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Dashboard Camera Market Size, Share, and Analysis, By Product Type (1-Channel, 2-Channel, Rear View), By Technology (Basic, Advanced, Smart), By Video Quality (SD and HD, Full HD and 4K), By Vehicle Type (Passenger Cars, Commercial Vehicles) and Regional Forecasts, 2022-2032
Dashboard Camera Market size was USD 3.04 billion in 2021 and projected to grow from USD 4.2 billion in 2023 to USD 18.8 billion by 2032, exhibiting a CAGR of 18.1% during the forecast period.
A dashboard camera, or dashcam is an on-board camera that constantly records the vision through the windscreen of the car in the front and many times rear or the other windows. Most dashcams are available in the market with an inner 360-degree recording cam, usually ball-like shape, and can broadcast videos and images wirelessly via 4G. Dashcams can offer video proof in case of a road accident.
Dashboard Camera Market is expected to reach USD 18.8 billion, growing at a CAGR of 18.1% during the forecast period owing to the increasing awareness regarding vehicle safety, protection against growing thefts of vehicles, and quick insurance claims. The rising amount of fake insurance claims and health expenses based on fictitious auto accidents is another major element propelling the product demand. These factors are expected to boost the growth of Dashboard Camera Market in the forecast period.
Dashboard Camera Market is classified based on the Product Type into 1-Channel, 2-Channel, and Rear View. The 1-Channel product segment registered significant share in the global industry in 2021 and is projected to lead with higher revenue over the forecast period. 1-channel dash cameras often are capable to capture the front view and hold limited storage and battery life. The very basic, entry-level dash cams on the market are 1-channel models. Consumers are now starting to favor dash cams, which can also capture the back view, the rear-view product market is also anticipated to experience the speedy growth rate throughout the projected years.
Dashboard Camera Market is classified based on the Technology into Basic, Advanced, and Smart. In 2021, the Basic segment held the larger revenue share and is anticipated to continue to rule the market during the forecast period. These dashboard cams are reasonably priced and easy to install. Basic features are satisfying the majority of clients. Dash cams integrated with basic technology are common in underdeveloped nations due to their low-priced manufacturing and simple manufacturing procedure.
Noteworthy Popularity of Driving Assistance Systems is Expected to Boost the Market Growth
A significant increase in the number of recorded accidental fatalities over the past ten years has led to a growth in the popularity of driving assistance systems. Since these systems have become a popular item in the car industry, there is an increasing desire for greater support systems that can categorically judge impending threats and direct drivers. Currently, the driver assistance technologies are highly adopted and demanded in the luxury car market. Driver assistance technology is being developed by many connected car providers and is anticipated to go on sale throughout the projection period. This factor is majorly fuelling the global Dashboard Camera Market.
Contribution of Insurance Companies for the Rising Sales of Dashcam is Expected to Boost the Market Growth
Due to the fact that dashcams can prevent insurance fraud or false claims by recording incidents on film, numerous insurance firms are also encouraging the growth of dashcam sales by providing discounts on auto insurance. Hence, the efficient performance of dashboard cameras in automobiles is being impacted by the adoption of strict government rules and an increase in insurance fraud, which is driving the Dashboard Camera Market.
Growing Concern Regarding Cybersecurity to Restrain the Market Growth
The development of connected vehicles and sophisticated driver assistance technologies has greatly enhanced the total driving experience and increased driving security compared to earlier times. However, as the society is becoming more technologically interconnected, cybersecurity concerns are growing. Dashcams are frequently criticized by cybersecurity professionals due to privacy issues. Experts have already identified a number of security flaws that could lead to data breaches of the user and cyberattacks.
Dashboard Camera Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Europe held the greatest market share in 2021, due to the growing use of dashboard cams for insurance proof reasons and rising consumer demand. Dash cameras are becoming more common in Europe due to higher number of accident and hazardous driving conditions. Dash cameras are banned from meddling with the driving or being utilized as a means of disclosing private information regarding vehicles under the rules applicable to them in the most of the European countries. Moreover, the North American region contributed significantly to income in 2021. It is expected that North America will continue to grow at a constant CAGR in the near future.
The automotive and transportation sectors were among those with the greatest exposure to the COVID-19 pandemic. The automobile industry's product demand and supply chain were dramatically impacted by COVID-19. The market's focus has shifted from China's disruption of the supply chain to the global decline in demand for car products. Since the majority of these Dashcams in Europe and North America are imported from Asian production facilities, the global market saw a significant decline in sales in the first quarter of 2020. The pandemic, which temporarily shut down the majority of Taiwan, China, and Japan's factories, led to significant scarcity in western nations.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 18.1% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Product Type |
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Technology |
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Video Quality |
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Vehicle Type |
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By Region |
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Dashboard Camera Market size was estimated at USD 3.04 billion in 2021 and is expected to reach USD 18.8 billion in 2032.
A dashboard camera, or dashcam is an on-board camera that constantly records the vision through the windscreen of the car in the front and many times rear or the other windows.
1-Channel and Basic Technology segments accounted for the largest Dashboard Camera Market share.
Key players: Samsung Electronics Co. Ltd., Panasonic Corporation, Garmin Ltd., LG Innotek, Qihoo 360 Technology Co. Ltd., ABEO Company Co. Ltd, Falcon Zero, DigiLife Technologies Co., Cobra Electronics Corporation, Steelmate Automotive, DOD Tec, Amcrest Technologies, BlackVue, PAPAGO Inc., Waylens Inc., and Other Prominent Players are the key players in the Dashboard Camera Market.
Growing popularity of Dashcams and rising road accidents and safety concerns are the factors driving the Dashboard Camera Market.
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