Worldwide Dashcams Industry to 2030 - Insurance Companies are Providing Discounts to Install Dashcams Driving Growth

DUBLIN, Sept. 29, 2022 /PRNewswire/ -- The "Dashcams Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to  ResearchAndMarkets.com's offering.

The market for dashcams is growing rapidly with increasing awareness about the benefits of dashcams particularly among the private vehicle owners. In addition, dashcams are widely used by taxi and bus drivers, driving instructors, police officers and many others to capture real time driving incidences.

Dashcams provides straight to point and efficient evidence in case of accidents to easily identify the fault of driver. Drivers can use this footage in court to prove their innocence, and claims repair cost for other driver who found guilty in the video. These footages are also accepted by some insurance companies as such video footages help them to identify fraud claims and reduce operational costs required for claim processing.

In addition, parents can install multi lens dashboard camera to take the footages of in-car driver activities of teen age drivers. In addition insurance companies particularly in European countries are providing discounts and subsidiaries to install dashcams. All the above factors are influencing the demand for dashcams across the world.

The global dashcams market is expanding at a CAGR of 13.4% through the forecast period 2022 to 2030.

Based on different product types available in the market, the dashcams market is segmented into two categories, namely - basic dashcams and advanced dashcams. Basic dashcams accounted for the largest revenue as well as volume market share in 2021 and is expected to remain the largest share through the forecast period.

However, with increasing awareness about the benefits of advanced dashcams and discounts offered by insurance companies, market share of advanced dashcams are expected to see the fastest growth through the forecast. Basic dashcams are video cameras with removable or built-in storage device which continuously records during driving. Basic dashcams are affordable and suitable for video recording purpose. This product category accounted for the largest revenue as well as volume share compared to advanced dashcams due to their low cost. The market for basic dashcams is expected to grow further with increasing demand from Asia Pacific, Russia.

Advanced dashcams have some additional feature with basic functionality of video recording such as audio recording, GPS logging, speed sensors, accelerometers, uninterruptable power supply etc. Some advanced dashcams also includes loop recording function in which dashcam simply overwrite at the beginning of memory card whenever memory is full. This would not required from drivers attention until driver want to save particular video.

Some dashcams also provide data and time stamp facility. Cameras with GPS logging records the drivers location at which accident is occurred so it might be considered as an authenticate evidence in case of accidents to prove driver's' innocence and to claim insurance. Some insurance companies are also started giving discounts on their premium if car owners have installed dashcams in their vehicles which is motivating vehicle owners to purchase advanced dashcams.

Technology Segmentation Analysis

On the basis of technology, the global dashcams market is segmented into two categories, namely - single channel dashcams and dual channel dashcams.

Typically, single channel dashcams are used to record videos at the front of vehicles. Single channel dashcams are cheaper compared to dual channel dashcams and accounted for the largest revenue share. Single channel dashboard cameras are the most common type of dashcams used across the world and suitable for road trip recording application. Multi-channel cameras operates similar to single channel camera, but have multiple lenses to record separate views. Most of the multi-channel cameras are dual-channel dashcams which have one lens to record views inside the car including driver and other standard lenses to record front view outside of the car.

In 2021, single channel dashcams accounted for the largest revenue share compared to dual/multi channel dashcams. However, demand for dual channel dashcams is expected to see the fastest growth through the forecast period with rising demand from both private and commercial vehicle owners. Parents in the European countries are installing backward facing dashboard cameras to capture the behavior of their teenage drivers which is also increasing the demand for dual channel dashcams from private vehicle segment.

Asia Pacific is the largest regional market in the global dashcams market. Russian motorists are installing dashboard cameras because of heavy road traffics, frequent road accidents, corrupted police officers and unfavorable law systems. China, Australia, Japan and Southeast Asia are major dashboard camera markets in Asia Pacific region. China is the largest individual market for dashcams in Asia Pacific. China is also expected to see the fastest growth with rising awareness about the effectiveness and safety of dashboard cameras. In South Korea dashboard cameras are popular as Black Box". In the Rest of World region, we have considered Africa, South America and Middle East.

Dashcams are also known as dashboard cameras, digital video recorders (DVRs), accident recorders, car cameras and black box camera (popularly known in Japan). These cameras are mounted on wind shield of vehicle and continuously record incidences throughout the journey. Dashcam is commonly integrated with the car's' ignition circuit so that they record continuously when ignition key is in the run mode. In the U.S. dashcams popular from 1980 and commonly found in police vehicles.

Dashcams became popular among the private vehicle owners after a television reality series World's' Wildest Police Videos in 1998. Owing to rising popularity and increasing funds for installation of dashcams, adoption rate of dashcams particularly in U.S. police vehicle increased to 72% in 2003 from 11% in 2000. In 2009, Russian Interior ministry passed a regulation which allows the Russian motorist to install in-vehicle dashcams. In 2013, more than 1 million motorists in Russia have installed dashcams in their vehicles. After the popularity of Russian and Korean videos published on Internet, the demand for dashcams increased in North America and Europe.

At present the use of dashcam is limited in several countries due to strict personal privacy and data protection laws. Though, the installation of dashcams is illegal in some European countries, this technology is gaining popularity in Asia Pacific, U.S. and other European countries supporting its use.

At present, the adoption rate of basic dashcams is higher than advanced dashcams. Basic dashcam offers basic functionality of video recording with removable or in-built storage device.

However, considering the rising popularity of dashboard cameras and willingness of consumers to spend more on advanced solutions is influencing the demand for advanced dashcams in the matured markets particularly in Japan, Australia, South Koreas, US (in Government vehicles) and others. This is the primary reason manufacturers are focusing on developing dashboard cameras with advanced features such as audio recording, speed sensors, GPS logging, accelerometers and uninterruptable power supply.

Installing dashcams and taking videos falls under the freedom of information and fully permitted in most of the countries across the world. Although, dashcams are increasingly becoming popular in many European countries, Austria and Luxembourg completely banned their use. In Austria, parliament has declared a fine of about US$ 10,800 for installing and taking videos with dashcams and for repeat offenders it would be around US$ 27,500.

Insurers in several countries are now accepting the dashcam footages as an evidence to judge the cause of accidents. This helps them to reduce investigation cost and settle claims in quick time. Many insurance companies have partnered with dashcam suppliers and offers discounts on insurance premium to customers if they buy dashcams from their partners.

In UK, car insurance company Swiftcover is offering a discount up to 12.5% on insurance premium to their clients if they purchase dashboard camera from Halfords. AXA insurance company offers flat discount of a 10% if car owner have a dashcam installed in car. In addition, news on dashboard camera by recognised news channels such as BBC, Daily Mail and others. The market for dashcam is expected grows further with increasing awareness about this technology and adoption of dashcams particularly among private vehicle owners.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Dashcams market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2030.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Dashcams market?
• Which is the largest regional market for Dashcams market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East - Africa?
• Which are the key trends driving Dashcams market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Dashcams market worldwide?

Key Topics Covered:

1. Preface

2. Executive Summary

3. Dashcams Market: Business Outlook & Market Dynamics
3.1. Introduction
3.2. Global Dashcams Market Value, 2020 - 2030, (US$ Million)
3.3. Market Dynamics
3.3.1. Market Drivers
3.3.2. Market Restraints
3.3.3. Key Challenges
3.3.4. Key Opportunities
3.4. Impact Analysis of Drivers and Restraints
3.5. See-Saw Analysis
3.6. Porter's Five Force Model
3.7. PESTEL Analysis
3.8. Heptalysis Analysis
3.9. Critical Investigation of Business Problems Through Five Whys Root Cause Analysis & Relevant Solutions

4. Dashcams Market: By Product Type, 2020-2030, USD (Million)
4.1. Market Overview
4.2. Growth & Revenue Analysis: 2021 Versus 2030
4.3. Market Segmentation
4.3.1. Basic Dashcams
4.3.2. Advanced Dashcams

5. Dashcams Market: By Technology, 2020-2030, USD (Million)
5.1. Market Overview
5.2. Growth & Revenue Analysis: 2021 Versus 2030
5.3. Market Segmentation
5.3.1. Single Channel Dashcams
5.3.2. Multi-channel Dashcams

6. North America Dashcams Market, 2020-2030, USD (Million)

7. UK and European Union Dashcams Market, 2020-2030, USD (Million)

8. Asia Pacific Dashcams Market, 2020-2030, USD (Million)

9. Latin America Dashcams Market, 2020-2030, USD (Million)

10. Middle East and Africa Dashcams Market, 2020-2030, USD (Million)

11. Company Profile
11.1. Garmin Ltd
11.1.1. Company Overview
11.1.2. Financial Performance
11.1.3. Product Portfolio
11.1.4. Strategic Initiatives
11.2. Cobra Electronics Corporation
11.2.1. Company Overview
11.2.2. Financial Performance
11.2.3. Product Portfolio
11.2.4. Strategic Initiatives
11.3. Pittasoft Co. Ltd (BlackVue)
11.3.1. Company Overview
11.3.2. Financial Performance
11.3.3. Product Portfolio
11.3.4. Strategic Initiatives
11.4. Papago Inc
11.4.1. Company Overview
11.4.2. Financial Performance
11.4.3. Product Portfolio
11.4.4. Strategic Initiatives
11.5. AIPTEK International Inc
11.5.1. Company Overview
11.5.2. Financial Performance
11.5.3. Product Portfolio
11.5.4. Strategic Initiatives
11.6. QRONTECH Co. Ltd.
11.6.1. Company Overview
11.6.2. Financial Performance
11.6.3. Product Portfolio
11.6.4. Strategic Initiatives
11.7. DOD Tech Co. Ltd.
11.7.1. Company Overview
11.7.2. Financial Performance
11.7.3. Product Portfolio
11.7.4. Strategic Initiatives
11.8. Mio Technology Corporation
11.8.1. Company Overview
11.8.2. Financial Performance
11.8.3. Product Portfolio
11.8.4. Strategic Initiatives
11.9. S.WILL INDUSTRIAL LIMITED
11.9.1. Company Overview
11.9.2. Financial Performance
11.9.3. Product Portfolio
11.9.4. Strategic Initiatives

For more information about this report visit https://www.researchandmarkets.com/r/5ompbt

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