NEW YORK – The global market for vehicle cameras, which was valued at $1.13 million two years ago, is expected to reach $2.67 million by 2027 at a compound annual growth rate of 11.3% between now and 2027, according to the firm Coherent Market Insights.
Vehicle cameras help drivers park, navigate and evaluate their vehicle’s performance. These cameras are commonly found in private, rental, and commercial vehicles, as well as police enforcement vehicles, to enable continuous video recording that can be used as evidence in the event of an accident or criminal behavior.
Blind Spot Warning, Forward Collision Warning Systems and Lane Departure Warning Systems are just a few of the newer applications that utilize vehicle cameras, according to Coherent Market Insights. Public safety remains a major concern around the world. Thus, many governments are focused on reducing road accidents and crimes to enhance road/vehicle safety. As a result, government initiatives to promote installation of vehicle cameras are driving the growth of the vehicle cameras market.
Key players in the market are Qrontech Co. Ltd. (Lukas), S. Will Industrial Ltd., AIPTEK International Inc., Hyundai MnSOFT, GoPro Inc., Pittasoft Co. Ltd., DCS Systems Ltd. (RoadHawk UK), Garmin International Inc. and Transcend Information Inc.