The global car DVR market size is projected to touch USD 1.84 billion by 2022 according to a new report by Million Insights, Growing focus on car safety and technological advancements in automotive manufacturing are driving the market growth. Further, the use of dash cam is gaining traction over recent years in both passenger and commercial cars.
Awareness campaign like Teen Safe Driver Program and Funding schemes such as In-Car Camera incentive Program in the U.S is estimated to propel the demand for DVR solution. In addition, the drop in prices of cameras and technical advancement in wireless technology are projected to supplement the market growth over the forecast period.
The growing adoption of the DVR system in police patrol vehicles and law enforcement is the major driver of the market. The video footage obtained from DVRs is used in tracking law offenders and for training new recruits to reinforce the law. The demand for new and replacement cameras is expected to gain traction in such vehicles over the forecast duration.
Dash cameras are widely used in the U.S and Asia Pacific in both commercial and passenger vehicles. These cameras provide evidence in the form of videos in case of insurance fraud and any accidents. Moreover, the integration of G-sensors, Wi-Fi technologies, and GPS system enhance the value of the product, which, in turn, is projected to augment the growth of the car DVR market.
Car DVR Market Share Insights
Major players operating in the market are Amcrest Technologies, Honeywell, Pittasoft, Vicovation, Steel Mate, Garmin, DOD Tec, and ABEO Technology among others. These players are emphasizing product differentiation to stay competitive in the market.
Key players have are also focusing on innovative branding strategies to expand their market presence. These players are collaborating with e-commerce giants such as eBay, AliExpress, and Amazon apart from offline retail stores.
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Product Insights
Manufacturers provide dash cameras in two variants such as dual-channel and single-channel systems. Of them, the single-channel system held more than 70% of the market share in 2014 and the segment is estimated to grow at a considerable pace over the forecast period.
Single-channel DVRs is used to record the view through the windshield while dual-channel DVRs are capable of recording all-round view through the rear window and passenger room. The dual system DVRs are estimated to grow with a high CAGR over the next few years.
Features such as in-built GPS, audible notifications, improved battery life, night vision, smartphone connectivity, and extendable storage have resulted in user-friendliness and wide adoption of these cameras.
Regional Insights
In 2014, North America dominated the market occupying more than 35% of the market share. The rise in the number of road accidents in the U.S has led to the growing adoption of these cameras as they help in collecting pieces of evidence. In addition, insurance firms provide incentives through auto insurance schemes, which, in turn, is anticipated to proliferate the market growth over the next few years.
On the other hand, Asia Pacific is projected to be a lucrative region in the dashcam industry over the next few years. The availability of major players in countries such as Korea, Taiwan, and China is supplementing the regional market growth. In addition, governments in countries such as Korea and India are encouraging the use of dash cams for security regions. This factor is expected to propel regional growth in the near future.
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