Dashcams Market By Technology (Basic, Advanced, Smart) By Product (1-Channel, 2-Channel, Rear View (Front & Rear View)) By Video Quality (SD & HD, Full HD & 4K) By Application (Commercial Vehicle, Personal Vehicle) By Distribution Channel (Online, In-store) - Growth, Share, Opportunities & Competitive Analysis, 2016 – 2028
In terms of volume, demand for Dashcam in 2021 is expected to be more than 42 million units. The market is anticipated to grow owing to rising awareness of car safety and government policies. Over the next seven years, market growth is likely to be driven by the increasing popularity and success of dashboard cameras in countries such as Russia, France, and Canada. In addition, the increased frequency of automotive thefts and road accidents worldwide has boosted product demand in recent years.
What is the Market Size of Dashcam in terms of value?
The global Dashcam Market is projected to increase at a significant CAGR of 12.5% in the coming years. In 2021, the global dashcam market was valued at USD 3.4 Billion and is projected to reach at the value of USD 6.9 Billion by 2028. Therefore, the demand for Dashcam is projected to increase substantially in the coming years and is presumed to generate revenue opportunities for the key industry players worth USD 3.5 Billion during the forecast period between 2022 and 2028.
How Driver Assistance System Will pave the way for Dashboard Cameras Installation?
Due to the dynamic increase in recorded accidental fatalities over the last decade, driving assistance systems have grown in popularity. As these systems have matured as a viable products in the automotive market, there is a growing desire for more advanced support systems that objectively assess imminent hazards and guide drivers. Driver assistance systems are currently primarily used in the luxury car class. During the projection period, leading car manufacturers are developing driving assistance Product, which is projected to be commercialized. Thereby increasing the sales of Dashcam and installation across commercial and personal vehicles.
Interesting Facts about Dashcam Industry
The top 5 countries for dashcam exports are Germany, the United States, U.K, Canada, and China
In 2021, the basic dashboard camera segment had the most demand, accounting for more than 68 percent of the market.
By 2028, the global demand for dashcams in commercial vehicles is estimated to surpass 35 million units.
In terms of volume, the full HD and 4K market is expected to grow at a CAGR of more than 15.5 percent throughout the projection period.
The 1-channel category led the market, accounting for roughly 73 percent of total revenue in 2021. Over the projection period, it is expected to continue to dominate the market.
Who are the Top 10 players/companies in the Dashcam market in terms of value and volume?
The key players in the global dashcam market in terms of value and volume include ABEO Product; Garmin Ltd.; Pittasoft Co. Ltd.; Falcon Zero LLC; Panasonic Corporation; Cobra Electronics Co; and DOD TechDJI. The Asia Pacific region's market is saturated; however, the existence of local suppliers impacts the profitability of leading players, which is predicted to intensify competitive strife.
Samsung Electronics announced Digital Cockpit 2020 in January 2020, which uses 5G to connect features inside and outside the vehicle and create connected experiences for drivers and passengers. The Digital Cockpit 2020 has eight displays and eight cameras inside the car.
The dual-lens dash camera, the Garmin Dash Cam Tandem, was released in January 2020 by Garmin International. The camera provides drivers with a 360-degree view of their surroundings. The dash cam's high-definition 1440p front-facing camera lens with Garmin Clarity HDR takes a crisp film that shows crucial vehicle details. In contrast, the interior lens with night vision uses Garmin's patented NightGlo Product to record all driver and passenger interactions, even in the dark.
Who are the Top 10 Countries in the Dashcam Market?
In the global dashcam market, the major countries are China, India, the U.S., Canada, Japan, France, Russia, Germany, Spain, and U.K. Regulatory improvements requiring the installation of dashcams in cars in a variety of nations, including the United States, the Philippines, and Russia, have also aided in the generating profit.
Insurance companies' favorable policies in these countries, which provide discounts to cars outfitted with these cameras, are also expected to fuel the industry's growth. End users and manufacturers' inclination toward dashboard cams are shifting dynamically. In addition to audio and video records, some high-end dashboard cameras have GPS and two-way recordings, which allow the driver to be recorded as well, which are gaining significant momentum across these leading countries.
Which is the Leading Application in the Dashboard Cameras Market?
In 2021, the personal vehicle sector had the biggest revenue share of almost 65 percent, which is predicted to grow fastest from 2021 to 2028. Because of the growing awareness of the benefits of dashcams and the existence of standard laws and regulations addressing road safety worldwide, there is a huge demand for dashboard cameras in personal automobiles. Furthermore, leading market manufacturers are merging dashcams with various driver assistance functions, which is expected to promote the segment's growth.
However, from 2021 to 2028, the commercial vehicle segment is expected to grow at a significant CAGR of more than 12% in terms of revenue. The need for dashboard cameras in commercial cars is expected to grow as recordings from these devices become more important in monitoring driver behavior, decreasing accidents, and lowering false accident claims. Furthermore, the installation of 2-channel dashboard cameras in such vehicles is likely to aid fleet management in getting a complete image of the situation.
What are the Major Driving Factors for Dashcam Market?
Owing to the booming automobile industry, the market for dashcams has exploded. The leading market participants are now working on improving the user-friendliness and convenience of dashcams by including features like expandable storage capacity, long-lasting batteries, and night vision cameras in their product offerings. Taxi and trucking firms, for example, prefer 2-channel (dual channel) dashcams since single-channel dashcams cannot be updated by adding a secondary unit to collect film inside the vehicle. Multi-lens dashcams are a lucrative market for dashcam manufacturers to invest.
What are the Restraints for Dashcam Market?
In terms of revenue, Europe had the biggest market share of more than 34 percent in 2020. However, the region accounted for a significant market share; many countries have banned them. In nations like Austria, Luxembourg, and Portugal, however, the use of recording devices or dashcams is strictly prohibited, and violators may face severe penalties.
Dash Board cameras are widely used in SD & HDs. However, sales and manufacture of passenger automobiles have been slowing since 2016, owing to the global economic downturn and other government financial reform initiatives. For instance, from 2016, interest rates for Federal Reserve have declined the unit sale of the vehicle in the U.S. During this time, production has also been falling. As a result, between 2016 and 2018, the output of SD & HDs fell by almost 40%.
Which Region Dominated the World Dashcam Market?
From 2021 to 2028, North America is predicted to develop at the quickest rate in terms of volume, with a CAGR of about 17%. Because of favorable government initiatives, consumer-centric marketing techniques, and the growing number of on-road vehicles, the demand for dashboard cams in the region is expected to rise throughout the projected period. As a result, dashboard cameras are now being recognized by a growing number of government authorities and individual drivers.
Dashboard cameras are expected to grow in popularity in the region throughout the projection period, as they provide crucial proof that can protect users financially and legally. Due to serious accidents, major police corruption, unsafe road conditions, low cost, and the simple availability of Products, most people in U.S and Canada tend to install Dashcams in their automobiles.
Segmentation of Global Dashcam Market-
Global Dashcam Market – By Product
Basic
Advanced
Smart
Global Dashcam Market – By Product
1-Channel
2-Channel
Rear View (Front & Rear View)
Global Dashcam Market – By Video Quality
SD & HD
Full HD & 4K
Global Dashcam Market – By Application
Commercial Vehicle
Personal Vehicle
Global Dashcam Market – By Distribution Channel
Online
In-store
Frequently asked questions about the global Dashcam industry.
Some key players operating in the dashcam market include DOD TechDJI, Panasonic Corporation, ABEO Product; Cobra Electronics Co, Garmin Ltd., Pittasoft Co. Ltd, Falcon Zero LLC,.
Europe accounted for the highest share in the global dashcam market in terms of value as well as volume.
The rise in new car sales, growing demand for vehicular safety, and positive government initiatives around the world are all propelling growth for the dashcam market.
In 2021, the personal car category had the biggest revenue share of more than 65 percent, and the dashcam market is predicted to grow at the fastest rate from 2021 to 2028.
In 2021, the in-store category accounted for more than 62 percent of total revenue, and it is likely to continue to dominate the dashcam market during the forecast period.
