The dashboard camera market was valued at USD 2312 million in 2020 and expected to reach USD 7582.3 million by 2026 and grow at a CAGR of 21.9% over the forecast period (2021-2026). 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 recorded on VHS cassettes. The industry transformed drastically in the 1990s when citizens began to install dash cams and used 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
- 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.
- According to the estimations by Insurance Information Institute (III), each year, the property and casualty insurance companies lose an average of USD 34 billion to fraud. As per the National Insurance Crime Bureau (NICB), auto insurance fraud makes up the largest share of that loss. Further, the countries, such as Australia, witnessed large magnitudes of auto insurance frauds, could save billions by supporting the proliferation of dashboard cameras. For instance, 58,285 vehicles were stolen in Australia in 2019, a 9 % rise from 2018.
- Further, 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 priced as low as USD 50. The lower cost of acquiring the system, along with the benefits associated with their installation, has encouraged end-users to install them in their automobiles.
- The expansion of the market studied was further supported by the increase in automobile sales, globally until the end of 2019. As the coronavirus pandemic has spread over the world since the first quarter of 2020, it has become stagnant. This is due to the shutting down of factories, causing a stop in automobile production and changed consumer behavior towards buying essentials rather than spending on luxuries. However, in the future, it is expected that to maintain social distancing, people prefer their vehicles rather than car-hailing or carpooling. This could help to aid in the growth of dashboard cameras.
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.
- Further, the introduction of innovative technology applications by the companies is driving the growth of the market. For instance, Thinkware launched its dual-channel Dash Cam F800 Pro, which has improved features over the F800 model. The new dashcam offers enhancements, such as better power management for hard -wired installations and a different color scheme, while retaining the best -in -the - business night capture
- With the increasing traffic-related fatalities across the globe, the market is expected to witness positive growth.
North America to Register Significant Growth
- North America is expected to witness significant growth led by various companies and startups in the United States starting to make substantial investments to increase their presence and aid the region's adoption rate. Whereas the existing companies are innovating new products to expand the product portfolio to gain market traction and increase their market share.
- For instance, Garmin International Inc., launched the new Dash Cam 46/56/66W and the Dash Cam Mini, the latest additions to its popular dashboard camera lineup. The new series includes an ultra-compact design, high-resolution video, an extra-wide view, GPS, and voice control; the drivers can easily find a Garmin dash cam that is tailored to their specific needs
- Similarly, a group of startups in the United States have developed an innovative business model, wherein the drivers are offered monetary rewards for installing dashboard cameras in their vehicles. As a result, an increasing number of ride service providers across North America, such as Lyft and Uber, have started deploying in-car DVRs to record their rides.
- Besides, the current lack of direct discounts from insurance companies for the installation of dashcams is estimated to impact the low interest of US consumers. However, stringent regulations mandated by the government, due to the growing number of accidents in the United States, are expected to propel the growth.
The dashboard camera market is highly competitive and consists of several major players. The market appears to be moderately concentrated due to the presence of many small and large players in the market operating in domestic and international markets. The major players in the market are leveraging 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.
- March 2020: Garmin LTD announced the launch of its first dual-camera dashcam. This lens also called a 'cabin view camera' on the Nextbase series two dashcams, allows users to record what's going on inside the car with its extremely wide 180-degree angle.
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