Insights on Global Dash Cam Market Size & Share to Reach USD 7027.4 Million by 2028, Exhibit a CAGR of 12.1% | Industry Trends, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, Aug. 1, 2022 /PRNewswire/ -- As per Zion Market Research study, The global dash cam market size was worth around USD 3,541.3 million in 2021 and is estimated to grow to about USD 7,027.4 million by 2028, with a compound annual growth rate (CAGR) of approximately 12.1% over the forecast period.
Dash Cam Market: Overview
A dashboard camera is a specialized portable onboard camera fitted inside a car's windscreen, often known as a dashcam, car DVR, event data recorder (EDR), or driving recorder. A small video camera that is positioned on the dashboard or windscreen of passenger automobiles, as well as commercial vehicles like lorries and trailers, is referred to as a "dashboard camera." Growing government initiatives and growing public awareness of in-car safety are anticipated to drive market expansion. Over the next coming years, market growth is anticipated to be driven by the growing acceptance and profitability of dashboard cameras in nations like Russia, France, and Canada. Over the past few years, the demand for the product has been greatly driven by the rising incidence of auto thefts and traffic accidents around the world. In addition to helping to avoid accidents that were purposefully caused and false insurance claims, dashboard cameras also help to stop insurance fraud. Additionally, regulatory changes for the required installation of dash cams in cars in several nations, including the United States, the Philippines, and Russia, have helped to increase revenue. Favorable insurance company policies, which give discounts to vehicles with these cameras, are also anticipated to contribute to the industry's expansion.
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Key Industry Insights & Findings of the Dash Cam Market Reports:
- As per the analysis shared by our research analyst, the Dash Cam Market is expected to grow annually at a CAGR of around 12.1 % (2022-2028).
- Through the primary research, it was established that the Dash Cam Market was valued at approximately USD 3541.3 million in 2021 and is projected to reach roughly USD 7027.4 million by 2028.
- Europe had the greatest share in the global dash cam market in 2021. This can be related to the growing use of dash cams by Russian drivers to protect their automobiles.
- With the high accident rates, widespread police corruption, hazardous driving conditions, and affordable & readily available technology, most people in nations like Russia install dashboard cameras in their personal vehicles.
- In terms of volume, it is predicted that the full HD & 4K segment will experience the highest CAGR of during the projection period.
Zion Market Research published the latest report titled "Dash Cam Market By Technology (Basic, Advanced, and Smart), By Product (1-Channel, 2-Channel, and Rear View (Front & Rear View)), By Video Quality (SD & HD and Full HD & 4K), By Application (Commercial Vehicles and Personal Vehicles), By Distribution Channel (Online and In-store), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Industry Dynamics:
Dash Cam Market: Growth Drivers
- Increasing number of traffic collisions and auto burglaries to drive market growth.
The prevalence of dashboard cameras is a result of the constant rise in the number of theft and traffic accident events worldwide. When the car is involved in an incident or a high-stress event, dashcam footage gives a proper knowledge of who is responsible for crashes. This can lower insurance premiums and expedite the filing of insurance claims. A dashboard camera's ability to catch thieves and drivers at fault for parking lot accidents is another notable benefit. These advantages lead to a rise in demand, which improves revenue creation. With an increase in auto thefts over the past few years, the global dashboard camera market has been growing quickly. As a result of this expanding number, several governments have made dash cam installation mandatory, spurring the expansion of the sector. Over the next few years, it's anticipated that a rise in auto theft will drive up demand for dashboard cameras in vehicles.
Dash Cam Market: Restraints
- Regulations and privacy issues to hamper the market expansion.
When concerns about airbag malfunctions were made, automakers began utilizing digital recorders. This action was used to advance airbag technology and shield the company from liabilities. The unintended benefit of dashboard camera data could result from the rising computerization of automobiles, sophisticated electronics, and data sharing between vehicles and connected gadgets. The majority of dashboard camera systems either come with built-in GPS or have a place to attach an external GPS module. These GPS modules are used by telecommunications providers to log location data over time and save it in their database. If user-sensitive location information is exploited or gets into the wrong hands, personal security may be jeopardized. Additionally, under some conditions, certain laws permit third parties, such as governmental organizations, to access data without the user's consent. It is anticipated that several European countries' bans on dashboard cams will adversely affect market expansion. Some nations believe that the dashboard camera violates peoples' right to privacy because it secretly records members of the public without their knowledge.
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Global Dash Cam Market: Segmentation
- The global dash cam market is segregated on the basis of technology, product, video quality, application, distribution channel, and region.
By technology, the market is divided into basic, advanced, and smart. From 2021 to 2028, the smart dashboard camera market is anticipated to grow at the highest CAGR of over 16.0 percent in terms of revenue. The expansion of this market will be fueled by elements like a simple setup, the finest quality camera lens, and a broad range of control choices, including via smartphones. Over the projection period, there should be significant prospects for market growth due to the rising demand for advanced driver aid functionalities including blind-spot recognition, lane departure warning systems, and collision avoidance systems. The creation and marketing of feature-rich dashboard cameras are being done by some of the top industry firms. The capacity to be coupled with many complementing technologies, including vehicle data monitoring and telematics, is the key feature given by these dash cams.
Based on product, the market is divided into 1-channel, 2-channel, and rear view (front & rear view). From 2021 to 2028, the rear-view market is anticipated to grow at the highest CAGR in terms of volume. Based on application, the market is divided into commercial vehicles and personal vehicles. With a revenue share of over 65.0 percent in 2021, the personal vehicle market is projected to have the highest CAGR from 2021 to 2028. Based on the distribution channel, the market is divided into online and in-store. With a revenue share of more than 62.0 percent in 2021, the in-store category led the market and is anticipated to hold that position throughout the forecast period.
By video quality, the market is divided into SD & HD and full HD & 4K. In terms of volume, it is predicted that the full HD & 4K segment will experience the highest CAGR during the projection period. This is related to their ability to record movies at a higher resolution, which can be used as admissible evidence by courts, law enforcement, and insurance companies. The capacity to record video at a very high resolution makes Full HD & 4K dashboard cameras ideal for use as acceptable evidence by law enforcement, courts, and insurance companies. The number of drivers installing full HD and greater video quality cameras with low-resolution DVRs has also increased significantly, including both commercial fleet operators and individual drivers.
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List of Key Players in Dash Cam Market:
- Garmin Ltd.
- ABEO Technology
- Falcon Zero LLC
- Pittasoft Co. Ltd.
- Cobra Electronics Co
- Panasonic Corporation
- DOD TechDJI
Key questions answered in this report:
- What are the growth rate forecast and market size for Dash Cam Market?
- What are the key driving factors propelling the Dash Cam Market forward?
- What are the most important companies in the Dash Cam Market Industry?
- What segments does the Dash Cam Market cover?
- How can I receive a free copy of the Dash Cam Market sample report and company profiles?
Report Scope:
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Recent Developments
- In June 2021, Garmin has introduced four new dash cams with online storage (Dash Cam Mini 2, 47, 57, and 67W). Even the Mini 2 is compatible with Garmin's new linked Vault, Live View, and Parking Guard functions. Captured video is saved online for up to 24 hours for free using The Vault cloud storage. Additionally, Garmin will sell paid memberships that store videos for up to 30 days (USD 10 per month) or seven days (USD 5 per month).
Regional Dominance:
- Europe will dominate the market due to an increase in sales of automobiles.
Europe had the greatest share in the global dash cam market in 2021. This can be related to the growing use of dash cams by Russian drivers to protect their automobiles. Additionally, it is anticipated that the requirement to safeguard cars against con artists who deliberately smash windscreens to fraudulently claim money from insurance companies will spur market expansion. With the high accident rates, widespread police corruption, hazardous driving conditions, and affordable & readily available technology, most people in nations like Russia install dashboard cameras in their personal vehicles. Additionally, it is thought that UK consumers' lack of interest is influenced by the current absence of direct insurance company discounts for the installation of dash cams. However, the government's strict rules, imposed as a result of the rise in accidents in the UK, are anticipated to fuel the expansion.
Global Dash Cam Market is segmented as follows:
Dash Cam Market: By Technology Outlook (2022-2028)
- Basic
- Advanced
- Smart
Dash Cam Market: By Product Outlook (2022-2028)
- 1-Channel
- 2-Channel
- Rear View (Front & Rear View)
Dash Cam Market: By Video Quality Outlook (2022-2028)
- SD & HD
- Full HD & 4K
Dash Cam Market: By Application Outlook (2022-2028)
- Commercial Vehicle
- Personal Vehicle
Dash Cam Market: By Distribution Channel Outlook (2022-2028)
- Online
- In-store
Dash Cam Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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