Dashboard Camera Market Size, Share & COVID-19 Impact Analysis, By Technology Type (Basic, Advanced, and Smart), By Channel Type (Single and Dual), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecast, 2023– 2030

The global dashboard camera market size was valued at USD 0.35 billion in 2022. The market is projected to grow from USD 0.40 billion in 2023 to USD 1.93 billion by 2030, exhibiting a CAGR of 25.2% over the forecast period.

Dashboard camera or dashcam is a device mounted on the vehicle's dashboard, also known as a car digital video recorder. The primary function of a dashcam is the careful and accurate recording of every detail on the road. This onboard camera continuously records the front view through a vehicle's windscreen and sometimes rear or other windows. Dashboard cameras are installed on the vehicle’s front windscreen and sometimes rear screen.

Dashboard cameras have gained significant popularity in recent years due to increasing vehicle accidents. The cameras mainly help the drivers continuously record incidents happening on the front and rear sides of the vehicle and store them in a DVR box placed inside the car. The footage recorded by these cameras is beneficial for legal proceedings, insurance claims, and protection purposes.

COVID-19 IMPACT

Shortage of Raw Materials and Components Needed to Manufacture Dashcam, Leading to Production Delays and Increased Manufacturing Costs

The global market witnessed a substantial decline in sales initially, as most of the cameras in Europe and North America are imported from Asian manufacturing units. The COVID-19 pandemic resulted in a temporary shutdown of most manufacturing facilities in China, Taiwan, and Japan, causing a severe shortage of dashcams in western countries. The automotive industry underwent a severe economic crisis due to the pandemic, as new orders for passenger cars and commercial vehicles weakened considerably in the first two quarters of 2020.

Although the industry recovered far quicker than anticipated in 2020, the demand for new vehicles was resilient among consumers. However, as facilities closed due to pandemic-induced shutdowns, the global shortage of semiconductor chips led to delays in the production of dashboard cameras. Owing to their complexity, chip makers have been unable to fulfill the sudden ramp-up in demand. This shortage has led automakers to cut production for the coming years.

LATEST TRENDS

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Adoption of IoT and Artificial Intelligence to Set a Positive Trend in the Market

The introduction of advanced technologies, such as Artificial Intelligence (AI) and vehicle telematics, has significantly improved the dashcam application for both passenger and commercial vehicles.

Artificial intelligence is used in dashboard cameras for real-time monitoring of internal and external surroundings while driving. The AI-integrated dashcams help by providing live scene analysis and object detection to drivers to ensure safe driving. For instance, the camera can alert the driver in real-time if a vehicle is approaching at an appropriate speed from behind so that the driver can immediately decide to avoid a collision.

Advanced dashcams are embedded with features such as identity blurring to protect privacy, live streaming of video footage, high-definition video recordings, prolonged video recording, and storage, among others. Modern dashcams are integrated with cloud technology and the Internet of Things (IoT), which automatically transfer & store video files in a cloud storage space. Dashcams are becoming life savior as they help in detecting distracted driving, tailgating, rolling stops, and rash driving.

DRIVING FACTORS

Implementation of Stringent Government Regulations Related to On-road Safety and Increasing Vehicle Thefts along with Insurance Frauds to Drive the Market Growth

The dashboard camera market size is expanding due to a rise in the number of road accidents and increased safety concerns. As per the World Health Organization (WHO), 1.3 million road accidents occur yearly globally. As a result, governments worldwide are legislating to install rear-view cameras in automobiles to improve safety and avoid accidents.

Moreover, vehicle theft is a severe concern for personal vehicle owners globally. According to the National Insurance Crime Bureau report for 2022, 932,329 vehicles were reported stolen to law enforcement in 2021, a 6% increase over 2020 and a 17% increase since 2019. Hence, to mitigate the fatalities, the U.S. government has strongly emphasized improving safety and also invested USD 6 billion for five years to reduce roadway crashes. The government has also increased funding for the Highway Safety Improvement Program, which is helping the states adopt data-driven approaches to making roads safer.

Rising police corruption, high rates of accidents, unsafe road conditions, and their low cost and easy availability are driving the adoption of dashcams. European countries, including the U.K., Denmark, Italy, Malta, the Netherlands, Serbia, Spain, Sweden, Russia, Turkey, Czech Republic, Romania, Poland, Ireland, Finland, and Slovenia have made it legal to install dashcams to prevent car robberies. All these factors will drive the dashboard camera market growth.

RESTRAINING FACTORS

Rising Cybersecurity Concerns and Regulations May Restrain the Adoption of Dashcams

The advent of Advanced Driver Assistance Systems (ADAS) and connected cars has significantly improved the overall driving experience and made driving more secure. However, the more society becomes connected using technology, the more cybersecurity concerns it attracts. Cybersecurity experts continuously criticize dashboard cameras over privacy concerns. Numerous security vulnerabilities have been pointed out by experts in the past that may lead to user data breaches and cyber-attacks.

Although the companies are taking steps to resolve such issues, this may create a serious concern. Therefore, manufacturers must ensure the highest level of data protection and cybersecurity policies to create a safer driving experience.

SEGMENTATION

By Technology Type Analysis

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Advanced Dashcam to Hold Higher CAGR over the Forecast Period Owing to Booming Sales across the Globe

Based on technology type, the market is bifurcated into basic, advanced, and smart. The advanced segment held a significant market size of 0.17 billion in 2022 in this market. An increase in demand for new technologically sound dashcams will drive the market growth of advanced dashboard cameras. Moreover, the growing focus on increasing drivers' safety will further boost the adoption of advanced cameras.

The smart segment held a market size of 0.04 billion in 2022, and is anticipated to register a CAGR of 26.8% over the forecast period. Increasing demand for safety features due to incidents such as carjacking or car theft from parking lots and ride surveillance in the luxury car rental sector will boost the segment growth.

The basic segment accounted for a significant market share in 2022 and is anticipated to grow at a CAGR of 21.8% over the forecast period. Increasing expenditure on safety and rising accidents lead to increased demand, which is anticipated to propel the segmental market growth during the forecast period.

By Channel Type Analysis

Growing Preference for Dual Channel Dashboard Cameras to Fuel Market Growth

The market is categorized into single and dual based on channel type. The single segment is currently the largest shareholder with a market size of USD 0.25 billion and is anticipated to continue its dominance. In the public sector, these dashcams have become common in police vehicles, buses, and ambulances. Commercially, they are mostly found in delivery vans, taxis, corporate fleets, and driving instructor vehicles. These factors will impel the growth of the single-channel dashcam segment.

The dual segment is estimated to be the fastest-growing segment with a CAGR of 29.0% during the forecast period. Some of the dual channel dashcams are equipped with motion detection capabilities that turn on the camera if there is movement in the car. This is extremely useful in the event of theft or an accident. Therefore, increasing demand for new technologically advanced dashcams will drive market growth.

By Vehicle Type Analysis

Growing Implementation of Dashcams in Passenger Cars to Propel the Segmental Growth

The market is categorized into passenger cars and commercial vehicles based on vehicle type.

The passenger cars segment is currently the largest shareholder in the global market and is anticipated to dominate the market throughout the forecast period.

Increasing awareness about the benefits of dashcams amongst the people and the need to record the entire trip during travel purposes is anticipated to propel the growth of the passenger car segment. Also, increasing passenger car sales worldwide, especially electric vehicles, are also expected to drive the passenger car segment.

The commercial vehicle segment is estimated to grow at the highest rate over the forecast period. Insurance companies referring to dashcam footage to settle claims and prevent fraud have encouraged fleet managers and commercial vehicle owners to install dashcams. Also, with increasing automation in the automotive industry, dashcams, with the help of autonomous driving and ADAS, can help achieve driverless fleets.

REGIONAL INSIGHTS

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Europe is the largest market in terms of value in the global market. It will dominate in the forecast period owing to increased vehicle sales, the adoption of the latest technology, an increasing demand for safe driving, and many others.

The Europe market dominated the global market in 2022 with a market size of USD 0.17 billion and is estimated to grow at a CAGR of 23.2% over the forecast period. The people in Russia first adopted the concept of dashcams, which subsequently spread to the UK and Germany. Their use became mandatory as the country was rampant with fear of aggressive drivers, insurance fraud, and accidents improperly examined without the necessary technology.

The North America market held a significant market size of USD 0.69 billion in 2022. The growth is attributed to the use of dashcams by U.S. law enforcement officers to provide corroborating evidence in criminal cases. Rideshare drivers are the prominent dashboard camera consumers in this region.

The market in Asia Pacific is projected to grow at a CAGR of 26.7% during the forecast period. Increasing adoption of upcoming technologies, including ABS, ADAS, vehicle telematics, and dashcams, propels the Asia Pacific dashboard camera market share. Furthermore, growing demand for passenger cars from emerging economies such as China, India, and Malaysia leads to rising procurement of dashcams, thereby driving regional growth.

The rest of the world held a market size of 0.01 billion in 2022. Rising tourism, increasing expenditure on rider safety, and rising adoption from the Middle Eastern countries drive market growth. As per Arab news, dashcams are gaining popularity in Saudi Arabia as people install them to record violations, car accidents, theft, fraud, and dangerous actions and share them as evidence.

KEY INDUSTRY PLAYERS

Companies are Focusing on Mergers & Acquisitions and Partnerships to Gain Competitive Edge

The companies are focusing on cost-reduction strategies, strategic partnerships, and acquisitions to enhance their product offerings. They are leveraging AI and IoT technologies to improve their products and strengthen their footprint in the global market. For instance, in January 2023, Verizon Connect launched a new AI dashcam solution in selected countries in EMEA and APAC. The AI-powered dashcam is designed to deliver an array of advanced fleet innovations. The AI dashcam provides more insights into risky events for fleet managers and gives drivers real-time, in-cab coaching alerts during high-risk driving behaviors.

List of Key Companies Profiled:

• Valeo SA (France)


• Aptiv (Ireland)


• Honeywell International Inc. (U.S.)


• Panasonic Corporation (Japan)


• Garmin Ltd. (U.S.)


• Koninklijke Philips N.V. (Netherlands)


• DOD Tech. (Taiwan)


• Waylens, Inc. (U.S.)


• ABEO Company Co., Ltd. (Taiwan)


• Pittasoft Co. Ltd. (South Korea)


• LG Innotek Co., Ltd. (South Korea)


• Papago Inc. (Taiwan)


• Steelmate Automotive (China)


• Qihoo 360 Technology Co., Ltd. (China)


• Xiaomi (China)

KEY INDUSTRY DEVELOPMENTS:

• January 2023 - BlackVue Dash Cameras introduced its upcoming lineup at the 2023 Consumer Electronics Show (CES) in Las Vegas. The new dash cameras will feature a 4K UHD camera with built-in LTE connectivity and a secure box model with three cameras and a separate recording unit.


• September 2022 – 70mai, one of the industry-leading auto intelligence companies, launched a rotatable Dash Cam Omni. The patented 360° rotating design 70mai utilizes an AI algorithm to boost car safety during parking surveillance.


• June 2021 – Garmin International, Inc., announced four new dashcams with cloud-connected storage. The Dash Cam Mini 2, 47, 57, and 67W all feature remote monitoring of parked vehicles and free online video storage for up to 24 hours post-incident. All the dashcam models feature new online Vault storage and Live View remote monitoring to increase parked vehicles' security.


• January 2021 – Panasonic Corporation partnered with holographic startup Envisics to develop Augmented Reality (AR) Head-up Display for vehicles. The new technology from Panasonic can detect the speed of moving objects from afar, detect pedestrians, and guide for a seamless, more engaged, and informed driving experience.


• January 2020 – Nextbase launched its latest feature-packed 622GW 4K Dash Cam at CES 2020. The dashcam provides accurate location based on a worldwide resolution of three meters and can provide emergency services with a precise location even offline.

REPORT COVERAGE

An Infographic Representation of Dashboard Camera Market

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The report provides an automotive application type market analysis and focuses on key aspects such as leading companies, product/service types, and leading product applications. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the market's growth in recent years.

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