Europe Dashboard Camera Market was valued at USD 956 million in 2020 and is expected to reach USD 2636.61 million by 2026 at a CAGR of 18.01% over the forecast period 2021 - 2026. The increasing number of road accidents and thefts in the region and the growing use of camera clips for insurance policies are some of the major factors mainly driving the adoption of dashboard cameras in Europe over the forecast period.
- Most of the studied market players are also developing products with additional advanced features, like Artificial Intelligence (AI). The growing product innovation for gaining competitive advantage is trending in the European dashboard camera market.
- Due to the increased awareness of the benefits of using a dashcam, the government policies in the region are also expected to favor the studied market growth in the future. Also, with growing driver safety concerns in Europe, the data from dashboard cameras are being used to develop advanced safety models or safety programs.
- The implementation of favorable policies by the insurance companies which offer discounts on insurance to the cars equipped with these cameras that could later serve as evidence in case of any claims for insurance for the companies with increasing road accidents and car thefts is also expected to drive the market for the dashcams industry.
- However, the differences in the opinions of regional governments regarding dashboard camera usage could hinder the market growth over the forecast period. The laws for dashcams within Europe are very diverse, such as Austria, Luxembourg, and Portugal, the usage of recording devices in public has been declared illegal. In contrast, nations such as Belgium and France allow for use only in private spaces and prevent people from uploading footage on media platforms. The use of dashcams in the UK and Spain is entirely legal. Hence, the diverse laws on the use of dashcams could be the biggest challenge for the market's growth.
- The pandemic has significantly impacted the market with the operations, production, and sales in the automotive industry on almost a halt globally with the imposing on strict lockdowns and travel restrictions by governments worldwide.
Key Market Trends
Single-Channel Expected to Dominate the Market over the Forecast Period
- Single-channel dashboard cameras are capable of filming only in one direction, as the name suggests. These are usually placed at the front of the vehicle. These cameras come with features, such as Wi-Fi, GPS, parking mode, and night vision.
- Single-channel dashboard cameras are usually available in every conceivable configuration, ranging from single lenses to multiple lenses that allow simultaneous front and rear recording. The advanced dashcams record sound, support GPS logging, have inbuilt accelerometers for data on speed.
- The demand for single-channel dashboard cameras is proliferating, due to the rising demand for dashboard cameras among motorists, owing to its application in filing insurance claims and procurement of evidence for civil and criminal lawsuits, along with other safety concerns.
- Furthermore, the usage of wide-angle lenses in automotive camera modules is witnessing increasing adoption due to a wide field coverage and enhanced picture quality.
Russia Expected to Gain a Significant Share in the Market
- In Europe, the concept of dashboard cameras was initially adopted by the masses in Russia, and then the trend shifted to the United Kingdom and Germany.
- Since the country is depictive of insurance frauds, fear of aggressive motorists, and even accidents inappropriately investigated without the equipment, the dashboard camera usage has become a necessity.
- Also, the country's legal system, which rarely favors first-hand accounts of traffic collisions, combined with law enforcement, has made dashboard cameras a major requirement for the country's citizens. The instances of traffic collisions and accidents that require evidence for the safety of both passengers and pedestrians are expected to drive the market in Russia.
- Moreover, since 2003, every car owner in Russia has been mandated to have an insurance policy. However, the mandatory, basic auto insurance in Russia is very limited in coverage. And with the combination of inexpensive cameras, flash memory, and regulations passed by the Interior Ministry of Russia in the year 2009 has eliminated the legal issues relating to the dashcams and made it cheaper for the drivers to install the cameras.
- With a poor road safety record, and vehicles, especially old ones, requiring timely inspections are expected to make dashboard cameras one of the country's significantly growing markets.
Dashboard camera companies, globally, are increasingly investing in the European market, as the adoption of the technology is estimated to increase further. In Europe, most of the studied market vendors are mainly investing in enhancing their product offerings and collaborating with insurance companies to attract more customers. For instance, most of the market vendors have some form of partnership with insurance companies.
- June 2021 - Garmin International, Inc., a unit of Garmin Ltd. launched voice-controlled dashcam series with automatic video storage and Live View monitoring options to help drivers capture the moment when incidents occur. The Garmin Dash Cam Mini 2,47, 57, and 67W records and automatically saves video of any detected incidents to Garmin's online Vault, which enables users to review and share video clips.
- January 2020 - Nextbase launched the 622GW that focuses on video quality and ease of use. The dashcam is capable of filming in 4K and also is equipped with a geocode system that pinpoints accurate location based on a worldwide resolution of three meters and using What3words can relay a user's precise location to Emergency Services, in the event of an incident, even when offline or without data reception.
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