JUN 2020 | Report Format: Electronic (PDF)
Dashboard Camera Market Growth & Trends
The global dashboard camera market size is expected to reach around USD 7.5 billion by 2027, exhibiting a 12.9% CAGR during the forecast period, according to a new report by Grand View Research, Inc. As per research findings, an estimated 36.1 million dashboard cameras were sold in 2019. Implementation of several favorable government regulations to boost the adoption of dashboard cameras, coupled with the increasing awareness among the population worldwide regarding vehicular safety, is driving the global market.
There has been an increasing awareness regarding the benefits of dashboard cameras among the motorists worldwide due to frequent news videotapes of road crashes and accidents captured by the dashboard cameras. Moreover, the use of dashcams is being encouraged by the governments in several European countries such as U.K., France, and Italy, to record footages for surveillance purposes that can be later used as evidence in the legal proceedings.
The use of dashcams is increasing in the trucking industry; as increasing number of drivers and fleet owners are installing dashcams to harness the numerous benefits they offer. With easy installation and improved technology, dashboard cameras have now enabled the commercial fleet companies to safeguard their vehicles. Enhancement of driver coaching programs, the ability to see what happens during a critical incident, and improvements in overall fleet safety are some of the prime motivators for the rising installation of dashboard cameras.
The prominent industry participants have started developing innovative car Digital Video Recorders (DVRs) with sophisticated safety features, such as blind-spot detection, collision avoidance systems, voice reminders, and lane departure warning systems, to encourage their adoption among individual as well as commercial vehicle drivers and owners. Some manufacturers have also started providing Wi-Fi enabled dashboard cameras, wherein users can transfer footages to their smartphones using mobile applications.
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Dashboard Camera Market Report Highlights
Europe and North America are characterized by the rapid adoption of Full HD and 4K dashboard cameras. The growing replacement of SD and HD dashboard cameras with its advanced counterparts is expected to drive the adoption of high-resolution dashboard cameras over the forecast period
Commercial fleet operators are increasingly adopting rearview dashcams to seek additional protection in the event of an accident and against cases of employee fraud
The personal vehicle segment is expected to account for approximately 65% of the overall market share in 2019 and is projected to emerge as the fastest-growing segment over the forecast period
Asia is anticipated to emerge as the global manufacturing hub for dashboard cameras. Cheap labor, and concentrated presence of dashcam manufacturers and their facilities in the Asian countries, such as China and Taiwan, are expected to offer numerous opportunities for the global manufacturers to relocate their supply chains in the region
Key Players include in the dashboard camera market are ABEO Technology; Garmin Ltd.; Pittasoft Co. Ltd.; Falcon Zero LLC, Panasonic Corporation; Cobra Electronics Co., and DOD Tech