Dashboard Camera Market Growth Drivers 2021 to 2031
The dashboard camera market size is projected to reach US$ 11,002.21 million by 2031 from US$ 2,833.69 million in 2023. The market is expected to register a CAGR of 18.5% during 2023–2031. The increasing demand for the autonomous cars driving the trend in the market.
Dashboard Camera Market Analysis
The rising frequency of automobile thefts and road accidents globally has driven up product demand over the last few years. Dashboard cams can also 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, have also helped generate revenue. For example, dashcams are legal to own and use in the US, as their installation does not impede or break any laws. Several prominent automotive accessories providers integrate the Advanced Driver Assistance System (ADAS) system with the dashcam. For example, Harman International offers the HARMAN smart/auto VISION, a connected automotive ADAS dashcam that incorporates on-board cameras, including the front and driver-facing views. Dashboard camera enables remote vehicle surveillance features that support voice control, contextual alerts, driver distraction and drowsiness warnings, lane departure and collision warnings, and pedestrian detection.
Dashboard Camera Market Overview
Many dashboard cameras or dashcams face forward and point outward from behind the windshield for the video to match the driver's view. Several dashboard cameras record driver action by facing backward and aiming at the vehicle's inside. Dashcams for fleets are frequently linked to fleet management software, giving organizations real-time access to recordings of driver conduct incidents, such as risky or distracted driving. Dashboard cameras benefits businesses by reducing accidents, increasing the chances of fewer insurance premiums, boosting driver retention, reducing fuel cost and impact on the environment, decreasing ownership costs through lower repair fees and maintenance, and providing incident protection. The dashboard camera market ecosystem comprises the following stakeholders – hardware/component providers, dashboard camera manufacturers, system integrators and end users. Major players occupy significant places in the various nodes of the dashboard camera market ecosystem. The hardware/component providers supply the electrical components that are rated for required temperatures, accelerometers, motion sensors, camera sensor, strong adhesive, processor, and GPS among others. OEMs in the global dashboard camera market carry out various processes such as designing, assembling, and transformation of raw materials into finished products. System integrators bring the component subsystems together ensuring that they operate efficiently.
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Dashboard Camera Market: Strategic Insights
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 Base Year 2021
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Dashboard Camera Market: Strategic Insights
| 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 |
| Base Year | 2021 |
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Dashboard Camera Market Drivers and Opportunities
Rising number of road accidents with increased insurance fraud case drives the market growth
Rising number of road accidents, car thefts, and insurance fraud have increased the demand for the global dashboard camera market. Moreover, favourable government and insurance company policies to offer discounts to cars equipped with dashboard cameras is anticipated to present significant opportunities for the companies planning to enter this market. The count of road accidents has been increasing since the past decade with the rising number of vehicles on city and highway roads. According to a report by the World Health Organization (WHO), every year, ~1.3 million people lose their lives due to traffic accidents. Non-fatal injuries impact ~20‒50 million people annually, resulting in disability and consequent loss of income. Individuals, families, and national economies incur significant economic losses due to road traffic injuries
Government Regulations for Enhanced Vehicle Safety Systems and E-mobility
High-tech dashboard cameras available in the market use computer vision and artificial intelligence to evaluate video records, giving them a better understanding of driver activities, such as cell phone use, 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 and alert drivers in real-time. An advanced safety platform supports dashcams, leading to transformation in fleet management and enhanced driver safety. Similarly, the Nextbase 522GW high-tech dashboard camera integrates an intelligent parking mode for automatic recording if any bumps or 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.
Dashboard Camera Market Report Segmentation Analysis
Key segments that contributed to the derivation of the dashboard camera market analysis are technology, product type, video quality, application, and geography.
- Based on technology, the market is divided into basic, advanced, and smart. Among these, basic technology is expected to have largest share in 2023, this is owing to increased adoption in the passenger cars.
- Depending upon the product type, the market is divided into 1-channel, 2-channel, and rear view. Rear view is further segmented into Front and Rear View
- Based on video quality, the market is divided into SD and HD, and Full HD and 4K. Among these, SD and HD have largest share in 2023, owing to increased demand across the globe for passenger cars and commercial vehicles production.
- Depending upon, the application, the market is divided into commercial vehicle and personal vehicles. Among these, personal vehicles have a largest share in 2023, owing increased adoption among the consumers in their vehicles.
Dashboard Camera Market Share Analysis by Geography
The geographic scope of the Dashboard Camera market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific has largest share in the dashboard camera market owing to increased sale of EVs in this region. Rise in consumer demand for expensive features in automobiles is encouraging manufacturers to invest in high-end technological solutions. The car industry was the first economic victim of COVID-19 in China with the shutdown of major automotive production sites and manufacturing plants. The automotive market in Asia Pacific region continued to rebound strongly in 2021. Industry experts expect the automakers' margins to improve in FY22. The market rebound is encouraging the growth of dashboard camera solutions. In most countries, subsidies are a critical tool for maintaining the EV policy due to higher vehicle costs. The Japanese government arranged for US $77.1 million of EV subsidies in January 2021 to boost BEV sales. A number of new venture firms are emerging in the electric vehicle market in China, Japan and South Korea which is estimated to provide lucrative growth opportunities for the dashboard camera market.
Dashboard Camera Market Report Scope
Dashboard Camera Market News and Recent Developments
The dashboard camera market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Dashboard Camera Market are listed below:
- Delphi announces the launch of its new range of BEV brake pads dedicated to the specific needs of BEV applications. Based on detailed comparisons, this range is amongst the most comprehensive in the world today covering the most popular models in the independent aftermarket. Vehicles include the Nissan Leaf and Tesla Model S/Model 3, in addition to the newest models such as BMW i4/iX, Mercedes EQC/EQEE/QS, and Porsche Taycan/Cross Turismo. Introducing 52-part numbers covering 2.7M Vehicles in Operation in Europe, Delphi is providing a substantial service opportunity for workshops. (Source: Company Website, February 2024)
- Allied Nippon launched EV+, an all-new, fully featured brake pad range for Electric Vehicles. (Source: Press Release, June 2023)
Dashboard Camera Market Report Coverage and Deliverables
The “Dashboard Camera Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Dashboard camera market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Dashboard camera market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Dashboard camera market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the dashboard camera market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Product Type, Video Quality, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Asia Pacific is expected to dominate the dashboard camera market in 2023.
Rising sale of the electric vehicles around the globe drives the market growth.
The increasing uptake of super charging cables and connectors driving the trend in the market.
ABEO Technology; Garmin Ltd; Pittasoft Co. Ltd; Falcon Electronics LLC; Panasonic Corporation; Cobra Electronics Co; Safe Cams; Thinkware; Harman International; and LG Innotek among others, are some of the leading players in the dashboard camera market.
The dashboard camera market size is projected to reach US$ 11,002.21 million by 2031 from US$ 2,833.69 million in 2023.
The market is expected to register a CAGR of 18.5% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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