The global dashboard camera market was valued at USD 3.26 billion in 2020 and is expected to grow at a CAGR of 13.0% during the forecast period. The growth of this market is attributed to the rising awareness regarding in-car safety, and favorable government initiatives are essential for the safety of both personal and commercial individuals. Moreover, the continual increase in advancements in smart dashboard cameras is escalating the acceptance of dashboard footage as evidence in court laws, which expands the utility of dashboard cameras in the global market.
Know more about this report: request for sample pages
However, dashboard cameras are further used as a regulatory reform for mandatory installation of the product in vehicles, particularly cars, in several countries such as the U.S., the Philippines, and Russia, have promoted revenue generation. Favorable car insurance policies with which companies offer discounts to the cars are likely to take the dashboard camera market forward. They also use high-quality video technology, and so these are enabling to record long-duration videos, which eventually paving the way for higher market growth during the forecast period.
The increasing requirement from regulatory bodies and consumers is bringing disruption in the overall automotive industry with new technological developments. Thus, the heavy investment from automakers towards technical developments, coupled with growing concerns towards individual and vehicle safety, are driving the dashboard camera market growth over the forecast years. At present, the government is emphasizing lowering the accidents rate and vehicle thefts.
With these evolving requirements, dashboard cameras have become an integral, more prominent automobile component since it reduces the rate of accidents and automobile thefts—this emerging need of several automobile companies to install dashboard cameras in vehicles. For instance, in 2018, Citroen introduced its first car to be traded in South Korea, with some factory-fitted dashboard cameras. It is usually integrated into the rear-view mirror and records footage incessantly unless the driver changes it off.
On the other hand, numerous insurance companies are subsidizing the rise in sales of the product by providing discounts on car insurance since it can minimize insurance fraud by apprehending video events. In addition, in 2018, more than 114,000 motor vehicle thefts were reported in England and Wales, increasing more than 8,000 offenses compared to 2017. As a result, the government of these regions is deploying strict rules to implement dashboard cameras, thereby creating a lucrative growth prospect for this market over the forecast period.
The market is primarily segmented on the basis of technology, product, video quality, application, and region.
By Video Quality
Know more about this report: request for sample pages
Based on the product segment, the 1-channel segment held the largest stake in the global dashboard camera market in 2020. The 1-channel dashboard cameras, typically known as single channel, are deployed on the vehicle’s windshield or dashboard to display and record the road in front of the vehicle. It only accounts for the view ahead of the dashcam. Besides, there has been a considerable decline in the average selling price (ASP) in the single-channel dashboard camera, which is anticipated to thrust the market growth.
The rear-view segment is projected to register the highest CAGR in terms of revenue. The demand for rear-view dashboard cameras is witnessed a robust surge because they enable the vehicle's direction throughout low speed, predominantly during parking. Major vendors are launching advanced and innovative rear-view dash cameras featuring a real-time reverse opinion with parking assist lines. These factors mentioned above of a rear-view dashboard camera are anticipated to reinforce the market growth in the forecasting years.
The personal vehicle segment is expected to witness large revenue in the global market during the forecast period. There is a considerable demand for the product in personal vehicles mainly because of the rise in awareness concerning the benefits of dashboard cameras and the substantial presence of customary laws and regulations concerning road safety in the market around the world.
Moreover, the prominent vendors in the market are integrating dashcams with several driver assistance features, which is climbing its demand by automakers and thus contributing a high market share by 2028. Commercial vehicles are projected to record the highest CAGR in the global market, owing to these devices being integral in monitoring driver behavior, minimizing accidents, and lowering counterfeit accident claims.
In addition, the implementation of dual-channel dashboard cameras in such vehicles is further likely to aid fleet managers that view the entire picture. All these factors are predictable to subsidize the market growth over the forecasting years.
Geographically, Europe is the largest revenue contributor in the global market due to the increasing popularity and implementation of these cameras among the car owner, the growing advent of safety regulations by the regulatory bodies and transport authorities across the region. Similarly, in countries such as Russia, most individuals are installing dashboard cameras in their vehicles on the back of high rates of accidents, considerable police corruption, insecure road situations, and low cost and easy accessibility of technology.
For instance, as per the Department for Transport, there were 25,511 people seriously injured in road traffic accidents in 2018, compared to 24,831 in 2017. It represents around a 3% increase over 12 months, which is expected to leverage the demand and adoption for dashboard cameras in order to bolster the region’s growth. Favorable government support offered by the local and central governments in American countries on the road safety strategy further augmenting the region's market growth. Such initiatives are expected to bolster the market growth.
Moreover, Asia Pacific is expected to witness a high CAGR in the global market in 2020. The demand for dashboard cameras across the region is anticipated to strengthen over the forecast period, owing to supportive government policies concerning road safety, customer-centric marketing approaches, and the increasing number of vehicles. For instance, in 2018, the production of passenger cars in Asia Pacific was around 43.4 million, an increase from 24.6 million units since 2008, as per the International Organization of Motor Vehicle Manufacturers (OICA).
Thus, many individual drivers and government agencies have now initiated to recognize the benefits of dashboard cameras. So, dashboard cameras are projected to gain rising prominence in the region over the forecast period.
Some of the major players operating the global market include ABEO Company Co., LTD, Amcrest Technologies, Cobra Electronics Corporation, LTD., DigiLife Technologies Co., Ltd, Finedigital Inc., ITronics Group, LukasDashcam, Panasonic Corporation, Pittasoft Co. Ltd, Shenzhen Zhixinsheng Electronics, Steelmate Co., Ltd., TourMate, and WatchGuard Video.
Market size value in 2020
USD 3.26 billion
Revenue forecast in 2028
USD 7.50 billion
13.0% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD billion and CAGR from 2021 to 2028
By Technology, By Product, By Video Quality, By Application, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
ABEO Company Co., LTD, Amcrest Technologies, Cobra Electronics Corporation, LTD., DigiLife Technologies Co., Ltd, Finedigital Inc., ITronics Group, LukasDashcam, Panasonic Corporation, Pittasoft Co. Ltd, Shenzhen Zhixinsheng Electronics, Steelmate Co., Ltd., TourMate, and WatchGuard Video.