The global dashboard camera market is anticipated to reach a valuation of USD 13 Billion by 2032, with the market expanding at a prolific CAGR of 18.3% from 2022 to 2032. Valued at USD 2 Billion in 2021, the target market is set to reach 2.4 Billion in 2022.
The dashboard camera market, also known as the dashcam market, is experiencing significant growth driven by increasing concerns about road safety, rising demand for vehicle security solutions, and advancements in technology. Dashboard cameras, mounted on the vehicle’s dashboard or windshield, record video footage of the road ahead and sometimes the interior of the vehicle, providing valuable evidence in case of accidents, theft, or other incidents. These devices have become increasingly popular among individual drivers, fleet operators, and insurance companies alike.
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Key Drivers Fueling Growth in the Dashboard Camera Market:
- Rising Concerns about Road Safety: Growing awareness of road safety issues and the need for evidence in case of accidents drive demand for dashboard cameras. Drivers seek to protect themselves from false insurance claims, reckless driving, and other road incidents by installing dashcams to record real-time footage of their journeys.
- Insurance Premium Reductions: Many insurance companies offer discounts or incentives for drivers who install dashboard cameras in their vehicles. Dashcams provide irrefutable evidence in case of accidents, helping insurers process claims more efficiently and accurately, which often results in lower premiums for policyholders.
- Prevention of Insurance Fraud: Dashboard cameras serve as a deterrent against insurance fraud, such as staged accidents or false injury claims. The presence of a dashcam encourages responsible driving behavior and provides indisputable evidence to counter fraudulent claims, reducing the financial burden on insurers and policyholders alike.
- Security and Theft Prevention: In addition to recording accidents, dashboard cameras help prevent vehicle theft and vandalism by serving as a visible deterrent to potential perpetrators. Some dashcams feature parking mode, which activates recording when motion or impact is detected while the vehicle is parked, providing added security for parked vehicles.
- Technological Advancements: Advances in camera technology, such as high-definition (HD) video recording, wide-angle lenses, and night vision capabilities, enhance the functionality and performance of dashboard cameras. Integrated GPS tracking, Wi-Fi connectivity, and smartphone compatibility further expand the capabilities of modern dashcams, driving market growth.
Key Takeaways from the Dashboard Camera Market Report:
- Regulations regarding privacy infringement may hamper the market growth.
- The dashboard camera market in the United States will grow at a CAGR of 17.5%, reaching USD 4.4 Billion during the forecast period.
- The U.K. dashboard camera market will register a CAGR of 16.8% and reach USD 522.1 Million by 2032.
- By technology, the basic dashboard camera segment will dominate the global marketplace with a CAGR of 18.1% during 2022-2032.
- The dashboard camera market in the Asia Pacific region will account for the highest revenue growth.
Competitive Landscape:
ABEO Technology CO., Pittasoft Co. Ltd., Garmin Ltd, Falcon Zero LLC, Cobra Electronics Co, Safe Cams, THINKWARE, Harman, Amcrest Technologies LLC, HP Development Company LP, DOD TechDJI, Panasonic Corporation, DOD Tech, Waykens Unc., Papago Inc., LG Innotek, Koninklijke Philips N.V, and Honeywell International Inc., among others are some of the major players in the dashboard camera market profiled in the full version of the report.
Leading market players are keen on product development and releasing new product lines. These businesses also employ strategic collaborations and partnership tactics to strengthen their market prospects.
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Dashboard Camera Market Segmentation:
By Technology:
- Basic
- Advanced
- Smart
By Product type:
- 1-Channel
- 2-Channel
- Rear View
By Video Quality:
- SD and HD
- Full HD and 4K
By Application:
- Commercial Vehicle
- Personal Vehicle
By Region:
- North America Dashboard Camera Market
- Latin America Dashboard Camera Market
- Europe Dashboard Camera Market
- South Asia Dashboard Camera Market
- East Asia Dashboard Camera Market
- Oceania Dashboard Camera Market
- Middle East & Africa Dashboard Camera Market
More Insights into Dashboard Camera Market Report:
In its latest report, FMI offers an unbiased analysis of the global dashboard camera market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of technology (basic, advanced, smart), product type (1-channel, 2-channel, rear view), video quality (SD and HD, full HD & 4K), application (commercial vehicle, personal vehicle), and region.
According to the latest FMI reports, based on segmentation, the basic technology segment will make significant contributions to the overall market growth. This segment is expected to grow at a CAGR of 18.1% during 2022-2032. In terms of application, the personal vehicle segment is anticipated to generate high demand during the projection period.
Based on region, the dashboard camera market in the United States and the United Kingdom will display remarkable growth during 2022-2032. The U.S. dashboard camera market is estimated to grow at a CAGR of 17.5% and reach USD 4.4 Billion by 2032. This growth can be attributed to the rising popularity of ride-sharing companies like Uber and Lyft as well as to a well-established shipping and haulage business. The dashboard camera in the United Kingdom will grow at a CAGR of 16.8% and create an incremental opportunity of 411.3 Million during 2022-2032. In addition, the target market in the Asia Pacific region is predicted to generate the highest revenue during the forecast period.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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