Pune, India, Jan. 05, 2022 (GLOBE NEWSWIRE) -- According to the report, the global dashboard camera market size is expected to gain momentum by reaching USD 11.48 billion by 2028 while exhibiting a stellar CAGR of 18.7% between 2022 to 2028. In its report titled "Dashboard Camera Market, 2021-2028," Fortune Business Insight mentions that the market stood at USD 3.02 billion in 2020 and is expected to reach USD 3.46 billion in 2021.
In recent times, it has been experienced that the eyewitnesses or the vehicle owner do not provide exact and true details regarding any accident. Thus, dash cams are used to capture high quality footage to expedite insurance claims. Additionally, semi-autonomous vehicles also integrate advanced driver assistance features with dash cams to provide features such as real-time sensing and motion detection. The aforementioned factors are driving the market growth.
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In the first quarter of 2020, the dashboard camera market witnessed decline in its sales. This is because, mostly, the dashboard cameras in North America and Europe are imported from Asian manufacturing units. Due to COVID these manufacturing facilities were temporarily shut in China, Taiwan, and Japan, causing a severe shortage of dash cams in western countries. However, the market is expected to revive during the forecast period.
What does the Report Offer?
The report for Dashboard Camera aids in understanding the dynamics and structure of the global market by evaluating market segments and projecting the market size. The clear representation of competitive analysis of key competitors in the market by product, price, financial situation, and product portfolio.
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- By technology type, the market is divided into basic, advanced and smart. By channel type it is bifurcated into single channel, dual channel.
- Based on channel type, single channel held the market share of 72.9% in 2020. This is because, single channel is cost effective and offers good quality recordings and images
- By vehicle type, it is divided into passenger cars, commercial vehicles and others. Lastly, in terms of geography, the market is divided into North America, Europe, Asia Pacific and the rest of the world.
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Drivers and Restraints:
Technological Advancement of Dash Cams to Drive Market Growth
In recent times, with technological advancements, dash cams are now equipped with a 3-axis G-sensor. It has increased dash cams' functionality beyond only recording footage. It can also detect sudden movements, such as emergency braking or collisions. In such emergency events, it triggers specific actions to make sure that the footage is preserved and uploaded to the cloud or lock it to safeguard against tampering or erasure. Moreover, with incorporation of artificial intelligence i.e. AI-powered analysis, these dash cams are used as part of driver monitoring systems to track and alert the drivers if they fall asleep. Such factors are expected to drive dashboard camera market growth.
Europe to Dominate Backed by Product Legalization in Several Countries
Europe is expected to remain at the forefront and hold the highest position market during the forecast period. This is attributable to the varying privacy infringement laws. For instance, in Belgium and France, dash cams have been legalized for private use. However, users are forbidden from uploading footage online. Similarly, in the U.K. and Spain, dash cams are perfectly legal as long as they don't restrict the field of vision for the driver. Hence, these factors will influence the growth of the market in this region. The region's market stood at USD 1.53 billion in 2020.
Asia Pacific is expected to showcase significant dashboard camera market share in upcoming years, owing to the increasing vehicle sales in countries such as South Korea and India. Furthermore, issues such as car insurance frauds and road safety in South East Asian countries and India have also propelled the rapid adoption of dash cams in these countries.
List of the Companies Operating in the Market:
- Panasonic Corporation (Osaka, Japan)
- Garmin Ltd. (Kansas, U.S.)
- DOD Tech (Taoyuan, Taiwan)
- Waylens Inc. (Boston, U.S.)
- Pittasoft Co. Ltd. (Seoul, South Korea)
- Papago Inc. (Taipei, Taiwan)
- Aptiv (Dublin, Ireland)
- LG Innotek (Gwangju, South Korea)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Honeywell International Inc. (North Carolina, U.S.)
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Global Dashboard Camera Market Segmentation:
By Technology Type:
By Channel Type:
- Single Channel
- Dual Channel
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table Of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter's Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Dashboard Camera Market
5. Global Dashboard Camera Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
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