The global dashboard camera market size was worth around USD 4.5 billion in 2022 and is predicted to grow to around USD 17.01 billion by 2030 with a compound annual growth rate (CAGR) of roughly 20.98% between 2023 and 2030.
The report analyzes the global dashboard camera industry drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the dashboard camera market.
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The State of the Dashboard Camera Industry
A dash cam is short for dashboard camera. It’s a little video recorder that may be attached to the inside of a car, bus or truck’s windscreen or dashboard. It continuously records what’s in front of the windscreen and can have numerous lenses to capture what’s happening behind the car as well. When installed in a car, they record high-quality video of the road and vehicles ahead. The battery or electrical system of the car is frequently used to power dash cams. When powered on, they immediately begin recording and continue until manually switched off. When a memory card hits its storage limit, any older data or video is automatically replaced by any newer data or video captured.
• Our research analyst has revealed that the worldwide market for dashboard cameras is anticipated to expand at a CAGR of roughly 20.98% between 2023 and 2030.
• The global dashboard camera market was worth around $4.5 billion in 2022 and is expected to reach $17.01 billion by 2030, according to a new market research report.
• As people become more concerned about their own safety, the market for dashboard cameras is expected to expand rapidly.
Market expansion will be spurred by rising concerns about individual safety
The rising consciousness of the need to protect oneself while driving is expected to boost the worldwide dashboard camera industry. Vehicle traffic has skyrocketed in recent years as the world reports record sales of cars and other automobiles for private and business use. This is most noticeable in places with high population densities like cities. Rising incomes, government support, urbanisation, expanding employment options, and shifting lifestyles are all contributing to the rise in vehicle traffic. This causes an increase in traffic accidents, making dash cams essential for objectives such as filing insurance claims and establishing liability.
Market growth may be impeded due to privacy concerns
The rising worry over privacy invasion while using devices like dashcams is one of the key growth limitations for the dashboard camera market. Constantly recording video can result in inadvertently capturing private or embarrassing information, such as the actions of pedestrians or cars around the car. Since the ethics of continuous video recording and the potential of misuse of data are still up for dispute, many organisations and individuals view dashcams as de facto surveillance devices.
Increased spending on incorporating ADAS into vehicles means more potential for expansion
The acronym ADAS stands for “advanced driver assistance system,” which describes a group of devices and technological systems meant to aid motorists on the road. They’re vital to keeping everyone on the road safe. The global dashboard camera market is poised for expansion thanks to the proliferation of R&D initiatives focused on bringing dash cams in line with advanced driver assistance systems. Features like lane departure warning, forward collision warning, and adaptive cruise control can all be enhanced by combining visual data from dash cams with powerful algorithms and sensors.
Capability to withstand market expansion and maintain reliability
Extreme temperatures, tremors, and excessive humidity are just some of the hazards that dash cams must endure. Therefore, regular maintenance of the dashboard cameras is required to ensure their continued reliability and longevity. The already substantial effort required to keep a dash cam operational is compounded by the need to maintain high video quality and guard against data corruption. Not many individuals utilise this equipment because of misconceptions or a lack of awareness, which is especially problematic in developing or undeveloped countries. This results in even less money coming in.
The Global Dashboard Camera Market is segmented based on product, application and region
Global Dashboard Camera Market: Product Segment Analysis
● Front Facing Dashcam
● Front and Rear Dashcam
● Front and Interior Dashcam
● Triple Lens Dashcam
● Miniature Dashcam
Global Dashboard Camera Market: Application Segment Analysis
Changes in the Recent Past:
• Amazon’s Ring division officially introduced their first in-car dash cam in January 2023. Two years have passed since the first introduction of the product, but the wait has allowed the corporation to branch out into new markets. The Ring Car Cam is a recording gadget that works well for both inside and outside of a vehicle. In addition, it helps stop car thefts.
• Dash Cam Omni was released in December 2022 by industry leader 70mai. It uses an AI system and a patented architecture that allows for full rotation in all directions to keep parked vehicles secure.
The global dashboard camera market is led by players like:
● Anker Roav
● Yi Technology
● Cobra Electronics
● Old Shark
Rapid economic expansion is coming to Europe
During the forecast period, Europe is projected to develop at the fastest rate in the worldwide dashboard camera market. Due to a higher rate of product acceptance in European territories like Germany, France, the United Kingdom, and Russia, this region’s share was over USD 1.765 billion in 2022. In order to ensure road safety and reduce road rage, most regional areas have been early adopters.
As more consumers in the North American market are willing to invest in high-end systems to deter car theft and protect their interests in the event of an accident, the region is poised to overtake Europe as the second largest market for dash cams. In addition, legislators in the United States are pushing for more stringent use of dash cams, which might boost economic development in the area. Increases in traffic accidents mean that infrastructure and technology that can better handle emergency situations are in high demand across the country.
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