Dashboard Camera Market Growth to Hit 20.1% CAGR, Globally, by 2028 - Exclusive Report by The Insight Partners
The global dashboard camera market share worth $7.26 billion by 2028, at a growing CAGR of 20.1% from 2021 to 2028.
Pune, India., Nov. 08, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Dashboard Camera Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Technology (Basic, Advanced, and Smart), Product Type [1-Channel, 2-Channel, and Rear View (Front and Rear View)], Video Quality (SD and HD, and Full HD and 4K), and Application (Commercial Vehicle and Personal Vehicle), and Geography” the market in terms of revenue was estimated to be worth $2.01 billion in 2021 and is poised to reach $7.26 billion by 2028, growing at a CAGR of 20.1% from 2021 to 2028.
The growth of the dashboard camera market is driven by rising concern for road safety and benefits of recorded video footages in insurance claim verifications, and accident cases. However, popularity of fully-autonomous cars is emerging as a future trend in the industry.
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Global Dashboard Camera Market Scope:
Report Coverage Details
Market Size Value in USD 2.01 Billion in 2021
Market Size Value by USD 7.26 Billion by 2028
Growth rate CAGR of 20.1% from 2021 to 2028
Forecast Period 2021-2028
Base Year 2021
Segments covered Technology, Product Type, Video Quality, Application, and Geography.
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.
Country scope Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Report coverage Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Benefits of Recorded Video Footages in Insurance Claim Verifications and Accident Cases to Boost Global Dashboard Camera Market Growth:
A dashboard camera, popularly known as a dash camera, films and retains road activities or driver behavior. Instead of relying exclusively on eye-witnesses, vehicle insurance companies can fetch the recorded footage as direct evidence to know the cause of a road accident. These camera systems are typically positioned on the dashboard or windshield. Many systems have a bidirectional recording feature that captures both the vehicle's interiors and the external environment with a dual interior and exterior camera. The footage from the dashcam also works as evidence for resolving lawsuits. Having access to the dashcam footage helps drivers, insurance companies, and authorities analyze the situation. Furthermore, dash cams can also function as a second line of defense against scammers. They serve as a visible deterrent and reduce the possibility of fraudsters attacking the car if they notice the equipment installed. A victim of car insurance fraud can show that the fraudster waved their vehicle into moving traffic or backed into the vehicle at a stop signal to fake a rear-end crash. Thus, simplicity aided by dashcam recordings in the resolution of accident cases and insurance claim verifications is boosting the dashcam camera market.
In recent years, the development of autonomous vehicles has gained considerable commercial momentum. Established navigation methods such as GPS and LiDAR are being employed to enable cars to navigate without human aid. AI-driven automatic object detection through video data has undergone significant progress since its inception. To train AI systems to distinguish between pedestrians, stationary objects, cars, and other objects, collecting a massive amount of video data from various driving scenarios becomes necessary. Dashcams are routinely installed on vehicles (not just autonomous vehicles) and used for various purposes other than autonomous driving research.
The initial impact of the COVID-19 crisis on the European automobile industry was severe as the production and sales of vehicles came to a sudden halt in nearly all of Europe, drastically impacting Italy, France, the UK, and Germany. According to a report published by the European Automobile Manufacturers’ Association (ACE), the COVID-19 crisis led to the imposition of restrictions on factory operations, resulting in a loss of production of 1,465,415 motor vehicles till just May 2020. The rising demand for smart connected vehicles in the region has created a huge opportunity for dashboard camera manufacturers to enter the market. For example, “ConnectedCAM” is Citroen’s built-in dashcam that comes with a phone app to access the footage. Since dashboard cameras play a crucial role in reducing complexities in insurance claims and ensuring safer driving, the dashboard camera market would continue to grow in the coming years, despite the short-term adversities led by the global crisis on the supply side.
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Global Dashboard Camera Market: Segmental Overview
Based on technology, the dashboard camera market is segmented into basic, advanced, and smart. Based on product type, the dashboard camera market is segmented into 1-channel, 2-channel, and rear view (front and rear view). Based on video quality, the dashboard camera market is segmented into SD and HD, and full HD and 4K. Based on geography, the dashboard camera market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Based on application, the dashboard camera market is segmented into commercial vehicle and personal vehicle. The personal vehicle segment led the dashboard camera market in 2020. As personal vehicle dashboard cameras are preferably located to watch the complete road ahead, every accident that customers witness or are engaged in is recorded. Dashcams or in-car cameras are fixed on the dashboard or the vehicle's windscreen. It starts recording as soon as a user switches on the car’s ignition. So, the customer will have the recordings of every drive, and upon getting involved in any incident, they might use the video proof to understand the complete incidence. Wi-Fi connectivity is a standard feature on several luxury automobiles. Hence, customers require a high-tech dashboard camera that would add an advantage to the safety concerns. Audi Connect is available in the Audi RS 4 Avant, and the BMW 5 Series features a Wi-Fi hotspot that allows customers to access the internet while on the road.
Global Dashboard Camera Market: Competitive Landscape
ABEO Technology CO., Ltd, Garmin Ltd., Pittasoft Co. Ltd., Falcon Electronics LLC, Panasonic Corporation, Cobra Electronics Corporation, SAFE CAMS, THINKWARE, Harman International, and LG Innotek are among the key players that are profiled during the dashboard camera market study. In addition to these players, several other essential market players were studied and analyzed to get a holistic view of the dashboard camra market and its ecosystem.
Recent Developments:
· In 2021: Panasonic Corporation announced its first fully wireless Wi-Fi camera, offering convenience, durability, and increased ease for recreational hauling.
· In 2021: The cobra electronics corporation had introduced the newest addition to its existing cobra SC series lineup, the cobra SC 400 and SC 400d smart dash cameras.it features Alexa built-in and real-time alerts for smarter driving.
· In 2021: Safe cams had introduced Y Series dash cameras which includes two variants namely, a single-camera dashcam (Y2) and dual-camera dashcam (Y3S). It has 1080P resolution, 170deg ultra-wide angle, Sony low-light sensor, P2P Wi-Fi and 3-Axis G-sensor, among other advance hi-tech features which attracts more consumers.
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