Dashboard Camera Market Size
The global dashboard camera market was valued at USD 2245 million in 2017, and it is expected to reach USD 5148 million by 2023, registering a CAGR of 15.4%, during the forecast period of 2018-2023.
The dashboard camera market has developed rapidly over the last few years, due to the rise in number of accidents & thefts along with mandatory installation of dash cams in some countries. The dashboard camera are different from the first cameras found on police cars in the late 1980’s. Those cameras were analog cameras that did not have memory cards and recorded on VHS cassettes. The tables turned in the early 90’s when everyday citizens began to install them and use them to record driving instances. The advancements of technology had led to better and cheaper dash cameras. The important benefits of vehicle dash cameras are its accident recording capabilities. It helps to capture vehicle collations on video which insures that there is always a witness around. Besides, many people have used accident footage to prove that they were not wrong. Dashcams are also placed on truck’ dashboard which help to record front facing videos. Besides, advanced dash cams can record rear views and some are equipped with specialized sensors to support more effective nigh time recordings. The decreasing prices of dashcam worldwide has enabled the rapid growth of the market.
Increase In Number Of Road Accidents & Thefts Is Leading To Growth Of The Dashboard Camera Market
The number of road accidents today is increasing worldwide which has led to increase in popularity of dash cams. This dash cam footage provides an objective account of crashes when one is involved in high-stress events and car accident which also helps up to speed up the insurance claims and lower the insurance costs. Besides, dash cams are also used in capturing the culprits behind parking accidents, and theft of essentials left back in the car. Car theft has become a common crime and many of road accidents are caused by individuals who take the vehicle without consent. This, in turn, demands the need for dash cams which can help the people to know about the stolen vehicle and also how a car is getting damaged in case of any accidents.
Dashboard cameras are rechargeable which helps to know the about the incidents even when the car is not in motion. So people can also get to know about the thefts happened when they are not around. According to Association for Safe international Road travel, road traffic crashes ranks as leading cause of death and account for 2.2 % of all the deaths globally. So drivers today are getting safety conscious and are placing dashcams in their car which is driving the growth of dashboard cameras.
Dashboard Camera Market is expected to Achieve Fastest Growth in the Forecast Period
Smart dashboard cameras are expected to see the fastest growth through the forecast period. Players in the market are majorly focusing on revenue generation through product differentiation. Vendors are emphasizing on developing dashcams that can be integrated with high-end technologies such as high-resolution night vision cameras and integrated GPS. LyfeLens and BlackVue introduced advanced in-car digital video recorder systems that connect the car and smartphones. Further, this grants users with the insight of actions happening in and around the vehicles via real-time data, live video feeds and push notifications. The Smart dashboard camera systems are equipped with camera technology that allows monitoring its surroundings and processes video frames to find the distance, velocity, position, and size & type of all the neighboring objects.
Single-Channel Holds the Largest Share in Dashboard Camera Market
The dashboard cameras come in every conceivable configuration, from a single lens to multiple lenses that allows simultaneous front and rear recording. The market for single channel dashboard cameras is growing rapidly, due to the factors such as rising demand for dashboard cameras among motorists owing to its usefulness in filing insurance claims, procurement of evidences for civil and criminal lawsuits and for other safety concerns. Voxx International, one among the players announced the showcase of its new 360fly single lens 360-degree action camera. The ability of this system to provide mobility without a processor can be further extended to automotive applications for better-processed images.
North America has the largest Share in Dashboard Camera Market
The revival of the American economy post-recession influenced the growth of the automobile industry and the dashboard camera market in the country. The demand is expected to increase considerably over the next five years, driven by the increasing demand for safety solutions. In addition, stringent regulations mandated by the government due to the growing number of accidents in the United States are expected to propel the market growth in the country. Rear-view cameras are made mandatory in all new vehicles with a GVWR of 10,000 lb. (4,536 kg), covering passenger cars, SUVs, buses, and light trucks.
In addition, the rear-view video system (backup camera), LDWS, and FCW are also recommended by NHTSA for all new passenger cars and LCVs. The automotive industry in Canada is characterized by the assembly plants of various foreign OEMs, along with hundreds of manufacturers of automotive parts and systems, including dashboard cameras. The Canadian auto industry is closely linked to that of the United States, due to the Automotive Products Trade Agreement, and later the North American Free Trade Agreement (NAFTA). Canada is expected to persistently witness a significant growth in automotive camera and various ADAS applications during the forecast period.
Dashboard Camera Market Positioning Analysis
The dashboard camera market is gaining momentum due to safety conscious drivers installing more number of dashcams leading to rise in the sales of it. Small players like Papago Inc have introduced new safety features in their Papago ray. Manufacturers like Garmin have collaborated with Amazon for Garmin Speak Plus, adding a built-in dash camera to its innovative Garmin Speak. Many of the companies are now making products keeping drivers in mind and including driver assistance features in their products.
Key Developments in the Market
- Mar 2018 - Garmin International, Inc. introduced advanced driver assistance features for professional truck drivers with its newest dēzl™ series. This will introduce a dashcam with cutting-edge advanced driver assistance features for truck drivers. The trucking industry will have the ability to receive advanced camera-assisted warnings from their truck navigators.
- Novr 2017 – Papago Inc. was named a CES 2018 innovation awards honoree for Papago Ray. Ray has incorporated a top-notch rear-view camera that renders real-time feed of surroundings onto its 7.8 screen. Rays field of view is superior to that of a traditional rear-view mirror, as it has the ability to reduce blind spots and enhance traffic safety by giving an exact view of the surroundings.
Major Players: ABEO Company Co. Ltd, Aiptek Inc., DOD Tec,Garmin international Inc., Hewlett-Packard Commpany LP, Harman International industries, Inc., LG Electronics, Panasonic Corporation, Papago Inc., and Steelmate Automotive among others
Dashboard Camera Market Summary
Dashboard Camera Market
(2017 – 2023)
Market Size in 2017
USD 2.24 billion
Market Size in 2023
USD 5.14 billion
Aiptek Inc., Bulls-I Vehicle Drive Recorders, DOD Tec, Delphi Automotive Systems Pvt Ltd, Garmin international Inc., Hewlett-Packard,Harman International industries, Panasonic Corporation, Papago Inc., Pittasoft Co. Ltd, Qrontech Co. Ltd,
Dashboard Camera Market offers latest trends, growth prospects, industry competitiveness, major players, value/supply chain, regional market share and forecast to 2023.
Reasons to Purchase Dashboard Camera Market Report
- Current and future global dashboard camera market outlook
- Performance of various segments in the market
- Different perspectives of the market, with the help of Porter’s five forces analysis
- Segments and sub-segments expected to dominate the market
- Regions expected to witness expedited growth during the forecast period
- Latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel)
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1.1 Scope of the Study
1.2 Executive Summary
2. Research Approach and Methodology
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Research Phases
3. Market Insights
3.1 Market Overview
3.2 Industry Attractiveness – Porter's Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products or Services
3.2.5 Competitive Rivalry among Existing Competitors
3.3 Industry Value Chain Analysis
4. Market Dynamics
4.1 Factors Driving the Dashboard Camera Market
4.2.1 Increase in the Number of Road Accidents and Thefts
4.2.2 Favorable Insurance Policies
4.2.3 Increase in Automobile Sales
4.2.4 Favorable Dashboard Camera Installation Mandates
4.3 Factors Restraining the Dashboard Camera Market
4.3.1 Reliability and Privacy Issues
4.3.2 Laws Restricting the Use of Dash Cams in Some Countries
5. Market Segmentation
5.1 Dashboard Camera Market By Product Type
5.2 Dashboard Camera Market By Technology
5.3 Dashboard Camera Market By Region
5.3.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.4 Latin America
126.96.36.199 Rest of Latin America
5.3.5 Middle East & Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 United Arab Emirates
18.104.22.168 Rest of Middle East & Africa
6. Competitive Intelligence – Company Profiles
6.1 ABEO Company Co. Ltd
6.2 Aiptek Inc.
6.3 DOD Tec
6.4 Garmin international Inc.
6.5 Hewlett-Packard Company LP
6.6 Harman International industries, Inc.
6.7 LG Electronics
6.8 Panasonic Corporation
6.9 Papago Inc.
6.10 Steelmate Automotive
*List not exhaustive
7.Dashboard Camera Market Investment Analysis
8. Future of the Dashboard Camera Market