The Global Vehicle Cameras Market Growth Accelerated By Increasing Demand For Enhanced Visibility And Safety Solutions

 

Vehicle cameras provide enhanced visibility and safety to vehicle owners. Vehicle cameras help drivers monitor blind spots, record incidents for insurance claims, and enhance nighttime visibility. The global Vehicle Cameras Market provides high-resolution images for improved driver assistance.

The Global Vehicle Cameras Market Size is estimated to be valued at US$ 8835.3 million in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing demand for enhanced visibility and safety solutions is one of the key trends driving the growth of the global vehicle cameras market. Video cameras installed in vehicles provide a wider view to drivers and help reduce blind spots. This enhances driving safety especially in harsh weather and low light conditions. Furthermore, the footage recorded by vehicle cameras serves as crucial evidence in accidents and insurance claims, thereby finding greater acceptance among consumers and fleet owners. Various automakers are also incorporating advanced driver assistance features that use cameras to prevent collisions, which is further supporting the demand for vehicle cameras over the forecast period.

Segment Analysis
The global vehicle cameras market is dominated by the rear-view cameras sub-segment. Rear-view cameras allow the driver to easily monitor the rear part of the vehicle and avoid accidents while reversing. They have become a critical safety feature in modern vehicles. Many countries have made rear-view cameras mandatory for increased safety. This regulatory support has drove the segment's growth over the past few years.

Key Takeaways:

The global vehicle cameras market is expected to witness high growth over the forecast period of 2024 to 2031. The global Vehicle Cameras Market is estimated to be valued at US$ 8835.3 million in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024-2031.

North America currently holds the largest share of the market and is expected to maintain its dominance through 2031. Stringent safety regulations mandating the installation of vehicle cameras on new cars sold are driving the regional market. Additionally, high consumer demand for advanced driver assistance features is propelling market growth.

Key players operating in the vehicle cameras market are Equinor, Shell PLC, Schlumberger Limited, Saipem, KCA Deutag, Nobel Corporation, Pacific Drilling, Seadrill, Halliburton, Weatherford International Inc., Aban Offshore Limited, and China Oilfield Services Ltd. Equinor dominates the European market while Schlumberger Limited leads in Latin America. Leveraging advanced technologies to enhance camera capabilities and expanding into emerging economies will help key players gain market share.

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