Vehicle Cameras Market: Global Industry Trends, Business Opportunities, Share and Forecast to 2027

SAN JOSE, Calif. - Nov. 14, 2019 - PRLog -- According to a new market research report published by Credence Research, "Vehicle Cameras Market – Growth, Future Prospects and Competitive Analysis, 2019-2027," the global market for vehicle cameras was estimated at US$ 9.30 billion in 2018 and is set to grow at 10.30 per cent CAGR during the forecast period.

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In particular, the market for vehicle cameras is governed by the increasing penetration of park assistance systems and government regulations on automotive safety. According to the WHO, almost 1.25 million people die each year in road accidents, which ultimately resulted in various automotive safety systems, including vehicle cameras. These cameras are attached to the dashboard or windshield of the vehicle and help the driver to get a clear picture of the surrounding area and the rear. Technological advancements in cameras, along with price reductions, have greatly contributed to the growth of the market over the period. In addition, the government's promotion of automotive safety is another key driver of market growth. Earlier in 2018, NHTSA had been mandated to include all new cars with backup cameras by May 2018. As a result of these factors, we are expecting a huge increase in the market for vehicle cameras during the forecast period.

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In addition, the government's promotion of automotive safety is another key driver of market growth. Earlier in 2018, NHTSA had been mandated to include all new cars with backup cameras by May 2018. As a result of these factors, we expect a massive increase in the market for vehicle cameras during the forecast period. Vehicle cameras are very beneficial due to features such as recording, parking assistance, night vision and a variety of other features. In view of these benefits, we expect massive growth in the forecast period.

Based on geography, North America is the largest market for vehicle cameras contributing more than 1/3 of the market share. Larger market size is mainly due to government regulations and increased consumer awareness. Due to the provisional political agreement on the revised General Safety Regulation, we expect rapid growth in Europe. According to this Regulation, a suite of 15 new safety technologies (including reverse cameras and speed sign-recognition cameras) will become mandatory in European vehicles by 2022 for enhanced passenger safety. We are therefore expecting massive growth in North America and Europe.

You can get the sample copy of this research by Credence Research here: https://www.credenceresearch.com/sample-request/59753