Vehicle cameras are increasingly finding adoption in a wide range of vehicles. Touted as an investment on the scale of indoor camera systems for residential buildings, vehicle cameras allow for simultaneous front as well as rear recording. The footage can be used for plain fun, such as sharing videos of beautiful scenery or a farcical incident, or for monitoring the actions and driving skills of teenagers in your family or of your employees. However, the most pragmatic use of video cameras is for capturing evidence in cases of accidents for claiming innocence or insurance money. With vehicle cameras, one has solid proof regarding an accident rather than mere verbal testimony, making for a solid case and increased chances of correct judgment.
The global market for vehicle cameras had a valuation of US$595.3 million in 2013, according to a research report published by U.S.-based market research company Transparency Market Research. The report states that the global market for vehicle cameras will reach a valuation of US$1,259.2 million by 2020, growing at an 11.3% CAGR between 2014 and 2020.
Vehicle Cameras Market Riding High on Safety Benefits and Innovative Products
Vehicle cameras are still not the most favored car accessories, but the business is riding high on the many benefits of these devices with regards to infotainment and personal and public safety. The market is also abuzz with the many new innovations hitting the market regularly. Carmakers are also increasingly partnering with vehicle camera manufacturers to make the driving experience of their customers as safe as possible.
Many international automakers are at the forefront of developing and adopting new technologies in their vehicles to make driving as safe as possible. One such technology – adaptive headlights – is currently a big hit and is offered in many top-class vehicles. Several major companies, including and not limited to Ford and Mercedes, are working on advanced adaptive lighting technique with embedded cameras in the front bumpers of vehicles to detect the heat signatures of large animals and people on roads with poor lightings. The system will tag the location of an approaching obstacle in the car’s path using GPS and send a warning sign on the car’s infotainment system.
Many innovative vehicle camera mechanisms are also available that curb the need for a car’s interior and exterior mirrors. Rearview cameras are already a gold standard for most advanced vehicles in the market. Rearview cameras do not only protect vehicles from getting hit by out-of-view obstacles, but also protect children and animals from getting run over by reversing cars. Available in cars made by a wide plethora of automakers such as Audi, Lexus, Acura, Land Rover, Toyota, Mazda, Mercedes-Benz, Porsche, Volkswagen, and Subaru, and being rapidly adopted by other automakers, rearview cameras are the most popular type of vehicle cameras in the market.
Collaborations between Automakers and Vehicle Camera Makers to Benefit the Market
In a recent development, car manufacturer Toyota has announced its partnership with the GoPro action sports camera company that will effectively equip every new 2016 Toyota Tacoma with a GoPro camera mounted on its roofline. GoPro is a highly popular camera system that is used by enthusiasts to record their driving experiences. GoPro has been a big hit among outdoorsy companies for products like Bell Helmets, but this collaboration is a first for a car company.
The market for vehicle cameras is being flooded with such and many new innovations that continue to impress car owners. With governments and insurance agencies promoting the installation of a variety of vehicle cameras, the future of these multi-purpose car accessories is extremely bright. What are now perceived as supplementary devices for enhanced safety and security of vehicles and vehicle owners have every chance of becoming an inseparable part of every vehicle system in the future.
Browse Market Research report at http://www.transparencymarketresearch.com/vehicle-cameras-market.html