Publication Month: Mar 2022 | Report Code: TIPRE00027430 | No. of Pages: 172 | Category: Automotive and Transportation | Status: Published
The rising frequency of automobile thefts and road accidents globally has propelled the product demand in the last few years. Dashboard cameras can help avoid insurance fraud, such as deliberately causing vehicle damage to avail false insurance claims. Regulatory reforms supporting the installation of dashcams in cars for security and safety measures in numerous countries, including the US, the UK, and Russia, also support the dashboard camera market growth. The use and ownership of dashcams are legal in the US, as their installation does not impede or break any laws. Notably, the installation and use of dashboard cameras were illegal in several states in the US, such as California, until 2011, when the government passed a law that lifted the ban from dashcams, with the imposition of a few restrictions.
High-tech dashboard cameras available in the market use computer vision and artificial intelligence to evaluate video recordings, giving them a better understanding of drivers’ activities, such as cell phone usage, eating, and weariness while driving. In August 2021, KeepTruckin, a market leader in fleet management technology, launched a new AI Dashcam powered by a sophisticated AI processor and intelligent computer vision algorithms for instant detection of unsafe driving with unrivaled accuracy the ability to alert drivers in real time. Advanced safety platforms support dashcams, leading to improved fleet management and enhanced driver safety. Similarly, the Nextbase 522GW high-tech dashboard camera integrates an intelligent parking mode for automatic recording if any movements are detected on the vehicle. The device also includes a 3-inch HD IPS display with Alexa-integrated playback, easy sharing, and menu selection. Such innovations are supporting the proliferation of the global dashboard camera market.
Based on technology, the dashboard camera market has been segmented into basic, advanced, and smart. Based on the product type, the market has been segmented into 1-channel, 2-channel, and rear view (front and rear view). Based on video quality, the dashboard camera market has been segmented into SD and HD, and full HD and 4K. Based on application, the dashboard camera market has been segmented into commercial vehicle and personal vehicle.
|Market Size Value in||US$ 2,018.69 million in 2021|
|Market Size Value by||US$ 7,260.97 million by 2028|
|Growth rate||CAGR of 20.1% from 2021 to 2028.|
|Forecast Period||2021- 2028|
|No. of Pages||172|
|No. of Tables||115|
|No. of Charts & Figures||89|
|Historical data available||Yes|
|Segments covered||Technology, Product Type, Video Quality, and Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
North America, particularly the US, accounts for a major share of the global dashboard camera market. However, the declining sales of vehicles across the region hampered the demand for dashboard cameras in 2020. However, the impact of the pandemic is expected to persist over a short term, as the dashboard camera market is recovering with the successful implementation of vaccination drives. Further, North America is witnessing a rapid shift in customer preference toward electric vehicles (EVs), creating a solid growth opportunity for the dashboard camera market players as these systems play a vital role in providing sufficient data to ADAS systems and self-driving cars, thereby ensuring the safety of passengers. For example, Tesla enabled the in-car camera in its Model 3 and Model Y vehicles to monitor drivers when its Autopilot advanced driver assistance system is in use. Notably, EV sales increased to 200% in the US from Q2 2020 to Q2 2021, accounting for a domestic penetration rate of 3.6% during this period. As the automotive sector is regaining its pace with the resumption of operations at manufacturing sites, growing demands for driver safety concerns, and rising insurance frauds are creating notable growth opportunities for the dashboard camera market players in North America.
The quality of service provided by public vehicle drivers is one of the most crucial aspects of any fleet management. Regardless of vehicle size, they need skilled, responsible, and trustworthy employees that are experts in their job. It is common knowledge that monitoring significantly impacts people's behavior. People’s behavior alters when they are aware that they are being observed through a tinted glass in an interrogation room or a surveillance camera at the workplace. Commercial vehicle dashcams can have a similar effect on drivers, benefiting vehicle owners.
Logistics monitoring assists in tracking fleets that are constantly moving, and transporting freight and materials worldwide. As much of their performance depends on time and punctuality, having trustworthy technology to assist with logistics management is critical. Commercial fleet providers can stay ahead of the competition with an AI-supported dashcam logistics fleet monitoring system. It is simple to track freight using a network of dash cameras integrated with a control center, showing the location of all the fleet's vehicles. Logistics companies use computers or mobile devices to load all semi-trucks and logistics cargo sites. Vehicle whereabouts are sent to dispatch in real time, allowing them to schedule freight pickup and arrival schedules. For instance, the installation of iDrive Camera Systems allows drivers to stay alert and focused on the camera to create a safe environment and help avoid crime and vandalism on the vehicle. Thus, the surging need for dashcams are creating significant opportunities for the future growth of dashboard camera market players.
Based on application, the dashboard camera market is segmented into commercial vehicle and personal vehicle. The personal vehicle segment led the dashboard camera market in 2020. As personal vehicle dashboard cameras are preferably located to watch the complete road ahead, every accident that customers witness or are engaged in is recorded. Dashcams or in-car cameras are fixed on the dashboard or the vehicle's windscreen. It starts recording as soon as a user switches on the car’s ignition. So, the customer will have the recordings of every drive, and upon getting involved in any incident, they might use the video proof to understand the complete incidence. Wi-Fi connectivity is a standard feature on several luxury automobiles. Hence, customers require a high-tech dashboard camera that would add an advantage to the safety concerns. Audi Connect is available in the Audi RS 4 Avant, and the BMW 5 Series features a Wi-Fi hotspot that allows customers to access the internet while on the road.
Players operating in the dashboard camera market are mainly focused on developing advanced and efficient products.
Based on technology, the dashboard camera market is segmented into basic, advanced, and smart. Based on product type, the dashboard camera market is segmented into 1-channel, 2-channel, and rear view (front and rear view). Based on video quality, the dashboard camera market is segmented into SD and HD, and full HD and 4K. Based on application, the dashboard camera market is segmented into commercial vehicle, and personal vehicle. Based on geography, the dashboard camera market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).