Dashboard Camera Industry Overview
The global dashboard camera market size was valued at USD 3.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.9%, in terms of revenue, from 2021 to 2028.
In terms of volume, the demand was estimated at 41.4 million units in 2020. The rising awareness regarding in-car safety and favorable government initiatives are expected to propel market growth. The increasing popularity and success of dashboard cameras in countries such as Russia, France, and Canada are expected to drive market growth over the next seven years. The rising number of car thefts and road accidents across the globe has been significantly driving the product demand over the past few years. Dashboard cameras also assist in preventing insurance fraud, which includes deliberately caused accidents and false insurance claims.
Gather more insights about the market drivers, restraints, and growth of the Global Dashboard Camera market
Additionally, regulatory reforms for mandatory installation of dashcams in cars in several countries, such as the U.S., the Philippines, and Russia, have contributed to revenue generation. Favorable policies by insurance companies, which offer discounts to the cars equipped with these cameras, are also expected to further drive the growth of the industry. The views of end users and manufacturers about dashboard cameras are changing substantially. In addition to capturing audio and video recordings, some high-end dashboard cameras also provide features such as GPS and two-way recordings, which allow recording the driver as well. If the dashboard camera detects that the vehicle is swerved, the driver's action also gets recorded. This allows the insurance companies and investigation authorities to inspect the driver's behavior whether he was distracted by a device within a vehicle or reacted to the flow of traffic. The use of dashboards is not mandatory in most of the countries currently; however, continued benefits for the driver and a reduction in reckless and distracted driving are expected to make dashboards a mandatory addition to the fleet.
The outbreak of COVID-19 has impelled numerous government bodies to impose a strict lockdown across several countries. With permission for operating only essential retail chains, maximum automotive accessory outlet stores had come to a halt for a significant duration. As a result, the supply chain of the market was adversely affected by the high volume of products remaining at the retail stores. The consumer purchasing trends have also witnessed a drastic shift with a massive dip in the budget allocation for car accessories over the past few quarters. This uncertainty in the sales pattern has created a considerable gap in demand and supply with several dashboard camera manufacturers halting their production temporarily to match their supply volume. Besides, the sales of new vehicles reduced in 2020, which directly impacted the purchase of new dashboard cameras.
With gradual ease in restrictions, the manufacturers have started adopting various strategies to overcome the reduction in sales. Adopting automation workflow in their manufacturing units and minimizing the expenditure for R&D activities are some of the crucial steps undertaken to invigorate their presence. As per our recent findings, the dashcam manufacturers are exploring alternatives to fill their existing supply-demand gap and focusing on localizing their products. This is set to improve their presence in the local market and expand their penetration and customer base. Moreover, manufacturers are also considering mergers and acquisitions to reduce the negative impact on the supply chain in the near future.
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Key Companies profiled:
Some prominent players in the global Dashboard Camera market include
- ABEO Technology
- Garmin Ltd.
- Pittasoft Co. Ltd.
- Falcon Zero LLC
- Panasonic Corporation
- Cobra Electronics Co
- DOD TechDJI
Order a free sample PDF of the Dashboard Camera Market Intelligence Study, published by Grand View Research.
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