The North American dashboard camera market was valued at USD 67.2 million in 2020, and it is expected to reach USD 169 million by 2026, registering a CAGR of 15.4% during the forecast period (2021-2026). With more than 143 million Americans commuting on regular basis, the number of accidents are surging at an exponential rate, thus driving the studied market.
The COVID-19 outbreak and the associated lockdowns across the globe have affected industrial activities across the world. Some of the effects of the lockdown include supply chain disruptions, the lack of availability of raw materials used in the manufacturing process, labor shortages, fluctuating prices, and shipping problems, among others.
- The Dashboard Camera Market expanded rapidly over the last few years due to a considerable rise in the number of accidents and thefts, which led the government to mandate the installation of dashcams.
- Driving assistance systems have gained popularity recently, owing to the drastic rise in the number of accidental fatalities that have been reported in the last decade. The demand for better assistance systems to categorically judge imminent dangers, and guide drivers, have emerged as a viable product in the automotive sector.
- Furthermore, Driver assistance systems are currently used in the luxury cars segment. Many connected car vendors are developing driver assistance technology (expected to be commercialized during the forecast period). For instance, BMW developed Driving Assistance Plus (driving assistance system) for its models. They are also developing camera-based ADAS technology in partnership with Bertrandt.
- Autonomous cars with dashboard cameras offer increased data transparency, which is expected to relieve public fears and lead to safer deployments of driverless technology. Currently, most of the fully autonomous vehicles are in their testing phase. Several automobile industry giants, like BMW, Daimler, Volkswagen Group, and Volvo are testing their self-driving cars.
- For instance, In January 2020, Nextbase launched the 622GW 4K model dashcam adding to the list of first-ever features in the market-leading range (Emergency SOS, Alexa Built-In) with 4K HD recording, Enhanced Night Vision, Extreme Weather Mode, Digital Image Stabilization, what3words, ultra-fast 5GHz Wi-Fi, and more.
- According to the estimations by Insurance Information Institute (III), each year, 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.
Key Market Trends
Dual-channel Dashboard Camera to Drive the Market Growth
- Multi-lens dashboard cameras serve a lucrative segment to invest in, majorly for dashboard camera manufacturers, thereby, driving an increasing preference for dual-channel dashboard cameras, over single-channel dashboard cameras. Demand for multi-channel dashboard cameras was restricted in the past, due to the complication of processing, as video streaming of the two views were captured and recorded simultaneously.
- The Dashboard Camera market is expected to gain high traction due to private taxi services, such as Uber, Lyft, and Bookmycab. The devices are energy efficient and provide recording features of both internal and external environments of vehicles.
- Furthermore, Devices' built-in GPS and Wi-Fi support the live location tracking feature, allowing the owner to access the device using smartphone applications. The availability of impact and motion detection features aids in speed detection and vehicle accidents, further providing alerts to drivers.
- According to AT&T, the annual accident rate for commercial fleets is approximately 20%. Fleet accidents have one of the most expensive injury claims for business, with an average cost of about USD 70,000 per accident. This has emphasized on the need to manage the commercial fleet, as well as to claim insurance and abide by employee policies rightly.
United States is Expected to Hold Major Share
- Various companies and startups made significant investments to increase their presence in the region and aided the adoption rate. The existing companies are innovating new products to expand the product portfolio, gain market traction and increase their market share.
- 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.
- The 2020 Hyundai Sonata, displayed at the North American auto show, installed five cameras in the car, four of which will provide the driver with an enhanced view of the vehicle's exterior.
- Also, Cadillac's new CT5 compact sedan has a hands-free driving assistant that can navigate most of the highways in the United States on its own. It was unveiled at the auto show, and there's a camera on top of the steering column that monitors the driver's awareness.
- In addition, the current lack of direct discounts from insurance companies for the installation of dashcams is estimated to have an impact on the low interest of the 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 North American Dashboard Camera Market is moderately competitive, with a considerable number of regional players. In terms of market share, few of the major players currently dominate the market. The companies operating in the market are also acquiring start-ups working on dashboard camera technologies to strengthen their product capabilities.
- In January 2020 - Garmin Ltd, announced the Garmin Dash Cam Tandem, its first dual-lens dash camera that offers drivers complete video coverage of their surroundings due to two 180-degree field of view lenses that record in tandem day and night. The dash cam's high-definition 1440p front-facing camera lens with Garmin Clarity HDR can capture crisp footage showing critical vehicle details.
- In January 2020 - Thinkware unveiled a few new products in Las Vegas and one of which is the T700, their most connected dash cam to date that uses LTE Cat 4 technology to transmit videos and the company announced to launch of QXD Mega 4CH - a Full HD 4-channel dashcam system that covers front and rear, as well as left and right of the vehicle to give the most comprehensive coverage of the surroundings of the car later in 2020.
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