LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global bus rear-view camera (RVC) market to grow to 407.98 thousand units by 2021, at a CAGR of close to 20% over the forecast period, according to their latest report.
The research study by Technavio on the global bus rear-view camera market for 2017-2021 provides a detailed industry analysis based on the end-users (original equipment manufacturers and aftermarket) and geography (APAC, EMEA, and the Americas).
|APAC dominates the global bus rear-view camera market and is expected to generate both the highest revenue and maximum incremental growth over the forecast period. The availability of affordable RVCs, combined with the swift adoption of automotive electronics are the key factors responsible for the region’s dominance.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global bus rear-view camera market:
- Growing demand for safety solutions
- Need for increased on-road visibility to increase safety
- Popularity of commercial vehicles
Growing demand for safety solutions
The rising safety standards in automobiles is one of the key drivers responsible for the growth of the industry. Advanced safety systems are no longer restricted to premium vehicles like luxury buses, and electronic equipment such as cameras and sensors are now being installed, even in the mid-segment buses.
“Rising safety standards regarding passengers and pedestrians safety have pushed automobile manufacturers to equip their vehicles with various driver assistance and safety systems, including rear-view cameras,” says Siddharth Jaiswal, a lead analyst at Technavio for automotive electronics research.
Need for increased on-road visibility to increase safety
Road accidents result not only in the loss of life and property but also creates major breaches in safety and security. The adoption of advanced driver assistance systems (ADAS) such as rear-view cameras enhance the blind spot visibility and increase safety for both drivers and pedestrians. The adoption of autonomous safety systems has a potential to reduce chances of accidents by up to 90%, which is a key factor driving their rising adoption.
Popularity of commercial vehicles
“The gaining popularity of automotive surround view systems in commercial vehicles has resulted in the increasing adoption of reverse cameras in passenger cars and buses by original equipment manufacturers,” says Siddharth.
The automotive reverse cameras for buses help the operators to eliminate blind spots and help drivers to make more accurate decisions. Luminator’s standalone RVC and integrated RVC that is included in the rear sign board are potential RVC systems for buses.
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