Bus Rear View Camera RVC market will grow at a CAGR of 20.50% from 2023-2030: Cognitive Market Research
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Introduction of the?Bus Rear View Camera RVC Market
A bus Rear View Camera (RVC) is a safety device mounted at the rear of a bus, providing real-time visual assistance to the driver for enhanced rearward visibility and safety. The bus rear view camera (RVC) market is experiencing a surge in requirements due to the increasing preference for cutting-edge safety systems. As safety becomes a paramount concern, particularly in the transportation sector, bus operators seek advanced solutions like RVCs to enhance visibility and mitigate blind spots. The integration of cutting-edge camera technology aids in accident prevention and overall safety improvement, driving the demand for Bus RVC systems as an essential component of modern vehicle safety measures.
For instance, in January 2022, the Société de transport de Montréal (STM) announced that it will test a cutting-edge system combining cameras and high-definition screens to replace rear-view mirrors on its buses. The system is expected to benefit the safety of all road users by helping to reduce vehicle blind spots, increasing the driver's field of vision, and improving visibility in difficult conditions.
Key Insights from Bus Rear View Camera RVC Market Report
The Global Bus Rear View Camera RVC market will grow at a CAGR of 20.50% from 2023 to 2030.
Technological Advancements and Product Innovation to Provide Viable Market Output
Technological advancements and product innovation are pivotal in the bus rear view camera (RVC) market. With continuous technological progress, RVCs are incorporating high-resolution imaging, wide-angle lenses, night vision capabilities, and intelligent analytics. These innovations enhance overall safety, providing bus operators with advanced visibility and aiding in accident prevention. The integration of cutting-edge technologies positions RVCs as essential components in modernizing and ensuring the safety of bus fleets, contributing to the market's evolution.
For instance, in August 2022, Irizar exposed the i6S efficient, which it states is "the coach of the future." The i6S Efficient controls Irizar’s traditional technique cues, but redesign assignment at the front and rear and to the roof has decreased its aerodynamic coefficient by 30%. An optional rear-view camera system promotes that rather than mirrors.
The bus rear view camera (RVC) market is experiencing a surge due to the rising demand for AI-based cameras. This increase is attributed to the desire for enhanced safety and advanced monitoring capabilities in the transportation sector. AI-based cameras in bus rear view systems offer features such as object detection, collision warnings, and intelligent analytics, improving overall safety and operational efficiency. The integration of artificial intelligence addresses the growing need for smart and proactive surveillance solutions in the transportation industry.
For instance, in April 2023, Lytx launched its Surfsight auxiliary cameras to increase visibility on the sides and rear of commercial vehicles; the side- and rear-view cameras can be installed using wired or Wi-Fi technology and can be integrated with Surfsight dash cams.
Market Dynamics Of The?Bus Rear View Camera RVC
The bus Rear View Camera (RVC) market faces challenges due to high initial installation costs. The investment required for integrating RVC systems into buses includes camera installation, wiring, and monitor setup. These expenses can deter fleet operators, especially in regions with budget constraints. However, the long-term advantages, such as enhanced safety, reduced accidents, and lower insurance costs, often outweigh the initial investment, positioning RVC systems as essential safety features in the transportation industry.
Impact of COVID-19 on?the?Bus Rear View Camera (RVC) Market
The COVID-19 pandemic has impacted the bus rear view camera (RVC) market, creating a dual effect. The increased emphasis on public safety has heightened the demand for advanced safety features, including RVCs, in buses to minimize contact and enhance driver visibility. On the other hand, disruptions in manufacturing and supply chains have led to temporary challenges, affecting the production and distribution of bus RVCs. The market is expected to recover as pandemic-related challenges are addressed.
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Competitive Landscape of the?Bus Rear View Camera RVC Market
The major players rapidly evolve with new strategies to attain a competitive edge and capture significant market share. The major bus Rear View Camera (RVC) market participants emphasize expanding creative offerings to serve a large consumer base and gain a competitive benefit.
Bus Rear View Camera RVC?Industry News
Top Companies Market Share in Bus Rear View Camera RVC Industry:
Bus Rear View Camera RVC Market Analysis
Type Segment Analysis
According to Cognitive Market Research, CMOS chips held the major market share over the projected period. In rear-view cameras, CMOS technology enhances image quality, low-light sensitivity, and power efficiency. As the demand for cutting-edge safety features in buses increases, the integration of CMOS chips contributes to the growth of the bus RVC market.
CCD chips are the fastest-growing category over the forecast period as this technology enhances image quality, low-light performance, and overall reliability. CCD chips in RVCs ensure clear and high-resolution video feed, contributing to improved safety and visibility in the transportation sector.
Application Segment Analysis
According to Cognitive Market Research, original equipment manufacturers (OEMs) hold a prominent market stake in enhancing driver visibility and passenger safety, OEMs prioritize the installation of rear-view cameras, meeting regulatory standards and responding to consumer demand for improved safety measures, driving the growth of the market.?
Aftermarket are the fastest-growing category over the forecast period due to increased regulatory requirements, coupled with a growing awareness of the benefits of rear-view cameras in preventing accidents and improving maneuverability, propel the demand for aftermarket installations, reflecting a commitment to enhancing safety standards in bus transportation.
Distribution Channel Segment Analysis
According to Cognitive Market Research, online stores hold a prominent market stake in the rising adoption of e-commerce platforms for automotive accessories. Online availability provides customers convenient access to a wide range of Bus RVC options, enabling easy comparison, reviews, and efficient purchasing processes, thereby contributing to the market's growth in the digital space.
Offline is the fastest-growing category over the forecast period, as many consumers prefer purchasing RVCs through physical retailers due to the need for personalized assistance, demonstrations, and immediate availability. This offline presence facilitates a seamless purchasing experience, contributing to bus rear view cameras' growth and widespread adoption.
End Use Segment Analysis
According to Cognitive Market Research, passenger vehicles hold a prominent market stake due to the growing integration of advanced safety features in passenger vehicles. Regulatory mandates for rear view camera installations to enhance vehicle safety, prevent accidents, and reduce blind-spot incidents significantly expand the market.?
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Commercial vehicles are the fastest-growing category over the forecast period due to the expanding emphasis on safety in commercial vehicles. Regulatory mandates for rearview systems, aimed at reducing accidents and enhancing driver visibility, propel market demand. Commercial vehicle operators prioritize these systems to mitigate blind spots, improve maneuverability, and comply with safety standards. The increasing awareness of safety measures and the desire to prevent collisions contribute significantly to the growth of rearview camera systems in commercial vehicles.
Technology Segment Analysis
According to Cognitive Market Research, wireless held the major market share over the projected period. Wireless RVCs enhance the visibility of blind spots, improve maneuverability, and contribute to accident prevention, making them essential for ensuring passenger safety and operational efficiency in bus transportation systems.
Wired is the fastest-growing category over the forecast period due to the critical need for enhanced safety in the transportation sector. These cameras provide real-time rearview monitoring, reducing blind spots and enhancing overall bus safety, thereby driving their adoption as an essential safety feature in the transportation industry.
In terms of revenue, the North American Bus Rear View Camera RVC Market share was 40% of the total market
According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 40% of the global revenue due to growing emphasis on road safety. Implementing rear-view cameras in buses enhances visibility, reduces blind spots, and improves overall safety, aligning with regulatory requirements. The increasing awareness of the conceivable risks associated with large commercial vehicles reinforces the adoption of RVC systems. With a focus on preventing accidents and ensuring passenger safety, the North American bus RVC market experiences heightened demand in the transportation sector.
Europe is the fastest-growing region due to stringent safety regulations, along with a rising awareness of the significance of rear view visibility in large vehicles like buses, propel the demand for RVC systems. The desire to mitigate blind spots, prevent accidents, and comply with safety standards motivates the adoption of these cameras, positioning them as crucial components in enhancing the overall safety and maneuverability of buses on European roads.
Frequently Asked Questions (FAQs)
The global market size for bus rear view cameras RVC in 2023 was XX USD million.
The global bus Rear View Camera (RVC) market is expected to grow with a CAGR of 20.50% over the projected period.
North America held a significant global bus Rear View Camera (RVC) market revenue share in 2023.
Europe will witness the fastest growth of the global bus Rear View Camera (RVC) market over the coming years.
The US had the most significant global bus Rear View Camera (RVC) market revenue share in 2023.
The main drivers of the bus Rear View Camera (RVC) market growth are technological advancements and product innovation, various strategies adopted by key players, and the rising adoption of AI-based cameras.
The CMOS chips segment had the largest share in the global bus Rear View Camera (RVC) market by product type.
In 2023, the original equipment manufacturers OEMs segment had a substantial revenue stake in the global bus Rear View Camera (RVC) market in terms of application.
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