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Rising Demand for Inclusion of Technological Advancements in Consumer Vehicles to Drive Market for Vehicle Cameras

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Published on : Apr 13, 2016

The flourishing market for passenger vehicles on a global front has been witnessing a huge shift in the dynamics of consumer base and preferences in the past few years. Firstly, from achieving a larger portion of its annual revenues from developed countries, the market has swiftly moved on to garnering a larger portion of its annual sales and a significant portion of revenues from the developing part of the world. This has changed the consumer base in the sense that a large portion of buyers of consumer vehicles is now the middle-class population from the developing world. This has directly led to a significant rise in demand for multi utility and semi-luxury vehicles.

Secondly, the strengthening economic positions of these countries and rising disposable incomes of the population have translated to increased consumer awareness and demand for the inclusion of latest technological advancements in consumer vehicles, even if the consumer has to shell out some more money for the additions. This has led to significant development of several auxiliary markets working in coherence with the global automobile industry. 

One of these is the market for vehicle cameras. In the past few years, vehicle cameras have found an increased level of adoption in numerous varieties of vehicles. Touted by marketing pundits as an investment similar on scale to indoor cameras installed in residential buildings, vehicle cameras help in simultaneous front as well as rear view capturing and make turns for vehicles safer.

Making turns safer by the better observation of front and rear views is one major and most obvious use of vehicle cameras. However, there are other several innovative ways in which vehicle cameras can repay their costs, including: recording footage for plain fun while driving the vehicle, monitoring driving skills of teenagers in the family or of employees, or capturing evidence in case of accidents for the purposes of claiming insurance money or innocence. 

Owing to all these factors, vehicle cameras are gaining wide scale popularity and vehicles that come installed with vehicle cameras are witnessing increasing demand from consumers. Over the next few years, vehicle cameras, which are not as of yet the most favored car accessories, will turn out to be deal breakers in consumer vehicles.