Dashboard Camera Market Size, Share & Trends Analysis Report By Technology (Basic, Advanced, Smart), By Product (1-Channel, 2-Channel, Rear View), By Video Quality (SD & HD, Full HD & 4K), By Application (Commercial Vehicle, Personal Vehicle), By Distribution Channel (Online, In-Store) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2032

Market Overview

The global dashboard camera market size was worth USD 4,616 million in 2023. It is estimated to reach a value of USD 13,866.6 million by 2032, growing at a CAGR of 13% during the forecast period (2024–2032).

Colloquially referred to as 'dashcams' or 'dash cams,' dashboard cameras are expected to witness an upsurge in demand for installation in passenger and commercial vehicles owing to increased sales of such vehicles. Dashboard cameras are increasingly becoming popular with drivers across the globe. This technology is finding its home on many commercial and personal vehicle dashboards. It empowers the driver to take control of the vehicle's security and allows to record incidents such as collisions, theft, and vandalism. The camera footage obtained from dashboard cameras is now accepted for proving liability and insurance claims. Insurance companies promote the adoption of dashboard cameras by providing discounts on insurance premiums to fight against false insurance claims.

Multiple-channel dash cams are now popular because they offer front- and rearview recording and in-cabin recording for some models. This allows for detailed and real-time monitoring. Additionally, the sector is growing in emerging nations like Brazil and India. Manufacturers perceive an opportunity due to the dramatic rise in vehicle traffic in emerging countries and the corresponding accidents and frauds.

Market Dynamics

Drivers: Increasing Incidence of Road Accidents and Car Thefts

The proportion of road traffic accidents and theft incidents is continuously increasing globally, resulting in the popularity of dashboard cameras. Dashcam footage provides a proper understanding regarding the accountability of crashes when the car is engaged in an incident or a high-stress event. This can also reduce insurance costs and speed up insurance claims. Another prominent advantage of a dashboard camera is capturing culprits responsible for parking accidents and thefts. These benefits result in their increased demand, thereby enhancing revenue generation.

The dashboard camera industry has been expanding rapidly over the past few years owing to the increasing number of car thefts. This rising number has led to various governments mandating the installation of dash cams in vehicles, accelerating industry growth. The growth in automobile theft is expected to increase the demand for incorporating dashboard cameras in cars over the coming years. In the parking mode of operation, the cameras provide surveillance against potential car thefts and vandalism when the driver is away from their vehicle. The dash cams equipped with this feature automatically switch to the parking mode after the ignition has been turned off or the car has been stationary for a particular period. The camera starts recording video after detecting movement in its vicinity to capture as much evidence as possible.

Drivers: Benefits for Vehicle Owners and Motorists

Dashboard camera-recorded data provides reliable and accurate information on the chronology, timing, and movements done in the pre-crash phase. The data obtained could enhance the understanding of the reasons for accidents and improve support measures and road safety. Most dashboard cameras are linked to the engine and are coded to start recording as soon as the ignition begins. This technology ensures that the dashboard cameras are always in the recording mode, which could be a prerequisite for insurance providers. The usage of dashboard cameras helps fleet owners monitor their drivers' driving behavior. Car rental companies can also track the customer's driving behavior with the help of dashboard cameras. Moreover, viewing driving footage can help an individual improve their driving skills.

Restraint: Privacy Concerns and Regulations

Vehicle manufacturers had started using the digital recorders when complaints regarding the malfunctioning of airbags were filed. Such a move was focused on improving airbag technology and protecting themselves against liability. The increasing computerization of cars, advanced electronics, and data exchange between vehicles and connected devices could lead to the unintended benefit of dashboard camera-recorded data.

Most dashboard camera systems are either equipped with inbuilt GPS or have provision for connecting an external GPS module. Telecommunication companies record location information over a period via these GPS modules stored in their database. Personal security can be compromised if user-sensitive location data falls into the wrong hands or is misused. Moreover, some laws allow other entities, such as government agencies, to access data without the user's permission in certain circumstances.

The restrictions associated with dashboard cameras in some parts of Europe are expected to impact market growth negatively. Some countries consider that the dashboard camera records the unsuspecting public members without their consent and is thus regarded as a violation of privacy.

Opportunities: Favorable Initiatives About the Implementation of Dashboard Cameras

Various countries are making the usage of dashboard cameras legal to ensure maximum protection and safety for their drivers and passengers. In the Philippines, Senator JV Ejercito filed a bill mandating dashboard camera systems in all government-owned patrol cars, Public Utility Vehicles (PUVs), and school buses. The proposal covers government-owned patrol vehicles, PUVs that includes application-based transportation service, and other similar cars providing transportation service to the public. The bill was registered on the 16th of May 2017, Senate Bill No. 1457, also known as the Dash Cam Law. The law is intended to reduce traffic law violations and curb road incidents. The law is also expected to protect drivers from corrupt law enforcers who misuse their powers and resort to extortion.

Dashboard cameras are gaining popularity and wide acceptance across the Middle East, especially in the UAE, as they help motorists and investigating authorities conduct traffic accident studies. In June 2017, Brigadier Saif Mohair Al Mazroui – Director of the General Department of Traffic at Dubai Police, allowed the usage of photographs and videos collected by the dashboard cameras to fight against traffic violation cases.

Regional Analysis

By Region, the global dashboard camera market share is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Europe and Asia-Pacific to Witness Significant Growth

Europe dominates the global dashboard camera market. The demand for dashboard cameras in Europe is projected to grow at a CAGR of 10.7% by 2030. Some insurance companies in the UK offer customers a 15% discount on monthly premiums for using dashboard cameras in their vehicles. This has significantly increased the popularity of dashcams in the country. 

The market for dashboard cameras in Asia-Pacific is expected to grow at the highest CAGR of 15.7% due to the increasing popularity and adoption among motorists, accounting for USD 4,145 million by 2030. Insurance companies in some countries have started providing premium discounts to motorists with dashboard cameras in their vehicles. Dashboard cameras are expected to gain high acceptance in this region over the forecast period as they act as invaluable evidence, which can safeguard the user legally and financially.

North America is the third-largest region. The adoption of dashcams is expected to soar in the North American region over the forecast period. In January 2017, New York (NY) State proposed a Senate Bill (S438), under which the non-commercial vehicle owners will get around a 5% discount on premium for using a dashcam. Dashboard cameras are legal in most states across the region, mainly the US. Several truck and cab drivers in the region have started using dashboard cameras over the last couple of years because of the protection these cameras offer to their livelihood.

Segmental Analysis

The global dashboard camera market share is divided by technology, Product, video quality, application, distribution channel, and region.

By technology, the global dashboard camera market is divided into Basic, Advanced, and Smart.

• By Technology

The Basic dashboard camera is the highest revenue-generating segment and is expected to grow at a CAGR of 12.5% during the forecast period. Reduced costs and easy installation of such devices are anticipated to drive the adoption of primary dashboard cameras. Dash cameras, which have minimal features and technology, are now widely available thanks to manufacturers, who have significantly cut the entry-level. These dash cams are reasonably priced and easy to install. Basic features are sufficient for the majority of clients. Dash cams with basic technology are more common in underdeveloped countries because of their simple manufacturing processes and inexpensive production costs.

The Smart dashboard camera segment is the fastest-growing. Increasing demand for advanced driver assistance functionalities, like seamless wireless connectivity, lane departure warning systems, blind-spot detection, and collision avoidance systems, are anticipated to offer considerable potential for the growth of smart dashboard cameras over the forecast period. 

The Advanced dashboard cameras have Wi-Fi connectivity, GPS support, and parking motion detection. These characteristics are expected to drive the demand for advanced dashboard cameras over the forecast period. 

By product, the global dashboard camera market is divided into 1-Channel, 2-Channel, and Rear View.

• By Product

The 1-Channel dashboard cameras dominate the market. It is estimated to reach an expected USD 7,575 million by 2030 at a CAGR of 12.5%.The market has experienced substantial growth due to increased 1-channel dash cams at low prices. 1-channel dash cams often only have the ability to capture the front view and have limited battery life and storage. The most real, entry-level dash cams on the market are 1-channel models.

The demand for 2-channel dashboard cameras is expected to grow during the forecast period owing to their capability to record the front and inside of the vehicle. Key players are now focusing on enhancing the convenience and user-friendliness of car DVRs by incorporating additional features, such as night vision cameras, high-endurance battery life, and expandable storage capacity in their offerings. The commercial users of such cameras, such as trucking companies and taxi operators, widely prefer 2-channel variants over 1-channel ones as the latter cannot be upgraded by adding an external secondary unit to capture the interior footage of the vehicle. 

Rearview

During the anticipated years, the rearview product segment will increase fastest. In 2022, the category had significant industrial revenue. This product category is predicted to grow significantly as consumers start to favor dash cams that can also record the rearview. The demand for this category of products is rising due to the rise in traffic accidents and rear-end collisions. Customers find front- and rearview recording on dash cams with multiple channel capabilities more enticing from a feature and use-case perspective.

By video quality, the global dashboard camera market is divided into SD & HD and Full HD & 4K.

• By Video Quality

The SD & HD segment dominates the market, and it is estimated to reach an expected to grow at a CAGR of 12.4% during the forecast period. SD cameras typically record low-resolution videos, allowing them to record longer loops of videos in restricted memory sizes. One of a dash cam's most crucial features is video quality because it can be crucial when reviewing the film. Due to its affordability and ability to record public events, such as number plates during collisions for insurance purposes, customers who use dash cameras in their automobiles prefer SD & HD video quality devices.

Full HD & 4K is the fastest-growing segment. They can record video footage at a significantly high resolution to offer a video quality output, considered admissible evidence by insurance companies, police, and legal authorities. Hence, an increasing proportion of motorists, individuals, and commercial fleet operators, are substituting their low-resolution DVRs with Full HD or higher-resolution cameras, finally driving the global demand for higher resolution dash cams.

By application, the global dashboard camera market is divided into Commercial Vehicles and Personal Vehicles. 

• By Applications

Personal Vehicles account for the largest market share. It is estimated to grow at a CAGR of 13% during the forecast period. Demand for dashboard cameras in personal vehicles is rising with common laws and regulations on road safety in many economies worldwide, coupled with increasing awareness of the benefits of dashcams. The substantial potential of transport authorities to encourage commercial and private vehicle owners to implement in-vehicle cameras is anticipated to provide a powerful thrust to the demand for these cameras, especially in countries where the use of these cameras is considered legal. The integration of dashcams with several driver-assistance functionalities by vehicle manufacturers worldwide is likely to help them gain a significant edge over the others.

Commercial Vehicles are the second-largest market. Factors like the growing number of accidents, the legal costs, and excessive compensation that the fleet operators have to bear have raised concerns regarding driver safety. Implementing 2-channel dashboard cameras in such vehicles is expected to help the fleet managers visualize the whole picture.

By distribution channel, the global dashboard camera market is divided into Online and In-Store. 

• By Distribution Channel

The In-Store segment dominates the market. It is estimated to grow at a CAGR of 12.4% during the forecast period. Retail stores offer sample demonstrations of a device, which enables a customer to try and test it before deciding to buy. Customers can own a device instantaneously by purchasing it in retail stores. Retail stores also offer a sample demonstration of a device, which enables a customer to try and test it before deciding to buy.

Online purchasing of dashboard cameras is the fastest-growing segment. It offers exciting discounts and the best prices compared to the in-stores options, which is expected to drive the preference. Almost all goods and services are now sold online, and buyers may take advantage of conveniences like doorstep delivery and additional discounts. The internet distribution channel sector is crucial for manufacturers to access a larger audience at a low cost. Dashboard cameras are distributed online through e-commerce sites or the manufacturer's website.

Impact of covid-19

COVID-19 had an unfavorable effect on the market development. Many businesses have been severely impacted by the outbreak, which has resulted in a global recession. This compels banks all across the globe to put initiatives into action. Numerous core banking, deposit accounting, and loan accounting systems are not intended for functional versatility. As a result, globally, banks and financial institutions emphasize business continuity planning. They are mainly responsible for ensuring that customer relations activities and branch distributions are not disrupted.

In many businesses, the outbreak substantially affected the working environment. Due to the constraints, many financial institutions and banks have been obliged to let their staff work from home. The finance system is dealing with late lease payments and rapid interest rate fluctuations, which has resulted in an enormous reconfiguration of the global financial system.

Market Recovery Timeline and its Challenges

The post-pandemic period will be significant for the global core banking software market. The market's growth is likely to be hampered due to privacy concerns, security of data, and skilled professionals working with advanced technologies. On the other hand, factors like the rising demand for cloud-based solutions from banking corporations and the growing demand for managing customer accounts from a single server will likely continue to drive the market growth over the forecast period. Overall, the recovery of the global core banking software will be quick.

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