The global dashboard camera market size is anticipated to around USD 6.0 billion by 2026, this market is anticipated to grow with 14.1% CAGR during the forecast time period. Favourable government initiatives and increasing need for vehicular safety are some other factors expected to spur dashboard camera market development.
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The global need for dash cams is anticipated to witness a considerable increase due to increasing inclination among motorists for such devices in order to seek additional legal protection in case of accidents and road accidents. There has been a surge in consciousness about the benefits of car digital video recorders (DVRs) among the global population, which is credited to frequent news incidences displaying footage of road accidents and crashes captured by such gadgets.
The global dashboard camera market is segmented into product, technology, video quality and region. On the basis of product the global dashboard camera market is segmented into 1-Channel and 2-Channel. On the basis of the technology the global dashboard camera market is segmented into basic, advanced, and smart. On the basis of the video quality, the global dashboard camera market is segmented into SD & HD and Full HD & 4K. On the basis of region the global dashboard camera market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
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On the basis of technologies used, the industry comprise of three types named advanced, basic, and smart. The basic sub-segment dominated the overall industry in 2018 and is expected to retain its lead over the forecast time frame. Easy installation and low cost are features expected to boost the global acceptance of basic dash cams.
About 7.5 million units of progressive dashboard cameras were shipped internationally in 2018, and their need is anticipated to increase at a CAGR of over 15.5% from 2018 to 2026. Sophisticated features equipped in these dashboard cameras for instance GPS support,motion detection and Wi-Fi connectivity are anticipated to drive their need among commercial and private vehicle owners.
Asia Pacific is expected to spectator lucrative CAGR in the forthcoming years. Developing economies for instance, China, and India have been experiencing strong economic development. Growing standard of living in these nations has encouraged the need for progressive products and procedures. Increasing disposable income is anticipated to trigger the regional need for dashboard camera in near future.
Europe is anticipated to emerge as the foremost regional segment in terms of dashboard camera shipments in 2018; regional need was pegged at over 11.5 million units that year. Dash cams have increased immense popularity in Russia due to increasing cases of insurance fraud in case of mishaps. These gadgets can be used as evidence against cash for crash scams.
The Asia Pacific market is expected to observer the highest growth in terms of revenue over the forecast time frame, registering a CAGR of over 17.0% from 2018 to 2026. Strong vehicle sales in Asian countries for instance, South Korea and India has optimistically impacted regional development. Need for basic dash cams from emerging economies, predominantly China and India, is expected to witness a considerable surge compared to other nations.
A projected 6.5 million units of dashboard cameras were sold across North America in 2018. Regional need is anticipated to observer significant development over the forecast period as ride-hailing service providers, for instance, Lyft and Uber, and their drivers are progressively realizing the advantages of installing such gadgets in their vehicles. This in an effort to protect themselves against bad reviews or false accusations from passengers.
Market companies are concentrating on implementing new strategies for instance regional expansion, partnerships, mergers and acquisitions, new product launches, and distribution agreements to surge their revenue share. And also, growing R&D investments paired with technical advancements to commercialize highly efficient products are expected to offer huge growth opportunities for industry participants. Some of the main businesses present in the dashboard camera market are Panasonic Corporation,Pittasoft Co. Ltd.,Cobra Electronics Corporation,Garmin Ltd.,ABEO Technology,Falcon Zero LLC. And DOD Tech. Significant strategic initiatives undertaken by global businesses include partnerships, new product launch, acquisitions.
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