Yahoo Finance Dashboard Camera Market Is Expected To Reach around USD 16.8 Billion by 2030, Grow at a CAGR Of 21.8% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.
According to a market research study published by Contrive Datum Insights, In 2021, Europe's market was worth $1.76 billion USD. People in Russia were the first to use dashcams.
Farmington, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The Global Dashboard Camera Market Size Stood At USD 3.53 Billion In 2021. The Market Is Projected To Grow From USD 4.21 Billion In 2022 To USD 16.8 Billion By 2030, Exhibiting A CAGR Of 21.8% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. When compared to levels before the pandemic, demand for dashboard cameras has been higher than expected in every area. Our research shows that the global market grew by 12.8% from 2019 to 2020.
A dashboard camera, also called a dashcam, is an onboard camera that is attached to the front windscreen and sometimes the back windows of a vehicle and records the view continuously. A dashcam is very helpful in case of an accident. The camera is in a good place to see the whole road ahead, so there is proof that there was an accident in front of the driver or that he or she was involved. For instance, police in the UK now accept footage from dashcams as proof. So, they can be used to stop accidents from happening again by telling police about careless or dangerous drivers.
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Recent Developments:
June 2021: Garmin announced four new dashcams with cloud-connected storage (Dashcam Mini 2, 47, 57 and 67W). All offer remote monitoring of parked vehicles and free online video storage for up to 24 hours after an accident.
May 2020: Xiaomi launched the Mi Smart Dashcam 2K. Thanks to the camera's OV OS05A10 back-illuminated image sensor, it can record video in high resolution up to 1600p. This sensor has an f/1.8 aperture. This is the second entry in a series from Xiaomi.
Segment Overview
Technology Type Insights
The market can be split into three groups based on the type of technology: basic, advanced, and smart. At the moment, the world market is led by the basic segment. There are a lot of basic dashcams on the market because they are cheap and easy to use. Many people can make insurance claims without a lot of trouble if they just record the view while driving. During the forecast period, the advanced segment is expected to have the highest CAGR and will be the largest segment by 2029. Dashboard cameras that are getting better have GPS, audio, and accelerometers. People will want these new, tech-savvy units, which will make the market grow. The smart technology type segment is expected to grow at the second-fastest rate during the expected time period. The demand for smart cameras in luxury, business, and luxury car rental vehicles will drive the market's growth.
Channel Type Insights
The market is split into single-channel and dual-channel markets based on the type of channel. The word "channel" here refers to the number of cameras. Most of the time, a single-channel camera can only record the road in front of the driver because it only has one camera that faces forward. Some of the more expensive single-channel dashcams have features like night vision, Wi-Fi, GPS, and a mode for parking. At the moment, the world market is led by the single-channel segment. The single-channel segment is growing because it is cheaper and easier to run and maintain than the dual-channel segment. On the other hand, growth is expected to be fastest in the dual-channel segment. Dashcams with two channels can record both the front and back of the car, depending on how they are mounted and aimed. The setup can be made up of two separate cameras that work together and are connected by a cable, or it can be made up of just one camera that has both a front and back camera in it. Dual channels are the most common. They are good for both personal and business use because they record real footage in case of an accident. So, during the time frame, the CAGR for the dual-channel segment is expected to be the highest.
Vehicle Type Insights
Passenger cars and commercial vehicles are the two main types of vehicles sold all over the world. Dashcams that are put in passenger cars are part of the segment for passenger cars. Most of the time, these are used for safety, insurance, or to keep track of things in case you travel. Some parents also put these kinds of cameras in their kids' cars because they worry about how well their kids drive. This segment also includes car ride-sharing platforms that use dashcams to watch how customers drive and make sure they are safe while travelling. In the next few years, most of the market is likely to be made up of passenger cars. This part talks about the dashcams that are put in trucks, buses, and work vans. These are in place to stop people from making false claims, to watch drivers, to coach drivers, and to help them stop driving in dangerous ways. The Driver Monitoring System (DMS) has a camera that looks into the car's cabin. This helps when the driver is too tired or distracted to drive well. So, fleet managers get a lot of benefits when they use dashcams with ADAS. So, all of these things will help the market for dashcams with two channels to grow.
Regional Outlook:
In 2021, Europe's market was worth $1.76 billion USD. People in Russia were the first to use dashcams. Then the idea spread to the U.K. and Germany. Europe has the most of the market. Dash cams are required in Russia because people were afraid of rude drivers, insurance fraud, and accidents that weren't properly looked into because they didn't have the right technology.
In 2021, North America had the second-largest market in the world. The growth is because police officers in the U.S. are using dashcams to get more proof of crimes. Most people in this area who buy dashcams are people who drive for rideshare companies. Even though these cameras are not required, U.S. lawmakers are trying to make them so. During the time period predicted, this will make more people want to buy market in the area.
During that time period, the Asia-Pacific market is likely to grow the most. The APAC market is driven by the increasing use of new technologies like ABS, ADAS, vehicle telematics, and dashcams. Also, positive steps from emerging economies like China, India, and Malaysia lead to more people buying dashcams, which helps the market grow in the long run. For example, in 2019, Siti Zaharah Ishak, the director-general of the Malaysian Institute of Road Safety Research (MIROS), praised the growing number of cars with dashcams and asked other drivers to do the same. There are also businesses trying to get into the APAC market. For example, NextBase, one of the biggest dashboard camera makers in Europe, is about to bring all of its dashboard camera products to the Australian market.
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Scope of Report:
Report Attributes | Details |
Growth Rate | CAGR of 21.8% from 2023 to 2030. |
Revenue Forecast by 2022 | USD 4.21 Billion |
By Technology Type | Basic, Advanced, Smart, Others |
By Channel Type | Single-Channel, Dual-Channel, Others |
By Vehicle Type | Passenger Cars, Commercial Vehicles, Others |
By Companies | Koninklijke Philips N.V. (Netherlands), Valeo SA (France), Aptiv (Ireland), Honeywell International Inc. (U.S.), Panasonic Corporation (Japan), LG Innotek (South Korea), Xiaomi (China), Garmin Ltd. (U.S.), DOD Tec (Canada), Waylens, Inc. (U.S.), ABEO Company Co., Ltd (Taiwan), Pittasoft Co. Ltd. (South Korea), PAPAGO Inc. (U.S.), Steelmate Automotive (U.K.), Qihoo 360 Technology Co. Ltd. (China) |
Regions and Countries Covered |
|
Base Year | 2022 |
Historical Year | 2017 to 2022 |
Forecast Year | 2023 to 2030 |
Trends:
Recent changes to technology for self-driving cars will have an effect on the global market. Top companies like Tesla and Volvo make dashboard cameras. These cameras aren't like regular cameras; they're always getting better to keep you safe on the road. New technologies like artificial intelligence and vehicle telematics have made it much easier to use dashcams in both personal and business vehicles.
While the car is moving, these cameras use artificial intelligence to keep track of the outside and inside environments. The AI helps by looking at the scene and finding things in it in real time. For example, the camera can send a real-time alert to the driver or operator if a vehicle is coming up from behind at the right speed, so the driver can take action to avoid a crash.
Driving Factors:
Dashcams are getting more and more popular as car accidents keep happening. This mostly helps the driver record things that happen in front of and behind the car and store them in a DVR box inside the car. Dashcams record videos that can be used in court, for insurance claims, and to keep people safe.
Also, car thieves are a big worry for people all over the world who own cars. For example, the U.S. Department of Transportation's Fatality Analysis Reporting System (FARS) says that 36,096 people died in 33,244 fatal car accidents in the U.S. in 2019. Also, an FBI report says that 727,921 cars will be stolen in the U.S. in 2020, which is 11.8% more than the 667,064 cars that will be stolen in 2019. Also, according to the FBI, more cars were stolen in 2020 than in any year since 2008.
Restraining Factors:
Advanced driver assistance systems and connected cars have made driving much easier and safer. But as technology makes our society more connected, people worry about security more and more. Dashcams are always criticised by people who work in cybersecurity because they worry about privacy. In the past, experts have pointed out many security holes that could let user data be stolen or cyberattacks happen.
Even though the companies sometimes fix these issues on their own, we don't know when this could be a big issue. To make driving safer, manufacturers must make sure that their cybersecurity and data protection policies are at the highest level. For example, because of the ransomware attack in 2018, the Atlanta Police Department lost dashcam footage from years ago.
Key Segments Covered:
Top Market Players:
Koninklijke Philips N.V. (Netherlands), Valeo SA (France), Aptiv (Ireland), Honeywell International Inc. (U.S.), Panasonic Corporation (Japan), LG Innotek (South Korea), Xiaomi (China), Garmin Ltd. (U.S.), DOD Tec (Canada), Waylens, Inc. (U.S.), ABEO Company Co., Ltd (Taiwan), Pittasoft Co. Ltd. (South Korea), PAPAGO Inc. (U.S.), Steelmate Automotive (U.K.), Qihoo 360 Technology Co. Ltd. (China), and others.
By Technology Type
Basic
Advanced
Smart
Others
By Channel Type
Single-Channel
Dual-Channel
Others
By Vehicle Type
Passenger Cars
Commercial Vehicles
Others
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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