Pune, India, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global dashboard camera market size was valued at USD 0.35 billion in 2022. The market is projected to grow from USD 0.40 billion in 2023 to USD 1.93 billion by 2030, which is expected to grow at a CAGR of 25.2% over the forecast period. Fortune Business Insights presents this information in their report titled "Global Dashboard Camera Market, 2023–2030."
A dashboard camera, commonly referred to as a dashcam, is a gadget put on the dashboard of the car. Its main purpose is to meticulously and precisely document every aspect of the road. This on-board camera continuously captures the scene outside the front windscreen and occasionally the back or other windows of the car. Due to an increase in auto accidents, these cameras have become incredibly popular recently. The primary function of the cameras is to assist drivers in continuously recording occurrences on the front and back sides of the vehicle and storing them in a DVR box installed within the vehicle. The video captured by such cameras is useful for protection, insurance claims, and legal actions.
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2022 to 2029 CAGR | 25.02% | |
| 2029 Value Projection | USD 1.93 Billion | |
| Base Year | 2021 | |
| Market Size in 2021 | USD 0.35 Billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 206 | |
Market Drivers & Restraints-
Increased Vehicle Thefts, Stricter Government Regulations Relating to Road Safety, and Insurance Fraud Fuel Market Expansion
Due to an increase in traffic accidents and heightened safety concerns, the industry is growing. According to the World Health Organization (WHO), there are 1.3 million traffic fatalities worldwide each year. to increase safety and prevent mishaps, governments all over the world are passing laws requiring the installation of rear-view cameras in cars. Additionally, vehicle theft is a major worry for car owners everywhere. 932,329 cars were reported stolen to law enforcement in 2021, up 6% from 2020 and 17% from 2019, according to the National Insurance, Crime Bureau report for 2022. The U.S. government has placed a high priority on increasing safety and has allocated USD 6 billion over the course of five years to reduce traffic accidents.
On the contrary, dashcams are frequently criticized by cybersecurity professionals due to privacy issues. Experts have already identified a number of security flaws that could result in user data leaks and cyber-attacks, which may hinder the global dashboard camera market growth.
COVID-19 Impact-
Dashcam Production Delays and Higher Manufacturing Costs are Caused by to Shortage of Raw Materials and Components
Since the majority of dashboard cameras in Europe and North America are imported from Asian production facilities, the global market first experienced a significant decline in sales. Due to the temporary closure of the majority of China, Taiwan, and Japan's factories due to the COVID-19 pandemic, there was a serious scarcity of dashcams in western nations. Due to the pandemic, the automotive sector experienced a severe economic downturn as new orders for commercial and passenger vehicles declined significantly in the first two quarters of 2020. However, the industry recovered in 2020 much more quickly than was projected, and customer demand for new cars remained strong.
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Segments-
Due to Rapid Global Adoption, Advanced Dashcams to Grow at a Faster Rate During the Forecast Period
Based on technology type, the market is bifurcated into basic, advanced, and smart. In the dashcam market in 2022, the advanced segment held a sizable market share. The market for sophisticated dashcams will expand due to the rise in demand for new, technologically advanced dashcams. Additionally, the increased emphasis on enhancing driver safety will accelerate the use of sophisticated cameras.
Increasing Adoption of Channel Dashboard Cameras is Anticipated to Drive the Market
The market is categorized into single and dual based on channel type. The single segment currently holds the largest share, and this is expected to continue its dominance. These dashcams are now frequently found in police cars, buses, and ambulances in the public sphere. Commercially, they are primarily found in taxis, delivery trucks, business fleets, and vehicles used by driving instructors.
Segmental Growth will be Driven by Increasing Use of Dashboard Cameras in Passenger Cars
The market is categorized into passenger cars and commercial vehicles based on vehicle type. The market is presently dominated by the passenger cars segment, and this trend is expected to continue during the forecast period. The passenger cars segment is expected to grow as more people become conscious of the advantages of dashcams and the need to record the complete trip when travelling. Additionally, the passenger cars segment is anticipated to be driven by rising passenger car sales globally, particularly for electric vehicles. The market is studied across North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage-
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Insights-
Europe Dominates the Market Due to Rising Vehicle Sales
Europe leads the global dashboard camera market share. Due to rising vehicle sales, the use of cutting-edge technology, rising need for safe driving, and many other factors, Europe will rule during the forecast period. With a market value of USD 0.17 billion in 2022, Europe led the market, and it is predicted that during the forecast period, it will expand at a CAGR of 23.2%. The idea of a dashcam was
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Competitive Landscape-
To Get a Competitive Edge, Businesses are Concentrating on Mergers & Acquisitions and Partnerships
The businesses expand their product range through strategic alliances, acquisitions, and cost-cutting measures. They are utilizing AI and IoT technology to enhance their offerings and expand their market share. For instance, Verizon Connect introduced a new AI dashcam solution in a few EMEA and APAC nations in January 2023. The dashcam with AI technology is intended to bring a number of cutting-edge fleet enhancements. AI dashcam gives fleet management additional information about unsafe situations and provides drivers with in-cab coaching notifications in real time when they exhibit high-risk driving behaviours.
List of Key Players Covered in Dashboard Camera Market Report-
• Valeo SA (France)
• Aptiv (Ireland)
• Honeywell International Inc. (U.S.)
• Panasonic Corporation (Japan)
• Garmin Ltd. (U.S.)
• Koninklijke Philips N.V. (Netherlands)
• DOD Tech. (Taiwan)
• Waylens, Inc. (U.S.)
• ABEO Company Co., Ltd. (Taiwan)
• Pittasoft Co. Ltd. (South Korea)
• LG Innotek Co., Ltd. (South Korea)
• Papago Inc. (Taiwan)
• Steelmate Automotive (China)
• Qihoo 360 Technology Co., Ltd. (China)
• Xiaomi (China)
Dashboard Camera Market Segmentation:-
By Technology Type
- Basic
- Advanced
- Smart
By Channel Type
- Single
- Dual
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
Key Industry Development:
January 2023 – Garmin launched the all-new Garmin Dash Cam Live, an always-connected 1 LTE dashcam that enables drivers to have access to a live exterior view of their vehicle. With the purchase of an LTE subscription, motorists can use the Garmin Drive app to have access to an on-demand view of everything within sight of the Dash Cam Live in their vehicle.
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Table of Contents:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Mergers, Partnerships, and Collaborations
- Latest Technological Developments
- Porters Five Forces Analysis
- Impact of COVID-19 on Dashboard Camera
- Global Dashboard Camera Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Technology Type
- Basic
- Advanced
- Smart
- Market Analysis, Insights and Forecast – By Channel Type
- Single
- Dual
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the world
Toc Continued...
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