Dashboard Camera Market Forecasts to 2028 - Global Analysis By Product Type, By Technology, By Resolution, By Application and Geography

According to Stratistics MRC, the Global Dashboard Camera Market is accounted for $3.76 billion in 2022 and is expected to reach $7.24 billion by 2028 growing at a CAGR of 11.5% during the forecast period. Dashboard cameras are hardware devices that record a vehicle's front and rear views. A dashboard camera is essentially an onboard camera that is mounted on the vehicle's front windscreen and sometimes on the rear windows to record the view. This camera is used to protect the user from harm. The dashcam can easily be used to inspect the entire road ahead. Dashboard cameras are becoming increasingly popular among drivers all over the world. Many commercial and personal vehicle dashboards are incorporating this technology. It gives the driver control over the vehicle's security and allows for the recording of incidents such as collisions, theft, and vandalism. Dashboard camera footage is now accepted as evidence for proving liability and insurance claims. Insurance companies encourage the use of dashboard cameras by offering discounts on insurance premiums in order to combat false insurance claims.

According to the National Safety Council, distracted driving causes over 700 injuries each year. Furthermore, distracted driving is increasingly becoming a barrier to safe driving and the cause of crashes in the United States, where distracted driving is responsible for 70% of commercial fleet crashes. These statistics highlight the importance of measuring fleet driver safety and the importance of installing dashboard cameras in fleet vehicles, which drives market growth.

Market Dynamics:

Driver:

Increasing incidence of road accidents and car thefts

The global proportion of road traffic accidents and theft incidents is steadily increasing, fueling the popularity of dashboard cameras. When the car is involved in an incident or a high-stress event, dashcam footage provides a proper understanding of the accountability of crashes. This can also help lower insurance costs and expedite insurance claims. Another significant advantage of a dashboard camera is the ability to identify those responsible for parking accidents and thefts. These advantages increase demand, which increases revenue generation and fuels market growth.

Restraint:

Stringent Government Regulations

The stringent laws imposed against dashcams in certain countries are expected to impede global market growth. According to the Belgian Camera Act, for eg, regulating the installation and use of surveillance cameras in private places accessible to the public is subject to reporting. In certain European countries, such as Austria, Belgium, and Switzerland, the use of these cameras is illegal and considered a violation of privacy. Violators face severe penalties, negatively impacting market growth.

Opportunity:

Adoption of Artificial Intelligence

Dashboard cameras are no longer just ordinary cameras; they are constantly being improved as a protective companion for a safe journey. With the introduction of advanced technologies such as artificial intelligence and vehicle telematics, the dashcam application for both passenger and commercial vehicles has significantly improved. This market now has a wide range of possibilities owing to artificial intelligence. Search advanced cameras are expected to capture a larger share of the dashboard camera market in developing countries such as China, Brazil, and India. Such cameras have already been widely adopted in developed countries, particularly by high-end and luxury car owners and large fleet management companies.

Threat:

Cybersecurity Concerns and Regulations

The more our society uses technology to connect, the more cybersecurity concerns arise. Dashcams are frequently chastised by cybersecurity experts due to privacy concerns. Experts have previously identified numerous security flaws that could lead to user data breaches and cyber-attacks, which are hampering market growth. Although the companies resolve such issues proactively on occasion, we never know when this may cause a serious concern. For instance, the Atlanta Police Department's dashcam footage was compromised as a result of a ransomware attack. To create a safer driving experience, manufacturers must ensure the highest level of cybersecurity and data protection policies.

COVID-19 Impact

The automotive and transportation industries were among the most affected during the COVID-19 outbreak. COVID-19 had a significant impact on the automotive supply chain and product demand. The market has shifted its focus from China's supply chain disruption to the global slump in auto demand. The COVID-19 pandemic, which forced the temporary closure of most manufacturing facilities in China, Taiwan, and Japan, resulted in a severe shortage in Western countries. Due to the pandemic, the automotive industry was experiencing a severe economic crisis, with new orders for passenger cars and commercial vehicles declining significantly in the first two quarters of 2020. However, after October 2020, buyers' proclivity to invest in new technology electronic equipment, such as dashcams, increased in several developed countries, including the United States, Germany, and Japan.

The Personal Vehicles segment is expected to be the largest during the forecast period

During the forecast period, the Personal Vehicles segment is expected to gain the largest share due to the fact that demand for dashboard cameras in personal vehicles is increasing as a result of common laws and regulations on road safety in many economies around the world, as well as increased awareness of the benefits of dashcams. The significant potential of transportation authorities to encourage commercial and private vehicle owners to install in-vehicle cameras is expected to provide a powerful boost to demand for these cameras, particularly in countries where the use of these cameras is legal. Dashcam integration with various driver-assistance functionalities by vehicle manufacturers worldwide is likely to give them a significant competitive advantage in the market.

The Dual-channel segment is expected to have the highest CAGR during the forecast period

Because of their ability to record the front and inside of the vehicle, the dual-channel segment is expected to have the highest CAGR during the forecast period. The demand for dual-channel dashboard cameras is expected to rise. Key players are now focusing on improving the convenience and user-friendliness of car DVRs by including features such as night vision cameras, long-lasting batteries, and expandable storage capacity in their offerings. Commercial users of such cameras, such as trucking companies and taxi operators, prefer dual-channel variants over single-channel variants because the latter cannot be upgraded by adding an external secondary unit to capture interior footage of the vehicle.

Region with largest share:

Europe is expected to be the largest market for dashboard cameras during the forecast period, owing to rising consumer demand for dashboard cameras and the growing trend of using dashboard cameras for insurance proof. As most European countries have a high accident rate and dangerous road conditions, dashboard cameras are in high demand in this region.

Region with highest CAGR:

Because of the increasing encouragement and benefits for foreign businesses to enter the region, the Asia-Pacific market is expected to witness the highest CAGR during the forecast period. Furthermore, increased vehicle sales and traffic contribute to the region's growth. And, developing economies such as China and India have experienced rapid economic growth. The rising standard of living in these countries has increased the demand for innovative products and procedures, providing numerous opportunities for the key players in the market to grow.

Key players in the market

Some of the key players profiled in the Dashboard Camera Market include Honeywell International Inc, Xiaomi, Garmin Ltd., DOD Tec, PAPAGO Inc., Steelmate Automotive, Qihoo 360 Technology Co. Ltd., Panasonic Corporation, LG Innotek, Koninklijke Philips N.V.,m Valeo SA, Aptiv, Waylens, Inc., ABEO Company Co., Ltd and Pittasoft Co. Ltd.

Key Developments:

In June 2021, Garmin announced four new dashcams with cloud-connected storage (Dashcam Mini 2, 47, 57, and 67W); all feature remote monitoring of parked vehicles and free online video storage for up to 24 hours after an incident

In May 2020, Xiaomi released the Mi Smart Dashcam 2K. It can record videos at high resolution, up to 1600p, with the help of the camera's OV OS05A10 back-illuminated image sensor. This sensor has an f/1.8 aperture. It is the second entry in the series from Xiaomi

In January 2020, Garmin International, Inc. announced the Garmin Dashcam Tandem. It is the first dual-lens dashcam that offers drivers complete video coverage of their surroundings with the support of two 180-degree field-of-view lenses that record in tandem day and night

In February 2019, Panasonic announced the latest addition to its portfolio of Public Safety Solutions: the AS-1 Camera, small enough to fit behind a vehicle's rearview mirror and features that provide remarkably high-quality video evidence capture

Product Types Covered:

• Single-channel
• Dual-channel
• Rear-View

Technologies Covered:

• Basic
• Advanced
• Smart

Resolutions Covered:

• Standard Definition (SD) & High Definition (HD)
• Full HD & 4K

Applications Covered:

• Commercial Vehicle
• Personal Vehicle

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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