surround view are gaining traction. Adoption of AI, cloud and fifth-generation networks will enhance capabilities.
Key Takeaways
The global vehicle cameras market is expected to witness high growth led by rising vehicle production and stringent safety norms. The global vehicle cameras market is estimated to be valued at US$ 8835.3 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.
Regional analysis comprises North America is the leadingregional market attributed to the presence of major automobile manufacturers and implementation of regulations mandating safety features in the US and Canada. The Asia Pacific regional market led by China and India is expected to witness the fastest CAGR during the forecast period with growingvehicle production and sales.
Key players like Equinor and Shell are focusing on development of advanced cameras integrated with driver monitoring and parking assist features. Whereas Schlumberger, Saipem, KCA Deutag are investing in R&D of cameras compatible with various environmental conditions and backed with AI capabilities.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
