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The wide range of advantages vehicle cameras offer for private as well commercial transportation has led to a significant rise in demand, according to a new Transparency Market Research. According to the market analyst, the value of the global vehicle cameras market is poised to rise from $595.3 million in 2013 to $1.26 billion in 2020, growing at a healthy CAGR of 11.3% from 2014 to 2020.
The global vehicle cameras market is primarily driven by encouragement from the government as well as insurance companies towards the installation of vehicle cameras. Increasing number of partnerships with automobile manufacturers to develop vehicle cameras with superior features such as night vision is likely to boost the market for vehicle cameras in the future. The research report segments the global vehicle cameras market on the basis of price, end-use application, and geography.
By price, vehicle cameras are categorized into high-end (above $200), mid-range ($100 to $200), and affordable (up to $100). Mid-range vehicle cameras are most commonly used and this segment dominates the overall vehicle cameras market in terms of revenue.
Mid-range vehicle cameras held a 41% share of the global market in 2013 owing to the availability of several superior features at a comparatively lower cost. These cameras also present high return on investment, making it a more popular choice among end users. Even though affordable vehicle cameras are the cheapest of the lot, they have minimum features and therefore witness low demand.
Vehicle cameras, by end-use application, can be segmented into private vehicles, government and defense vehicles, transportation vehicles, and others such as fire rescue, healthcare, and sports vehicles). Cameras for private vehicles generated the maximum revenue in 2013, accounting for a 35.2% share. This segment is likely to retain its lead over the coming years owing to rising adoption of vehicle cameras for private vehicles in Australia and the United States. Cameras for private vehicles have also been witnessing increased demand in countries such as the UK, Japan, Russia, and Taiwan.