Global Dashboard Camera Market - Segmented by Product Type (Single-channel, Dual-channel, and Rear-view), Technology (Basic, Advanced, and Smart), and Region - Growth, Trends, and Forecast (2018 - 2023)
In 2017, the dashboard camera market was valued at USD 2.74 billion, which is expected to reach a value of USD 5.36 billion by 2023, registering a CAGR of about 11.85% during 2018-2023 (the forecast period). The report provides a detailed view of the dashboard camera market across various product types and technologies. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa are the regions included in this study.
Dashboard camera has become one of the important car accessories in many countries, due to the stringent safety regulation imposed by various transport and government authorities. Besides, the rising competition in the market has resulted in a decrease in the prices of dashboard cameras, which has further increased the rate of adoption of cameras among car owners. Increasing consumer awareness and focus on safety have also been identified to influence the market growth.
Increase in the Number of Road Accidents and Thefts Driving the Dashboard Camera Demand
The number of road traffic accidents are increasing, worldwide, which has led to an increase in the popularity of dash cams. A dash cam footage provides an objective account of crashes when one is involved in a car accident or high-stress events, which can help to speed-up insurance claims and lower insurance costs. Over the past few years, the sales rate of dashboard cameras has been increasing in the UK considering the different advantages it offers. Besides, many dashboard cameras are rechargeable, so they are of use even when the cars are not in motion. One of the best uses of dashcam is the capturing of culprits behind parking accidents and theft of essentials left back in car. All these benefits provided by dash cams are leading to an increase in the growth rate of the global dashboard camera market.
Increase in the Automobile Sales Rate leading to a Growth of Dashboard Cameras
The sales of automobiles are rising across the globe. In the present situation, every car owner wants to have the best features in the car, which include convenience and safety. Therefore, car manufacturers are installing the best of dash cameras, in order to provide their customers the safety they need while travelling. The demand for dash cams has been increasing with every sale of car, which is propelling the demand for dashboard camera market.
Asia-Pacific a Dominating Dashboard Camera Market
Asia-Pacific holds a major share of the global market, due to the increase in popularity of dashboard cameras among commercial and private vehicle owners. The growth in demand for dash cam comes from countries, like China, Japan, South Korea, Australia, and Others, in which China holds the market share. Moreover, the rise in central focus on fraud protection and providing road safety to motorists and passengers has led to a rapid increase of the dashboard camera market in South East Asian countries, such as Singapore, Indonesia, and Malaysia.
Key Developments in the Market