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The global automotive dashboard camera market size is estimated to grow by USD 4518.77 million between 2022 and 2027 accelerating at a CAGR of 23.65%.
This report extensively covers market segmentation by Application (passenger cars and commercial vehicles), Product (single channel and dual channel), and Geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
Factors such as increasing adoption of multi-channel dashboard cameras, and discounts on insurance premiums for vehicles with dashboard 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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In 2020, the COVID-19 outbreak severely affected the regional market. However, in 2021, the success of the vaccination drives in the region and a surge in investment inflows into the automotive sector resulted in the re-opening of plants and an increase in auto production. This increased the demand for dashboard cameras in the region. Therefore, owing to these factors, the market in focus in this region is expected to grow during the forecast period.
Our researchers analyzed the data with 2022 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, dashboard cameras are placed in vehicles to monitor driving behavior and record accidents. Insurance providers offer discounts on premiums for vehicles equipped with dashboard 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 automotive dashboard cameras market.
The development of in-built dashboard cameras by OEMs is a major trend in the market. The major vendors that offer dashboard cameras are Panasonic Holdings Corp. (Panasonic), Pittasoft Co. Ltd. (Pittasoft), Garmin Ltd. (Garmin), and HP Inc. (HP). The wide acceptance of dashboard cameras among vehicle users has encouraged vehicle manufacturers to start installing dashboard 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 automotive dashboard cameras market during the forecast period.
The inconsistent quality of automotive dashboard cameras 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 dashboard cameras have become popular due to their ability to capture video in more than one direction. Vehicle users who install dashboard cameras for insurance claims and parked vehicle safety prefer multi-channel cameras, leading to a decline in the quality of single-channel cameras. This reduced preference for single-channel cameras is hindering their design and technological development. The vast price range of dashboard 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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The market share growth by the passenger cars segment will be significant during the forecast period. The passenger cars segment was valued at USD 823.49 million in 2017 and continued to grow until 2021. 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 dashboard 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.
Therefore, the increasing preference for the installation of safety accessories, the insistence on the adoption of dashboard cameras by insurance firms, and the surge in the adoption of dashboard 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.
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Most automotive dashboard cameras are single-channel automotive dashboard cameras, 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 it comes 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 dashboard camera 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 dashboard 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 dashboard cameras in the country. Furthermore, the benefits provided to vehicles fitted with dashboard cameras in the insurance claim process are expected to fuel the adoption of dashboard 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 dashboard 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 dashboard cameras. These are the major reasons for the rapid growth of the market in Europe during the forecast period.
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Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Automotive Dashboard Camera 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 vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors 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.
Global Automotive Dashboard Camera Market Customer Landscape
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Automotive Dashboard Camera Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 23.65% |
Market growth 2023-2027 |
USD 4,518.77 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
22.68 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 38% |
Key countries |
US, Russia, China, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
70mai Co. Ltd., ABEO Technology Co. Ltd., Anker Technology UK Ltd., Apeman International Co. Ltd., AUKEY, 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 growth inducers and obstacles, Fast-growing and slow-growing segment analysis, 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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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