Dashboard Camera Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2020-2025
Overview
Dashboard Camera market size is forecast to reach $6.5 billion by 2025, at a CAGR of 15.20% during 2020-2025. Increased number of road accidents and thefts for the past few years are major factors that propel market growth. In 2018, according to the report given by the Federal Bureau of Investigation (FBI), about 748,841 vehicles were stolen in the U.S. alone. In addition mandatory regulations made by governments of different countries to install dashcam drive the market. In 2019, according to the U.S. Federal government, it is mandatory to install onboard cameras in new cars. In addition to this several insurance companies are contributing to the increase in dashboard camera sales by offering discounts on car insurance as it can reduce insurance frauds or claims by using these cameras as event data recorders. All these regulations will positively affect the dashboard camera market in the forecast period.
Report Coverage
The report: “Dash Board Camera Market Report – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the DashBoard Camera Market.
Key Takeaways
Dual-channel Cameras are expected to witness highest CAGR during the forecast period owing to increasing preference for dual-channel dashboard cameras as it contains two cameras with high resolution feed for front and back video recording.
North America dominated the dashboard camera market share with a share of more than 38% due to stringent regulations.
The smart dashboard camera segment is expected to witness the fastest growth over the forecast period due to availability of seamless wireless connectivity and rising demand for the integration of smart cameras with Advanced Driver Assistance Systems (ADAS) technology.
Sharp Drop In the sales of passenger car production in United States and other developed market will hinder the growth of Dashboard Camera market
Type - Segment Analysis
Dual-channel Cameras are expected to witness the highest CAGR of 10.3% during the forecast period owing to increasing preference for dual-channel dashboard cameras, over single-channel dashboard cameras among private and commercial vehicle owners as it contains two cameras with high-resolution feed for front and back video recording. Companies are continually innovating, developing their offerings and leveraging 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. Similarly, it also launched Q800 PRO dash cam in the US, featuring Quad HD resolution and advanced IoT capabilities with Thinkware Cloud. This dual-channel dashcam has a built-in Wi-Fi functionality, which allows drivers to connect the Dash Cam directly to smartphones and download the footage easily. These advancements in technologies for dual-channel dashboard cameras will create demand for dash Board camera Market.
By Technology - Segment Analysis
The smart dashboard camera segment is expected to witness the highest CAGR of 9.8% over the forecast period due to availability of seamless wireless connectivity and rising demand for the integration of smart cameras with Advanced Driver Assistance Systems (ADAS) technology enables analyzing data such as speed and distance of the car in front and further providing alerts to the driver. Advanced driver assistance system functionalities such as collision avoidance systems, blind-spot detection, and lane departure warning systems are anticipated to drive this segment. On the other hand, the demand for smart components is rising owing to their capability of recording ultra HD footage and obstacle detection on roads. Increasing implementation of these devices in autonomous vehicles is fueling the automotive dashboard camera market growth at a rapid pace
Geography - Segment Analysis
In 2018, North America dominated the Dashboard camera market share with a share of more than 38%, followed by Europe and APAC. In these countries, the government is aggressively implementing a regulatory framework to reduce the rise in the number of accidents and thefts. According to new federal regulations introduced in the U.S. in May 2018, it is mandatory to install dashboard cameras in new cars. Stringent regulations as such will drive the usage of the dashboard camera market in this region. Similarly, Canada is continuously creating an opportunity for the DashBoard camera market with the increased sales of automobiles in this region. The annual sales of FCA in Canada increased to 8.1% from last October. Along with the increase in production, the company has also invested $4.5 billion for expanding its production line for its newer models by installing advanced technologies such as ADAS, Dash boar cameras into it. This implementation of new technologies in the car will create opportunities for Dashboard Camera market.
Drivers –Dash Board Camera Market
Increase in the Number of Road Accidents and Thefts
Increase in number of road accidents and vehicular thefts are few of the major reason to install dash board camera in cars. For Instance according to the report given by the National Safety Council, Traffic fatalities on U.S. roads reached an estimated 40,000 in 2018, similarly the theft ratio was increasing rapidly. For Instance in 2018, there were over 114 thousand motor vehicle thefts in England and Wales in 2018 and increase of over 8 thousand offences when compared to 2017. Government of these regions implementing stringent rules to install dash board cameras thereby creates opportunities for this market in the forecast period.
Implementation of Stringent Government Regulations and Increasing Insurance Frauds
The demanding requirement from consumers and regulatory bodies are bringing disruption in the automotive industry, with new technological innovations. At present, the government is focusing on reducing the accidents and thefts of vehicles. In recent time, with these emerging requirement, Dash Board Cameras have become a vital component in the automobile industry as it reduces accidents and thefts of cars, with this emerging requirement several automobile companies are installing dashboard cameras in their vehicles. In 2018, automobile manufacturer, Citroen, has launched its first car to be sold in Australia, with a factory-fitted dashcam. It is integrated into the rearview mirror and records footage continuously unless the driver switches it off. On the other hand, several insurance companies are contributing to the increase in dashboard camera sales by offering discounts on car insurance as it can reduce insurance frauds or claims by capturing on video events.
Challenges – Dash Board Camera Market
Drop In the sales of passenger car production:
Dash Board cameras are being widely deployed in passenger cars and the sales and productions of passenger cars are witnessing sluggish growth since 2016 owing to economy slow down and various government financial reformation activities worldwide. For instance, the rise in the Federal Reserve Interest rate has slowed down the sales of vehicles in the U.S. Since 2016. The production has also been declining during this period. During 2016 to 2018, the production of passenger cars have been decreased by approximately 40%. In 2017, Ford reported new vehicle sales down by approximately 1%-1.2%. GM reported a sales down by 0.9%-1.2%, while Fiat Chrysler sales were down by 7%-8.5% during 2016-2017. This could create a possibility of contraction of automotive market in the U.S., which will negatively affect the automotive Dashboard Camera market growth.
Market Landscape
Partnership, acquisitions and technology launches are key strategies adopted by players in the Dashboard Camera Market. In 2018, the market of Dashboard Camera industry outlook has been fragmented by several companies. Dashboard Camera top 10 companies include Garmin Ltd, Panasonic Corporation, Harman International Industries Inc., HP Development Company LP, Amcrest Technology, Cnslink Ltd, Cobra Electronics Corporation, Dod Tech, Falcon Zero among others.
Acquisitions/Technology Launches
In May 2019-Garmin unveiled a new Dash Cam lineup with the Dash Cam 46/56/66W and Dash Cam Mini, which is the perfect eyewitness for any drive.
In August 2018-LG Innotek announced that company was promoting thermal imaging infrared camera modules, the proposed thermal imaging camera module can be used within the Advanced Driver Assistance System (ADAS) for automobiles and auto driving systems.
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