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The global automotive dashboard camera market size is estimated to grow by USD 9.87 billion between 2023 and 2028, accelerating at a CAGR of 34.28%. Factors such as increasing adoption of multi-channel cameras, and discounts on insurance premiums for vehicles with cameras are driving the market growth. Furthermore, dashboard cameras provide safety. Even a small error can cause accidents while driving. Dashboard cameras provide better front and rear visibility which reduces the chance of accidents. Customers are ready to invest in these types of advanced security and safety features since safety is their number one priority. All these factors are positively impacting the market growth.
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The market share growth by the passenger cars segment will be significant during the forecast period. The passenger cars used for ride-hailing and ride-sharing services are expected to contribute significantly to the growth of the global market. Furthermore, there are cameras available in the market that are specifically sold for commercial-purpose passenger cars. For instance, Pittasoft Co. Ltd. (Pittasoft) offers BlackVue DR900S and DR750S - IR, which have in-built global positioning system (GPS) sensors and G-force sensors that can record the location and more details and can save the footage without being overwritten.
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The passenger cars segment was valued at USD 995.50 million in 2018 and continued to grow until 2022. Therefore, the increasing preference for the installation of safety accessories, the insistence on the adoption of cameras by insurance firms, and the surge in the adoption of cameras by ride-hailing companies are expected to be the major factors driving the growth of the market in focus in this segment during the forecast period.
Most automotive dashboard cameras are single-channels, which are capable of only capturing footage from a single perspective. This can be either the front view or the rear view, depending on where the camera is mounted. These cameras are easy to install and use, and they come with a wide range of features that will be helpful for the consumer while driving, such as capturing evidence of the accident or crime, easy claim vehicle insurance due to accidents, and several others. The single-channel automotive amera is a great investment for the consumer who wants to improve their safety on the road. Hence, the above-mentioned factors are expected to fuel the growth of the single-channel segment.
Europe is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Germany, and the UK. A large number of road accidents and false accusations by the parties involved have led Russia to have the highest penetration of dashboard cameras in Europe. Other reasons for the high adoption of cameras in Russia are poor road conditions due to the harsh winters, weak road safety and law enforcement, which leads to unsafe driving practices, and a high rate of road fatalities. These factors have compelled vehicle users in Russia to invest in safety accessories, which has increased the adoption of cameras in the country. Furthermore, the benefits provided to vehicles fitted with cameras in the insurance claim process are expected to fuel the adoption of cameras in Russia.
The UK has also been experiencing an increase in the adoption of dashboard cameras since 2015. The major reason for the rise in the adoption of cameras in the UK is that recorded footage is legally accepted as evidence by the police, court, and insurance firms in the country. In addition, insurance firms offer discounts on premiums for vehicles installed with cameras. These factors will similarly drive growth in the North America automotive camera market during the forecast period.
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Insurance companies are increasingly advocating for the use of dashboard cameras to mitigate fraudulent insurance claims and ensure fair medical compensation in the event of car accidents. These cameras provide valuable evidence in case of incidents, helping insurance companies assess liability accurately. Additionally, regulatory bodies such as the Land Transportation Office are mandating the installation of dashboard cameras in vehicles to enhance safety and security on the roads. Fleet managers are leveraging dashboard cameras for real-time monitoring and location tracking of vehicles, enabling efficient vehicle fleet monitoring and management. With the rise in vehicle thefts and "Cash for Crash" frauds, the demand for dashboard cameras from both vehicle owners and fleet managers is on the rise, highlighting their importance in ensuring safety and reducing insurance costs. Our researchers analyzed the data with 2023 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Discounts on insurance premiums for vehicles with dashboard cameras are prominently driving the market growth. The automotive insurance industry is moving towards use-based insurance models based on driving behavior. However, telematics systems cannot accurately record accidents. To overcome this, cameras are placed in vehicles to monitor driving behavior and record accidents. Insurance providers offer discounts on premiums for vehicles equipped with cameras. For instance, Axa SA (AXA) and South Korean insurance providers offer discounts ranging from 3%-10%. These benefits apply to both conventional and use-based insurance models, driving the growth of the global market.
The development of in-built dashboard cameras by OEMs is a major trend in the market. The major companies that offer cameras are Panasonic Holdings Corp. (Panasonic), Pittasoft Co. Ltd. (Pittasoft), Garmin Ltd. (Garmin), and HP Inc. (HP). The wide acceptance of ameras among vehicle users has encouraged vehicle manufacturers to start installing cameras as an in-built feature. A few examples are mentioned below:
The installation of dashboard cameras as original equipment (OE) fitment is expected to have a positive impact on the global market during the forecast period.
The inconsistent quality is hindering market growth. Automotive dashboard cameras are available in different types, including single-channel, dual-channel, dual-channel IR, and 3-channel. Multi-channel cameras have become popular due to their ability to capture video in more than one direction. Vehicle users who install cameras for insurance claims and parked vehicle safety prefer multi-channel cameras, leading to a decline in the quality of single-channel cameras.
Moreover, this reduced preference for single-channel cameras is hindering their design and technological development. The vast price range of cameras, coupled with a lack of regulations, results in the sale of low-cost, low-quality cameras, creating dissatisfaction among price-sensitive consumers. The inconsistency in camera quality poses a challenge to the market during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Market.
70mai Co. Ltd. - The company manufactures dashboard cameras, car jump starters, and other battery products. The key offerings of the company include automotive dashboard cameras.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is witnessing substantial growth due to increasing concerns over vehicular safety, vehicle thefts, and fraudulent insurance claims. Major players in this market include prominent automotive dashboard camera manufacturers producing Car DVRs equipped with advanced features like lane departure warning systems and collision avoidance systems. These cameras are favored by automotive companies, commercial fleet operators, and individual vehicle owners alike. They offer benefits such as real-time monitoring, location tracking, and evidence provision for insurance claims. With features like Wi-Fi connectivity and mobile applications, they are becoming more sophisticated, catering to the safety and security concerns of motorists and commercial users, ultimately leading to reduced insurance costs and improved efficiency in fleet management.
Moreover, the market is witnessing significant growth driven by concerns over medical compensation, car accidents, and insurance claims. These cameras, equipped with features like blind spot detection and forward collision warning systems, help prevent potential collisions and mitigate road mishaps. They also serve as a deterrent to "Cash for Crash" frauds, ensuring the safety of motorists. Regulatory bodies like the Land Transportation Office are increasingly endorsing the use of dashboard cameras, particularly among Public Utility Vehicle (PUV) operators. These cameras offer benefits such as vehicle fleet monitoring, driver behavior tracking, and efficiency improvement, leading to reduced fuel costs and insurance premiums. With advancements in technology, including Wi-Fi connectivity and driver assistance features, dashboard cameras are becoming indispensable for trucking companies, taxi operators, and other commercial users, driving overall safety and productivity in the automotive sector. Innovations in truck mirror systems, integrating advanced visibility and safety features, complement the role of dashboard cameras in enhancing driver awareness and vehicle safety.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 34.28% |
Market growth 2024-2028 |
USD 9.87 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
25.64 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 38% |
Key countries |
US, Russia, UK, China, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
70mai Co. Ltd., ABEO Technology Co. Ltd., Anker Technology UK Ltd., Apeman International Co. Ltd., AUKEY Online, Cedar Electronics Corp., DOD Tech, Garmin Ltd., Harman International Industries Inc., HP Inc., JVCKENWOOD Corp., MiTAC Holdings Corp., Nexar Ltd., Nextbase, Panasonic Holdings Corp., PAPAGO Inc., Pittasoft Co. Ltd., Thinkware Corp., VANTRUE, and VIOFO Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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