The global dashboard camera market was valued at USD 2519 million in 2018, and it is expected to register a CAGR of 15.4%, during the forecast period of 2019
NEW YORK, Oct. 28, 2019 /PRNewswire/ --
Market Overview
The global dashboard camera market was valued at USD 2519 million in 2018, and it is expected to register a CAGR of 15.4%, during the forecast period of 2019-2024. The market studied has expanded rapidly over the last few years, due to a considerable rise in the number of accidents and thefts, which have led to various governments mandating the installation of dashcams.
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The expansion of the market studied was further supported by the increase in automobile sales, globally. As the automotive sector is evolving consistently, integration of dashcams has become a prominent trend, worldwide.
Driving assistance systems have gained popularity recently, owing to the drastic rise in the number of accidental fatalities that have been reported in the last decade. The demand for better assistance systems to categorically judge imminent dangers, and guide drivers has emerged as viable product in the automotive sector.
Several insurance companies are contributing to the increase in dashboard camera sales by offering discounts on car insurance premiums to customers. The demand for dashcams is also increasing, as it can reduce insurance frauds or claims by capturing on video events.
Scope of the Report
Dashboard Cameras are onboard cameras that continuously record the view through a vehicle's front windscreen and sometimes rear or other windows. The important benefits of vehicle dash cameras are its accident recording capabilities. It helps to capture vehicle collations on video which ensures that there is always a witness around. Besides, many people have used accident footage to prove that they were not wrong. Dashcams are also placed on truck' dashboard which help to record front facing videos. Besides, advanced dash cams can record rear views and some are equipped with specialized sensors to support more effective nigh time recordings.
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 dash cam systems comprise two cameras with high-resolution feed, for front and rear video recording.
Companies are continuously innovating, to develop their offerings and leverage this opportunity. For instance, Thinkware launched a two-channel (2CH) dashcam F200 that records in full HD 1080p with wide dynamic range (WDR) and offers 720p HD at the rear. It also has a built-in Wi-Fi functionality, which allows drivers to connect the dash cam directly to their smartphone, to adjust settings and easily download footage.
China to Witness Highest Growth
China is expected to overtake the United States as the world's largest premium car market, creating a significant potential for the growth of the market studied. The Chinese automotive industry is expected to witness rapid technological evolution over the next few years, owing to the ongoing safety trend that is evident in North America and Europe. Particularly in the dashcam market, the country witnessed a 20% rise in sales, in recent years, due to increasing demand from insurance frauds. While the adoption of normal dashcams in the country is high, the manufacturers in the country are providing more enhanced solutions, like modern cameras equipped with Wi-Fi, ADAS, and real streaming media mirror.
Competitive Landscape
The dashboard camera market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. In Oct 2017, Papago introduced new dashcams - Gosafe S37, Gosafe S780, and Papago Ray - at the world's biggest automotive products show, SEMA. Jan 2018, Garmin announced the launch of Garmin Speak Plus with Amazon Alexa, by adding a built-in dash camera to its innovative Garmin Speak.
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