New York, USA, Sept. 28, 2022 (GLOBE NEWSWIRE) -- As per Spherical Insights, the size of the Global Dashboard Camera Market Size was valued at USD 3.83 Billion in 2021 to USD 8.61 Billion by 2030. The Global Dashboard Camera Market Share is growing at a CAGR of 12.5% during the forecast period 2022-2030.
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The Global Dashboard Camera Market Size is expected to grow from USD 3.83 billion in 2021 to USD 8.61 billion by 2030, at a CAGR of 12.5% during the forecast period 2022-2030. Dashboard cameras are physical objects that record a car's front and back views. This hardware device's primary applications include insurance claims, protection against vehicle theft, avoiding hazardous driving situations, etc. The major international producers are concentrating their efforts on creating cutting-edge dash cams that can be linked with various complementing technologies, like telematics and vehicle data monitoring. Commercial users buy 2-channel (dual channel) dashboard cameras because they can record inside the car, like taxi drivers, delivery services, and trucking firms. Dashboard cameras are used for both personal and professional purposes, as well as by the defense forces. An important aspect driving product demand is an increase in false vehicle accident claims for insurance and medical benefits. Additionally, it has been noted that insurance firms promote installing dashboard cameras in cars to swiftly and accurately resolve insurance claims. The demand for dashboard cameras is increasing owing to the rising awareness about quicker insurance claims, vehicular safety, and protection against rising vehicle thefts. In order to prevent fraudulent insurance claims, insurance companies are encouraging the use of dashboard cameras by offering discounts on insurance premiums. Furthermore, since most dash cams are inexpensive and simple to install, personal vehicle users are leading the business.
Browse key industry insights spread across 210 pages with 118 market data tables and figures & charts from the report “Global Dashboard Camera Market Size, Share, and COVID-19 Impact Analysis By Technology (Basic, Advanced, Smart), By Video Quality (1-channel, 2-channel, Rear View), By Video Quality (SD & HD, Full HD & 4K), By Application Type (Commercial Vehicle, Personal Vehicle), By Distribution Channel (Online, In-store) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030” in detail along with the table of contents:
MARKET OVERVIEW
Dashboard cameras are physical objects that record a car's front and back views. This hardware device's primary applications include insurance claims, protection against vehicle theft, avoiding hazardous driving situations, etc. The major international producers are concentrating their efforts on creating cutting-edge dash cams that can be linked with various complementing technologies, like telematics and vehicle data monitoring. Commercial users buy 2-channel (dual channel) dashboard cameras because they can record inside the car, like taxi drivers, delivery services, and trucking firms. Dashboard cameras are used for both personal and professional purposes, as well as by the defense forces. An important aspect driving product demand is an increase in false vehicle accident claims for insurance and medical benefits. Additionally, it has been noted that insurance firms promote installing dashboard cameras in cars to swiftly and accurately resolve insurance claims. The demand for dashboard cameras is increasing owing to the rising awareness about quicker insurance claims, vehicular safety, and protection against rising vehicle thefts. In order to prevent fraudulent insurance claims, insurance companies are encouraging the use of dashboard cameras by offering discounts on insurance premiums. Furthermore, since most dash cams are inexpensive and simple to install, personal vehicle users are leading the business.
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SEGMENTATION ANALYSIS
In 2021, the basic segment dominated the market with the largest market share of 37.6% and market revenue of 1.54 billion.
Based on the technology, the global Dashboard Camera market is categorized into basic, advanced, and smart. In 2021, the basic segment dominated the market with the largest market share of 37.6% and market revenue of 1.54 billion. The demand for basic dashboard cameras is increasing rapidly as they have easy installation and usage processes and come at a low production cost.
In 2021, the 1-channel segment accounted for the largest share of the market, with 39.8% and market revenue of 1.63 billion.
Based on product type, the Dashboard Camera market is categorized into 1-channel, 2-channel, and rear view. In 2021, the 1-channel segment accounted for the largest share of the market, with 39.8% and market revenue of 1.63 billion. The demand for 1-channel dashboard cameras is increasing as they can usually record the front view of the vehicles easily, have short storage capabilities, and have short battery life.
In 2021, the SD & HD segment accounted for the largest share of the market, with 60% and a market revenue of 2.46 billion.
Based on video quality, the dashboard camera market is categorized into SD & HD and full HD & 4K. In 2021, the SD & HD segment accounted for the largest share of the market, with 60% and a market revenue of 2.46 billion. The SD & HD segment has been growing as they are affordable and can record easily record the details of other vehicles such as number plates during accidents for insurance purposes
In 2021, the in-store segment accounted for the largest share of the market, with 62% and a market revenue of 2.54 billion.
Based on the distribution channel, the dashboard camera market is categorized into online and in-store. In 2021, the in-store segment accounted for the largest share of the market, with 62% and a market revenue of 2.54 billion. The sale of dashboard cameras is increasing from in-store as the customers get to see the product in person and have a demo of it. Furthermore, the customers can alco check for any manufacturing defects before purchasing the product from an in-store.
In 2021, the personal vehicles segment accounted for the largest share of the market, with 65.3% and market revenue of 2.6 billion.
Based on the application, the Dashboard Camera market is categorized into personal vehicles and commercial vehicles. In 2021, the personal vehicles segment accounted for the largest share of the market, with 65.3% and market revenue of 2.6 billion. The increasing sale of personal vehicles has increased the demand for dashboard cameras as they are easy to install and operate, providing lucrative growth opportunities for the market.
REGIONAL SEGMENT ANALYSIS OF THE DASHBOARD CAMERA MARKET
Based on region, the Global Dashboard Camera Market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa.
Europe emerged as the largest market for the Global Dashboard Camera Market, with a market share of around 34.1% and 1.43 billion of the market revenue in 2021.
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Europe emerged as the largest market for the global Dashboard Camera market, with a market share of around 34.1% and 1.43 billion of the market revenue in 2021. Europe is expected to be the largest market for dashboard cameras owing to the increasing consumer demand for dashboard cameras coupled with the rising trend of dashboard cameras for insurance proof purposes. Most European countries have a high accident rate and unsafe road conditions, which increases the demand for dashboard cameras. Furthermore, most of the countries in the Europe region have strict laws for the use of dashboard cameras, adding impetus to the growth of the market over the forecast period.
The Asia-Pacific market is expected to grow at the fastest CAGR between 2021 and 2030, owing to the increasing encouragement and benefits for foreign businesses to enter the region. Furthermore, vehicle sales and traffic increase also contribute to the region’s growth. Dashboard cameras are popular in this region as most of the cities are heavily congested, increasing the chances of accidents.
COMPETITIVE LANDSCAPE
The report offers the appropriate analysis of the key organizations/companies involved within the global Dashboard Camera market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- ABEO Company Co.LTD
- Amcrest Technologies
- CNSLink Co.Ltd.
- Cobra Electronics Corporation
- DOD Tec
- Finedigital Inc.
- Garmin Ltd.
- DigiLife Technologies Co.Ltd. (Affirmed by HP Inc.)
- Lukas Dash Cam
- Panasonic Corporation
- Pittasoft Co.Ltd.
- Shenzhen Zhixinsheng Electronic Co.Ltd.
- Steelmate Co.Ltd.
- TourMate
- WatchGuard Video (MOTOROLA SOLUTIONS)
- Waylens Inc.
- Nexar Inc.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
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