Dashboard Camera Market Size, Share & COVID-19 Impact Analysis, By Technology Type (Basic, Advanced, Smart), By Channel Type (Single Channel, Dual Channel), By Vehicle Type (Passenger Car, Commercial Vehicle), and Regional Forecast, 2021-2028

The global dashboard camera market size was USD 3.02 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with dashboard cameras witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a growth of 12.1% in 2020. The market is expected to grow from USD 3.46 billion in 2021 to USD 11.48 billion in 2028 at a CAGR of 18.7% in the 2021-2028 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

In the event of unanticipated traffic-related incidents, eyewitnesses or vehicle occupants may not provide comprehensive details regarding the accident. However, dashboard cameras enable users to capture continuous and high-quality footage to record the incident and expedite insurance claims. Moreover, semi-autonomous vehicles can also integrate advanced driver assistance features with dash cams to provide features such as real-time sensing and motion detection. Hence, the increasing number of vehicle thefts and accidents, especially in developing countries, and the ability to resolve such incidents with the help of dashboard cameras will influence the growth of the market.

Short Term Sales Loss due to COVID-19 Pandemic to Hamper Growth

The global market witnessed a substantial decline in sales in 2020 quarter 1(Q1), as the majority of the dashboard cameras in North America and Europe are imported from Asian manufacturing units. The covid-19 impact, which resulted in a temporary shutdown of the majority of the manufacturing facilities in China, Taiwan, and Japan, caused a severe shortage of dash cams in western countries. The automotive sector was undergoing a severe economic crisis due to the pandemic. The new orders for passenger cars and commercial vehicles declined considerably in the first two quarters of 2020.

However, in several developed countries, including United States, Germany, Japan, it has been observed that the buyer's tendency towards investing in new technology electronic equipment, including dash cams, increased in post-October 2020. The growth in sales of used vehicles was significant at the end of the year 2020, majorly since buyers are concerned about their health and security instead of traveling in the public transport systems, including buses and trains.

Due to the lockdown in several countries, many users have canceled their international travel plans and are also facing challenges in domestic traveling. Therefore, most such users tend to spend the saved disposable cash on various vehicle up-gradation, consumer goods, and electronics. For instance, the dash cam sales of Supercheap Auto witnessed a 50% growth in July 2020.

Manufacturers are also focusing on geographical expansion, considering the significant growth in demand for dash cams worldwide. For instance, NextBase, one of the largest product manufacturers in Europe, entered the Australian market with its full range of dash cam products. Hence, these factors will influence the growth of the market.

LATEST TRENDS

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Enhanced Connectivity is a Positive Trend Influencing Market Growth

To use sensor data in real-time, there is an increasing demand among fleet owners for dash cams to analyze the data on the cloud in real-time instead of requiring the vehicles to return to retrieve critical information. GPRS data transfer is used by low-quality and older dash cams. As it provides low-bandwidth transfer speeds, it is not suitable for the vast amount of sensor data and Full HD video recordings.

Hence, the latest generation of dashcams developed by companies such as Thinkware and VIOFO offer more capable and faster 4G support. They enable over the air (OTA) firmware updates and transmitting real-time telematics information. Hence, these factors will positively influence the growth of the market.

DRIVING FACTORS

Technological Advancement of Dash Cams to Drive Market Growth

Modern dash cams feature an array of sensors that have increased dash cams' functionality beyond only recording footage. Many advanced dash cams are now equipped with a 3-axis G-sensor. It can detect sudden movements in the event of emergency braking or collisions. In such incidents, it can trigger specific actions to ensure the footage is preserved and uploaded to the cloud or lock it to safeguard against tampering or erasure. Similarly, with the advent of AI-powered analysis, dash cams can be used as part of driver monitoring systems to track and alert the drivers if they fall asleep. Hence, the technological advancement of dash cams will drive the dashboard camera market growth.

Increasing Number of Road Accidents and Vehicle Thefts to Drive Market Growth

Dash cams have gained significant popularity in recent years, mainly due to increasing vehicle accidents and theft. The footage recorded in dash cams is instrumental in legal proceedings, insurance claims, and protection purposes. Many major insurance companies have made it mandatory for the insurance holder to install dash cams in their vehicles to process the insurance claims efficiently. For instance, the automotive insurance companies in Japan offer products with special contracts to lease dash cams, as the enforcement has tightened penalties against tailgating drivers. Hence, these factors will drive the demand for dash cams during the forecast period.

RESTRAINING FACTORS

Cybersecurity Concerns and Stringent Regulations Will Restrain Market Growth

The emergence of connected cars and advanced driver assistance systems has significantly improved the overall driving experience and made vehicle driving more secure than before. However, the more our society becomes connected using technology, the more cybersecurity concern it attracts. Low-cost dash cams especially are highly susceptible to firmware attacks that may lead to user data breaches. For instance, a ransomware attack in 2018 resulted in the loss of years of dashcam footage to the Atlanta Police Department. Hence, these factors will restrain the growth of the market.

SEGMENTATION

By Technology Type Analysis

Basic Segment to Hold Largest Share Owing to Affordability

By technology type, the market for dashboard cameras is segmented into basic, advanced, and smart.

Basic dash cams are simple and easy to set up, and are highly affordable. These factors are attributed to the dominant position of this segment.

The smart dash cam segment is expected to show considerable growth in the market. Factors such as easy setup, highest quality camera lens, and a wide array of control options such as through smartphones will drive the growth of this segment.

The advanced dash cam segment is expected to exhibit a higher CAGR and be the leading segment by the end of the forecast period. They are equipped with more advanced features such as speed sensors, accelerometers, and an uninterruptible power supply that allows for continuous recording without draining the car battery. These features, along with decreasing cost, will propel the growth of this segment.

By Channel Type Analysis

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Single Channel Segment Dominated in 2020 due to Advancement of Low-Cost Models

Based on channel type, the market for dashboard cameras is segmented into single channel and dual channels.

The single-channel (1-CH) segment held the largest share of the market in 2020. Considerably lower cost (as compared to dual-channel) and technological advancement of low-cost models with improved image recording and storage capacity are attributed to the dominance of this segment.

The dual-channel (2-CH) segment is expected to exhibit a higher growth rate during the forecast period. Dual-channel dashboard cameras consist of both front and rear cameras that provide more security and reliable evidence in the event of an accident. Furthermore, they are also more cost-efficient in the long run as even budget 2-CH cams are equipped with features such as GPS and Wi-Fi support. These factors will fuel the growth of this segment.

By Vehicle Type Analysis

Passenger Car Segment Dominated in 2020 Propelled by Favorable Regulatory Support

By vehicle type, the market is segmented into passenger cars and commercial vehicles.

The passenger car segment dominated the market in 2020. Factors such as the increasing functionality of low-cost dashboard cameras and favorable regulations across the globe that have legalized their use in private vehicles are attributed to the high adoption rate of dash cams in this segment.

Moreover, the commercial vehicle segment is anticipated to show substantial growth during the forecast period, attributed to the high penetration of dashboard cameras among fleet owners. They provide increased safety, insurance discounts and act as an effective tool for driver training. Hence, these factors will drive the growth of this segment.

REGIONAL INSIGHTS

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Europe held the largest market share and stood at USD 1.53 billion in 2020. Varying privacy infringement laws are the biggest challenge for product adoption in Europe. Several governments have passed laws to overcome this challenge. For instance, in Belgium and France, dash cams have been legalized for private use. However, users are forbidden from uploading footage online. Similarly, in the U.K. and Spain, dash cams are perfectly legal as long as they don’t restrict the field of vision for the driver. Hence, these factors will influence the growth of the market in this region.

Asia Pacific is anticipated to exhibit a higher CAGR during the forecast period. Increasing vehicle sales will lead to increased demand for cameras in countries such as South Korea and India. Furthermore, issues such as car insurance frauds and road safety in South East Asian countries and India have also propelled the rapid adoption of dash cams in these countries. They are also highly popular for commercial use in Japan and China, where they are used by taxis, police, and car rental firms to monitor fleets and enhance efficiency. Hence, these factors will drive the growth of the market in this region.

North America is also expected to show considerable growth in the market owing to high adoption in the commercial sector. Increasing penetration of dash cams in the large trucking & haulage industry and among popular ridesharing companies such as Lyft and Uber will fuel the growth of the market in this region.

KEY INDUSTRY PLAYERS

PAPAGO Inc. to Strengthen their Leading Position in Market due to Broad Product Portfolio

PAPAGO Inc. is the leading brand for low-cost product in Taiwan, China, Russia, South East Asia, Japan, Australia and is rapidly gaining traction among customers in the U.S. as well. The company’s product lineup includes more than 15 dash cams with prices as low as USD 30, and more technologically advanced dash cams are available at the cost of more than USD 200. These factors will fuel the company's leading position in the market as a manufacturer of affordable dash cams.

LIST OF KEY COMPANIES PROFILED:

• Panasonic Corporation (Osaka, Japan)


• Garmin Ltd. (Kansas, U.S.)


• DOD Tech (Taoyuan, Taiwan)


• Waylens Inc. (Boston, U.S.)


• Pittasoft Co. Ltd. (Seoul, South Korea)


• Papago Inc. (Taipei, Taiwan)


• Aptiv (Dublin, Ireland)


• LG Innotek (Gwangju, South Korea)


• Koninklijke Philips N.V. (Amsterdam, Netherlands)


• Honeywell International Inc. (North Carolina, U.S.)

KEY INDUSTRY DEVELOPMENTS:

• June 2021 – Garmin announced four new dash cams with cloud-connected storage (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 after an incident.


• October 2020 – Garmin International, Inc., announced the Garmin Dash Cam Tandem. It is the first dual-lens dash camera that offers drivers complete video coverage of their surroundings with the support of two 180-degree fields of view lenses that record in tandem day and night.

REPORT COVERAGE

An Infographic Representation of Dashboard Camera Market

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The global market research report covers a detailed analysis of the industry and focuses on key aspects, such as leading companies, technology types, channel types, and vehicle types. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report delivers an in-depth dashboard camera market analysis of several factors that have contributed to its growth over recent years.

Report Scope & Segmentation