Dashboard Camera Market Size

Dashboard Camera Market Analysis

The Dashboard Camera Market size is estimated at USD 4.54 billion in 2024, and is expected to reach USD 8.32 billion by 2029, growing at a CAGR of 12.90% during the forecast period (2024-2029).

The market studied expanded rapidly across the European region over the past few years due to a considerable rise in the number of accidents and thefts, resulting in various governments mandating the installation of dash cams.

• Dashboard cameras have evolved from the first cameras installed on police cars in the late 1980s. They were primarily analog cameras that did not have memory cards and were recorded on VHS cassettes. The industry transformed drastically in the 1990s when citizens began to install dash cams and use them to record driving instances. The advancements in technology have led to many improvements in the dash cams, such as high-quality video output and cost-effectiveness.
• The consistent drop in the prices of dash cams worldwide enabled the rapid growth of the market studied. Companies, such as YI Technologies, developed smart dash cams that cost as low as USD 50. The low cost of acquiring systems, along with the benefits associated with their installation, encourage end users to install them in their automobiles.
• Driving assistance systems have gained popularity, owing to the drastic rise in the number of accidental fatalities reported in the last decade. The demand for better assistance systems, categorically judging imminent dangers and guide drivers, is increasing, as these systems have emerged as a viable product in the automotive sector. Currently, driver assistance systems are predominantly being used in the luxury cars segment. Many connected car vendors are developing driver assistance technology, which is expected to be commercialized during the forecast period.
• Further, according to the NCRB (National Crime Records Bureau), Delhi reported 35,019 cases of vehicle thefts in 2021. Around 95 vehicles were stolen every day in Delhi, the maximum across all states and Union Territories in India.
• For instance, in February 2021, according to the National Police Agency (NPA), dashcam video evidence was used in 54 of the 58 road rage investigations conducted in the six months since the Road Traffic Act was changed to penalize "obstructive driving," indicating the difficulties of developing such a case in Japan. According to the NPA data, officers used dashcam footage in 93.1% of the 58 road rage cases they investigated.
• As the coronavirus pandemic spread since the first quarter of 2020, the market became stagnant due to the shut down of factories, causing a halt in automobile production, and thus changed consumer behavior to buying of essentials over spending on luxuries. For instance, according to Scotiabank, worldwide car sales increased to around 66.7 million automobiles in 2021, up from around 63.8 million units in 2020. The sector experienced a downward trend, along with a global slowdown of economy and the advent of the coronavirus pandemic in all key economies.