Dashboard Camera Market Overview
The global dashboard camera market size was valued at USD 3.2 billion in 2020 and is expected to expand at a CAGR of 12.9%, in terms of revenue, from 2021 to 2028.
In terms of volume, the demand was estimated at 41.4 million units in 2020. The rising awareness regarding in-car safety and favorable government initiatives are expected to propel market growth. The increasing popularity and success of dashboard cameras in countries such as Russia, France, and Canada are expected to drive market growth over the next seven years. The rising number of car thefts and road accidents across the globe has been significantly driving the product demand over the past few years. Dashboard cameras also assist in preventing insurance fraud, which includes deliberately caused accidents and false insurance claims.
Gather more insights about the market drivers, restrains and growth of the Global Dashboard Camera Market
Additionally, regulatory reforms for mandatory installation of dashcams in cars in several countries, such as the U.S., the Philippines, and Russia, have contributed to revenue generation. Favorable policies by insurance companies, which offer discounts to the cars equipped with these cameras, are also expected to further drive the growth of the industry. The views of end users and manufacturers about dashboard cameras are changing substantially. In addition to capturing audio and video recordings, some high-end dashboard cameras also provide features such as GPS and two-way recordings, which allow recording the driver as well. If the dashboard camera detects that the vehicle is swerved, the driver’s action also gets recorded. This allows the insurance companies and investigation authorities to inspect the driver’s behavior whether he was distracted by a device within a vehicle or reacted to the flow of traffic. The use of dashboards is not mandatory in most of the countries currently; however, continued benefits for the driver and a reduction in reckless and distracted driving are expected to make dashboards a mandatory addition to the fleet.
The outbreak of COVID-19 has impelled numerous government bodies to impose a strict lockdown across several countries. With permission for operating only essential retail chains, maximum automotive accessory outlet stores had come to a halt for a significant duration. As a result, the supply chain of the market was adversely affected by the high volume of products remaining at the retail stores. The consumer purchasing trends have also witnessed a drastic shift with a massive dip in the budget allocation for car accessories over the past few quarters. This uncertainty in the sales pattern has created a considerable gap in demand and supply with several dashboard camera manufacturers halting their production temporarily to match their supply volume. Besides, the sales of new vehicles reduced in 2020, which directly impacted the purchase of new dashboard cameras.
With gradual ease in restrictions, the manufacturers have started adopting various strategies to overcome the reduction in sales. Adopting automation workflow in their manufacturing units and minimizing the expenditure for R&D activities are some of the crucial steps undertaken to invigorate their presence. As per our recent findings, the dashcam manufacturers are exploring alternatives to fill their existing supply-demand gap and focusing on localizing their products. This is set to improve their presence in the local market and expand their penetration and customer base. Moreover, manufacturers are also considering mergers and acquisitions to reduce the negative impact on the supply chain in the near future.
Dashboard Camera Market Segmentation
Based on the Technology Insights, the market is segmented into Basic, Advanced and Smart.
The basic dashboard camera segment witnessed the highest demand in 2020, accounting for over 69.0% of the market share.
The smart dashboard camera segment is expected to register the highest CAGR of almost 16.0%, in terms of revenue, from 2021 to 2028.
Based on the Product Insights, the market is segmented into 1-Channel, 2-Channel and Rear View.
The 1-channel segment dominated the market in 2020 and accounted for a revenue share of over 73.0%.
The rear-view segment is expected to register the highest CAGR of almost 17.0%, in terms of volume, from 2021 to 2028.
Based on the Video Quality Insights, the market is segmented into SD & HD and Full HD & 4K.
The SD and HD segment dominated the market in 2020 and accounted for a revenue share of over 61.0%.
The full HD and 4K segment is anticipated to register the highest CAGR of more than to 15.5%, in terms of volume, over the forecast period.
Based on the Application Insights, the market is segmented into Commercial Vehicle and Personal Vehicle.
The personal vehicle segment accounted for the largest revenue share of more than 65.0% in 2020 and is expected to register the highest CAGR from 2021 to 2028.
The commercial vehicle segment is anticipated to register a considerable CAGR of more than 12.0%, in terms of revenue, from 2021 to 2028.
Based on the Distribution Channel Insights, the market is segmented into Online and In-store.
The in-store segment accounted for the largest revenue share of more than 62.0% in 2020 and is expected to continue to dominate the market over the forecast period.
The online segment is expected to register the highest CAGR of 14.0%, in terms of revenue, from 2021 to 2028.
Based on the Dashboard Camera Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Europe accounted for the highest market share of more than 33.0% in terms of revenue in 2020.
Asia Pacific is expected to register the fastest growth in terms of volume, registering a CAGR of over 17.0% from 2021 to 2028.
Browse through Grand View Research’s Automotive & Transportation Industry Research Reports.
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Market Share Insights:
June 2021: Garmin announced four new dash cams with cloud-connected storage (Dash Cam 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.
October 2020: Garmin International, Inc., announced the Garmin Dash Cam Tandem. It is the first dual-lens dash camera that offers drivers complete video coverage of their surroundings with the support of two 180-degree fields of view lenses that record in tandem day and night.
Key Companies Profile:
A majority of established dashboard camera vendors are based in the Asia Pacific region and very few of them are based in North America and Europe. The market in the Asia Pacific region is saturated, whereas North America offers a high scope for expansion if proper awareness is created through organized marketing campaigns. The presence of local suppliers across the globe is affecting the profitability of the prominent market players, which is expected to increase the competitive rivalry among the market players.
Some prominent players in the global Dashboard Camera market include
Pittasoft Co. Ltd.
Falcon Zero LLC
Cobra Electronics Co
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