Sep 12, 2022, 12:22 EST
Shibuya-ku, Tokyo, Japan, Japan, Sep 12, 2022, 12:22 /Comserve / -- Dashboard Camera Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The dashboard camera market was valued at USD 1910.17 million in 2022, and it is expected to reach USD 5117 million by 2031, registering a CAGR of 21.90%, during the forecast period. The market studied expanded rapidly across the European region, over the past few years, due to a considerable rise in the number of accidents and thefts, resulting in various governments mandating the installation of dash cams.
- Dashboard cameras have evolved from the first cameras installed on police cars, in the late 1980s. They were primarily analog cameras that did not have memory cards and recorded on VHS cassettes. The industry transformed drastically in the 1990s when citizens began to install dash cams and used them to record driving instances. The advancements in technology have led to many improvements in the dash cams, such as high-quality video output and cost-effectiveness
- Driving assistance systems have gained popularity, owing to the drastic rise in the number of accidental fatalities reported in the last decade. The demand for better assistance systems, categorically judging imminent dangers and guide drivers, is increasing, as these systems have emerged as a viable product in the automotive sector. Currently, driver assistance systems are predominantly being used in the luxury cars segment. Many connected car vendors are developing driver assistance technology, which is expected to be commercialized during the forecast period.
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Key Market Trends
Dual-channel Cameras to Witness Major Growth
- Multi-lens dashboard cameras represent a lucrative segment to invest in for dashboard camera manufacturers. There has been an increasing preference for dual-channel dashboard cameras over single-channel dashboard cameras.
- These cameras are gaining popularity among private and commercial vehicle owners. Dual-channel dashcam systems comprise of two cameras with high-resolution feed, for front and rear video recording.
- Further, the introduction of innovative technology applications by the companies is driving the growth of the market. For instance, Thinkware launched its dual-channel Dash Cam F800 Pro, which has improved features over the F800 model. The new dashcam offers enhancements, such as better power management for hard -wired installations and a different color scheme, while retaining the best -in -the - business night capture
- With the increasing traffic-related fatalities across the globe, the market is expected to witness positive growth.
North America to Register Significant Growth
- North America is expected to witness significant growth led by various companies and startups in the United States starting to make substantial investments to increase their presence and aid the region's adoption rate. Whereas the existing companies are innovating new products to expand the product portfolio to gain market traction and increase their market share.
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- For instance, Garmin International Inc., launched the new Dash Cam 46/56/66W and the Dash Cam Mini, the latest additions to its popular dashboard camera lineup. The new series includes an ultra-compact design, high-resolution video, an extra-wide view, GPS, and voice control; the drivers can easily find a Garmin dash cam that is tailored to their specific needs
- Similarly, a group of startups in the United States have developed an innovative business model, wherein the drivers are offered monetary rewards for installing dashboard cameras in their vehicles. As a result, an increasing number of ride service providers across North America, such as Lyft and Uber, have started deploying in-car DVRs to record their rides.
- Besides, the current lack of direct discounts from insurance companies for the installation of dashcams is estimated to impact the low interest of US consumers. However, stringent regulations mandated by the government, due to the growing number of accidents in the United States, are expected to propel the growth.
The dashboard camera market is highly competitive and consists of several major players. The market appears to be moderately concentrated due to the presence of many small and large players in the market operating in domestic and international markets. The major players in the market are leveraging strategic collaborative initiatives to increase their market shares and profitability. Some of the major players in the market are Garmin Ltd, Panasonic Corporation, Harman International Industries Inc., HP Development Company LP, among others.
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness- Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Market Drivers
4.4.1 Increase in the Number of Road Accidents and Thefts
4.4.2 Favorable Insurance Policies
4.5 Market Restraints
4.5.1 Reliability and Privacy Issues
5 MARKET SEGMENTATION
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