The dashboard camera market was valued at USD 1910.17 million in 2019 and it is expected to reach USD 5117 million by 2025, registering a CAGR of 21.90%, during the forecast period of (2020 - 2025). The market for dashboard cameras has expanded rapidly over the past few years, owing to a considerable rise in the number of accidents and thefts, which have led to various governments mandating the installation of dashcams.
- The consistent drop in prices of dash cams, worldwide, has enabled the rapid growth of the market studied. Companies, such as YI Technologies, have developed smart dashcam that is priced as low as USD 50. The low cost of acquiring the system, along with the benefits associated with their installation, has encouraged end-users to install these systems in their automobiles.
- Driving assistance systems have gained popularity recently, owing to the drastic rise in the number of accidental fatalities that have been reported in the past decade. The demand for better assistance systems to categorically judge imminent dangers and guide drivers has emerged as viable products in the automotive sector.
- Several insurance companies are contributing to the increase in dashboard camera sales by offering discounts on car insurance premiums to customers. The demand for dashcams is also increasing, as it can reduce insurance frauds or claims by capturing video events.
Scope of the Report
Dashboard cameras are onboard cameras that continuously record the view through a vehicle's front windscreen and sometimes rear or other windows. The important benefits of vehicle dashboard cameras are their accident recording capabilities. They help to capture vehicle collations on video, which ensures that there is always a witness around. Dashcams are also placed on truck dashboards, which help to record front-facing videos.
Key Market Trends
Dual-channel Cameras to Witness Major Growth
- Multi-lens dashboard cameras represent a lucrative segment to invest in for dashboard camera manufacturers. There has been an increasing preference for dual-channel dashboard cameras over single-channel dashboard cameras.
- These cameras are gaining popularity among private and commercial vehicle owners. Dual-channel dashcam systems comprise of two cameras with high-resolution feed, for front and rear video recording.
- Companies are continuously innovating, to develop their offerings and to leverage this opportunity. For instance, Thinkware launched a two-channel (2CH) dashcam F200 that records in full HD 1080p with wide dynamic range (WDR) and offers 720p HD at the rear. It also has a built-in Wi-Fi functionality, which allows drivers to connect the dashcam directly to their smartphone, adjust settings, and easily download footage.
- With the increasing traffic-related fatalities across the globe, the market is expected to witness positive growth.
The Asia Pacific to Witness the Highest Growth
- The Asia-Pacific region is expected to grow significantly in the forecast period, owing to the substantial increase in automotive production in the region. Of the 70.47 million passenger vehicles produced globally in 2018, almost 24 million units were assembled in China.
- Many European and US automakers are facing challenges in their domestic market, due to the rising labor costs. Hence, the majority of the automakers have shifted their production plants to Asian countries, which has subsequently emerged as the number one market for passenger vehicles worldwide. The major Asian markets for passenger car sales include China, Japan, South Korea, and India.
- Rapidly increasing domestic demand and the expansion of Japanese car companies into foreign markets is expected to help accelerate growth in the development of the Japanese automotive industry, hence, augmenting the growth of the region
The dashboard camera market is highly competitive and consists of several major players. The market appears to be moderately concentrated owing to the presence of many small and large players in the market operating in domestic as well as in the international market. The major players in the market are leveraging on strategic collaborative initiatives to increase their market shares and profitability. Some of the major players in the market are Garmin Ltd, Panasonic Corporation, Harman International Industries Inc., HP Development Company LP among others.
- May 2019 - Garmin unveiled a new Dash Cam lineup with the Dash Cam 46/56/66W and Dash Cam Mini, which is the perfect eyewitness for any drive.
- August 2018 - LG Innotek announced that company was promoting thermal imaging infrared camera modules, the proposed thermal imaging camera module can be used within the Advanced Driver Assistance System (ADAS) for automobiles and auto driving systems.
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