New York, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The global dashboard camera market size is slated to expand at ~12% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 12 billion by the end of 2033, up from a revenue of ~USD 4 billion in the year 2022.The growth of the market is attributed to the amplifying rate of road accidents around the world. According to the World Health Organization, more than 1.19 million individuals die through road crashes and about 20 to 50 million people experience injuries that lead to disability. An increase in the number of cars and other vehicle purchases across the globe is projected to hike the demand for the dashboard camera market.
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Further, the integration of artificial intelligence in vehicles by automobile companies is also expected to have a positive impact on the growth of the market size. Also, the dashboard cameras are used by vehicle owners to record their movements which they use for personal blogging or channel uploads. According to recent statistics, nearly 10 to 18% of people use dashboard cameras while driving in the United States. The enhanced social media usage is predicted to shoot up the market size owing to the recording facility of in-front and rear-side activities of the two-wheelers.
Developing Road Traffic Incidents is Determined to Boost the Growth of the Dashboard Camera Market
The sum of people using dashcams in vehicles to prevent unfortunate situations while driving is anticipated to fuel the market size in the coming years. People driving under the influence of alcohol or other alcoholic beverages are raising on-road disasters across the world. In addition, the increasing vehicle proportion worldwide is projected to drive market growth. Globally, there were approximately 2 Billion vehicles in 2023 as per the statistical records.
Dashboard Camera Market: Regional Overview
Rising Awareness of Dashboard Camera Benefits and Escalating Robberies of Vehicles are Anticipated to Boost the Market Growth in Europe Region
Europe dashboard camera market region is presumed to garner a significant market share of 38% in the forecast time. The high number of vehicle robberies occurring in the region along with the hit-and-run cases in parking lots is expected to fuel the market growth. Despite the cameras in the parking places, the theft of vehicles has not decreased. So, to reduce this people began installing dashboard cameras in their vehicles which inclined the market progress. Moreover, the percentage of people integrating vehicles with cameras is increasing owing to the necessity of proof for insurance companies and legal allegations during an accident. As per a report, more than 30 million people driving cars have dash cameras in their vehicles in the United Kingdom as of 2023.
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Flourishing Count of Deaths and Use of Rental Vehicles is Propelled to Hike the Market Expansion in Asia Pacific Region
The Asia Pacific region market is projected to garner a market share of 27% by the end of 2033 on account of the multiplying mortality rates from road incidents. The presence of rental vehicles for the transport of goods and people is reckoned to improve the growth opportunities of the market in the region. The number of people driving personal vehicles is spreading drastically with the growing population across the region. As per a study, more than 20 Million passenger cars were purchased in China in 2022.
Dashboard Camera, Segmentation by Video Quality
- Standard Definition (SD) Camera
- High Definition (HD) Camera
- Full HD & 4K Camera
The full HD & 4K camera segment is envisaged to register a market share of approximately 50% during the forecast period. The accumulating crash percentage of vehicles on roads across the globe is protruding to boost the market segment growth in the coming years. Further, the soaring need for quality images is enhancing the demand for high-density cameras on roads and in vehicles. The unclear images may not be considered as proof by insurance firms to claim bills during an accident. Therefore, HD cameras are installed by the drivers to capture a clear picture of the accident which is prophesied to expand the market segment growth. A recent study in 2021 stated that the ratio of health insurance claims in India escalated more than 3 times with over 250% rise compared to 2020.
Dashboard Camera, Segmentation by Application
- Personal Vehicle
- Commercial Vehicle
The commercial vehicle segment is predicted to gather a market share of 68% during the forecast period. The installation of cameras in commercial vehicles is growing on account of the need to monitor the inside activities of drivers. The location and behavior of the vehicle handlers are recorded in the dash cams for the manager's inspection. Also, the dashcams may provide support to commercial vehicles in minimizing insurance prices. Moreover, the insurance companies offer special discounts to the vehicles that install dashboard cameras to facilitate seamless claims during accidents and other unforeseen situations. Worldwide, there are about 24 Million commercial vehicle units as of 2022.
A few of the well-known industry leaders in dashboard camera market that are profiled by Research Nester are Ford Motor Company, Daimler Truck AG, Jaguar Land Rover Automotive PLC, Motive Technologies, Inc., Dashcams Limited, Panasonic Holdings Corporation, Garmin Ltd., Amcrest Technologies, LLC, Cedar Electronics Corporations, and others.
Recent Development in the Dashboard Camera Market
- Daimler Truck AG installed a second-generation MirrorCam in place of main and wide-angle mirrors. The camera allows the driver to check the traffic situation on the road with its shorter arms and ideal image parameters. The setup is now made available in a series of Mercedes Benz eActros, Actros, and Arocs from April 2022. It also received many Innovation Awards for the evolution of important system details.
- Ford Motor Company along with ADT Inc. financed a joint venture project called Canopy. The Canopy venture involves the association of the artificial intelligence-supported video camera features of Ford with the professional security monitoring technology of ADT. This combination creates a novel class of automotive brands with security for work and personal automobiles. The further plan of Canopy is to incorporate cameras in Ford vehicles for inside and outside protection.
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