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 Cars, Commercial Vehicles), and Regional Forecasts, 2022-2029

The global dashboard camera market size stood at USD 3.53 billion in 2021. The market is projected to grow from USD 4.21 billion in 2022 to USD 16.8 billion by 2029, exhibiting a CAGR of 21.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with dashboard cameras experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a rise of 12.8% in 2020 compared to 2019.

A dashboard camera, also known as a dashcam, is an onboard camera that is fixed on the vehicle's front windscreen and sometimes rear windows, continuously recording the view. A dashcam is extremely helpful in case of accidents. The camera is conveniently placed to observe the whole of the road ahead; therefore, there is evidence of an accident in front of the driver or the driver involved. For instance, law enforcement authorities in the U.K. now accept dashcam footage as evidence. They can therefore be used to prevent future accidents by reporting reckless and dangerous drivers.

A dashcam can have cost-effective benefits for car users with its lower insurance premiums. Some insurers even offer a discount if a dashboard camera is fitted in the car. Aviva, AXA, and Swiftcover are some of the insurers which offer a free dashcam to the consumers who prove that they have installed it in their car. Moreover, Aviva uses the technology for its car camera to give the consumer a score after each journey. Drivers driving responsibly and safely get a higher score, and Aviva reduces their premiums.

COVID-19 IMPACT

Increased Sales of Dashboard Cameras Fueled the Market Growth Amid COVID-19

During the COVID-19 outbreak, the automotive and transport industries were among the most exposed verticals. COVID-19 significantly impacted the supply chain and product demand in the automotive industry. The market has gone from being focused on China's supply chain disruption to the global slump in demand for auto products. The global market witnessed a substantial decline in sales in the first quarter of 2020, as most of these cameras in North America and Europe are imported from Asian manufacturing units. The COVID-19 pandemic, which resulted in a temporary shutdown of most manufacturing facilities in China, Taiwan, and Japan, caused a severe shortage in western countries. The automotive industry was undergoing a severe economic crisis due to the pandemic as the new orders for passenger cars and commercial vehicles declined considerably in the first two quarters of 2020.

However, in several developed countries, including the United States, Germany, and Japan, the buyer's tendency toward investing in new technology electronic equipment, including dashcams, increased post-October 2020. The growth in sales of used vehicles was significantly high at the end of 2020, majorly since buyers were concerned about their health security while traveling in the public transport systems, including buses and trains. Due to the lockdown in several countries, many users canceled their international travel plans and faced challenges in domestic traveling; therefore, most preferred to spend the saved disposable cash on various vehicle upgrades, consumer goods, and electronics. For instance, the dashcam sales of Supercheap Auto witnessed a 50% growth in July 2020.

Hence, the global market growth was affected severely due to supply chain disruptions and lockdowns during the COVID-19 period. However, after the markets opened, the market jumped back quickly and is recovering from the COVID-19 loss.

LATEST TRENDS

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

Today's dashboard cameras are no longer ordinary cameras; they are being continuously upgraded as a protective companion for a safe journey. The introduction of advanced technologies, including artificial intelligence and vehicle telematics has significantly improved the dashcam application for both passenger and commercial vehicles.

Artificial intelligence is used in such cameras for real-time monitoring of external and internal environments while driving. The AI helps by providing live scene analysis and object detection. For example, the camera can alert the driver or operator in real-time in case a vehicle is approaching at an appropriate speed from behind so that the driver can take an active decision to avoid any collision.

Nowadays, advanced dashcams are embedded with features such as identity blurring to protect privacy, live streaming of video footage, high definition video recordings, prolonged video recordings, and storage, among others. It is becoming life savior as they help in detecting distracted driving, tailgating, rolling stops, and rash driving.

Artificial intelligence has created enormous opportunities for this market. Search advanced cameras are expected to capture a more significant dashboard camera market share in developing countries such as China, Brazil, and India, among others. The developed countries have already adopted such cameras on a large scale, especially the high-end & luxury car owners and large fleet management companies.

DRIVING FACTORS

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

Dashcams have recently gained significant popularity due to increasing vehicle accidents. This mainly help the drivers continuously record incidents happening in the front and rear sides of the vehicle and store them in a DVR box placed inside the car. The footage recorded in dashcams benefits legal proceedings, insurance claims, and protection purposes.

Moreover, vehicle theft is a grave concern for vehicle owners worldwide. For instance, according to the U.S. Department of Transportation's Fatality Analysis Reporting System (FARS), around 33,244 deadly Road crashes occurred in the U.S. in 2019, which resulted in the death of 36,096 US citizens. In addition, according to an FBI report, a total of 727,921 vehicle theft s occurred across the U.S. in 2020, an increase of 11.8% compared to 2019, which is 667,064. Also, the FBI says that the 2020 vehicle theft record was the highest since 2008.

In India, a large number of vehicle thefts are recorded yearly. According to data revealed by Delhi Police, between 2011 and 2020, 307,000 vehicles were stolen in the city in the last 10 years. Thus, such serious concerns are fueling the demand for this market across the world.

Furthermore, the preference for dual-channel dashboard cameras has witnessed a strong growth rate in the last three years, mainly due to the availability of high-definition dual-channel cameras in the market. These cameras record both front and rear footage. Therefore, it is beneficial for legal proceedings as evidence. The demand for such a camera is expected to surge over the forecast period mainly due to their growing application in passenger taxis and cabs for passenger and driver protection purposes.

In addition, dashcams have also gained significant popularity due to viral videos of accidents captured. Such videos have created awareness among vehicle owners about the importance of installing a dashcam.

Implementation of Stringent Government Regulations and Increasing Insurance Frauds to Drive the Dashboard Camera Market Growth

The market is growing due to an increase in the number of road fatalities and increased safety concerns. According to the World Health Organization (WHO), 1.3 million road accidents occur yearly globally. As a result, governments worldwide are legislating the installation of rearview cameras in automobiles to improve safety and avoid accidents.

For instance, in 2014, the National Highway Traffic Safety Administration (NHTSA) adopted a new law requiring backup cameras in all vehicles weighing less than 10,000 pounds, including buses and trucks.

Moreover, many major insurance companies have made it mandatory for the insurance holder to install dashcam in their vehicles to process the insurance claims quickly. For instance, the automotive insurance companies in Japan offer products with special contracts to lease dashboard cameras as the enforcement has tightened penalties against tailgating drivers. This initiative resulted in substantial vehicle insurance growth in Japan, reaching 1 million in 2020.

According to the estimations by Insurance Information Institute (III), each year, the property and casualty insurance companies lose an average of USD 34 billion to fraud. As per the National Insurance Crime Bureau (NICB), auto insurance fraud makes up the largest share of that loss. Further, Australia witnessed large magnitudes of auto insurance frauds, and could save billions by supporting the proliferation of dashcams. For instance, 58,285 vehicles were stolen in Australia in 2019, a 9 % rise from 2018.

In addition, several insurance companies are contributing to the increase in dashcam sales by offering discounts on car insurance as it can reduce insurance frauds or claims by capturing video events.

Thus, the implementation of stringent government regulations and increasing insurance frauds are influencing the performance of dashboards cameras in vehicles, fueling the market growth.

RESTRAINING FACTORS

Cybersecurity Concerns and Regulations May Restrain the 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. Cybersecurity experts continuously criticize dashcams over privacy concerns. Many security vulnerabilities have been pointed out by experts in the past that may lead to user data breaches and cyber-attacks.

Although the companies proactively resolve such issues from time to time, we never know when this may create a serious concern. Therefore, the manufacturers must ensure their highest level of cybersecurity and data protection policies to create a safer driving experience. For instance, the ransomware attack in 2018 resulted in years of dashcam footage compromise by the Atlanta Police Department.

The car manufacturers share the data collected from various camera sensors fitted on their vehicles with third-party companies to enhance the user experience. For instance, BMW shares the data collected from dashboard camera with mapping software company HERE, which utilizes this data for creating a range of services for connected vehicles. Although this sounds beneficial to the end-user, sometimes, the appropriate handling of data by such third-party companies may lead to serious cyber-attacks.

Few car manufacturers, such as Tesla, offer voluntarily erasing personal data from the vehicle storage; however, sometimes, users' negligence may also lead to a personal data breach. For instance, in 2020, a hacker could retrieve critical personal data from Tesla auto parts that he purchased from eBay.

Thus, the above factors are anticipated to hamper the growth of this market.

A major factor expected to hinder global market growth is the stringent laws imposed against dashcams in certain countries. The use of these cameras are forbidden by law and considered a violation of privacy in certain European countries such as Austria, Belgium, and Switzerland. Heavy fines are charged to violators, thus restraining market growth.

For instance, according to the Belgian Camera Act, regulating the installation and use of surveillance cameras in private places accessible to the public is liable to be reported.

SEGMENTATION

By Technology Type Analysis

Basic Segment to Hold the Largest Market Share Owing to Affordability

On the basis of technology type, the market is segmented into basic, advanced, and smart. The basic segment is currently leading the global market. Many basic dashcams are present in the market as they are affordable, and many consumers only need to record the view while driving to avail hassle free insurance claims. The advanced segment is estimated to be the largest segment by 2029, with the highest CAGR during the forecast period. Advanced dashboard cameras have GPS tagging, audio, and accelerometers. Demand for these new technologically sound unit will propel the market growth. The smart technology type segment is anticipated to be the second-fastest-growing segment during the projected period. The increasing demand for smart cameras in luxury and enterprise vehicles and luxury car rental vehicles will propel market growth.

By Channel Type Analysis

Due to Easy Availability, Single Channel Segment to Hold the Largest Market Share

The market is segmented into channel type into single-channel and dual-channel based on channel type. The word channel here refers to the number of cameras installed. Usually, single-channel camera can record only the road ahead of the driver as only a single camera is installed facing frontwards. Some costlier versions of the single-channel dashcams even come with parking mode, night vision, Wi-Fi, and GPS features. Currently, the single-channel segment holds the leading position in the global market. The growth of the single-channel segment is mainly due to its cost-effectiveness over dual-channel and fewer operational and maintenance costs. However, the dual-channel segment is anticipated to be the fastest-growing segment. Dual-channel dashcams record the front and the rear of the vehicle, depending on where the cameras are mounted and pointed. The setup can consist of either two separate cameras that operate together and are connected by a cable or one camera setup with both a front camera and rear camera in one unit. Dual channels are the most popular and suitable for personal and commercial use due to the actual footage it provides in the event of an accident. Thus, the dual-channel segment is anticipated to grow at the highest CAGR during the projected period.

By Vehicle Type Analysis

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Passenger Cars Segment to Hold the Largest Market Share Due to Rising Adoption Insurance Frauds Concern

The global market is categorized by vehicle type into passenger cars and commercial vehicles. The passenger cars segment includes dashcams installed in passenger cars. These are generally used for safety, insurance, or recording in case of traveling. Also, some parents who fit such cameras in their children’s cars due to their children’s driving concerns are considered under this segment. Some car ride-sharing platforms using the dashcams to monitor the ride of the consumers to ensure consumer safety during traveling are also covered under this segment. Therefore, the passenger cars segment is anticipated to hold most of the market share during the forecast period. This segment considers the dashcams installed in trucks, buses, or industrial vans. These are installed to prevent false claims, observe drivers, coach drivers, and correct their dangerous driving habits. Driver Monitoring System (DMS) in the cabin-facing camera helps with drowsy or distracted driving. Therefore, dashcams combined with ADAS provide plenty of advantages to fleet managers. Hence, these factors will propel the growth of the dual-channel dashcam segment.

REGIONAL INSIGHTS

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The market size of Europe in 2021 was valued at USD 1.76 billion. Europe holds the largest market position as the concept of dashcams was first adopted by the people in Russia and subsequently spread to the U.K. and Germany. Dash camera became mandatory as Russia was rampant with fear of aggressive drivers, insurance fraud, and accidents improperly examined without the necessary technology.

The North American market size stood second in the global market in 2021. The growth is attributed to the usage of dashcams by the U.S. law enforcement officers to provide corroborating evidence of crimes. Rideshare drivers are the prominent dashcam consumers in this region. Though these cameras are not compulsory, lawmakers in the U.S. are urging to make dashcams mandatory. This factor will propel the demand for market in the region during the forecast period.

The Asia Pacific market is expected to be the fastest-growing market during the projected period. Increasing adoption of upcoming technologies, such as ABS, ADAS, vehicle telematics, and dashcams, propels the APAC market. Furthermore, encouraging steps from emerging economies such as China, India, and Malaysia lead to the rising procurement of dashcams, eventually driving the market's growth. For instance, in 2019, Director-general Siti Zaharah Ishak of the Malaysian Institute of Road Safety Research (MIROS) lauded the growing adoption of dashcams in vehicles and requested other drivers to adopt them. Also, companies are trying to penetrate the APAC market. For instance, NextBase, one of the largest dashboard camera manufacturers in Europe, is set to enter the Australian market with its full range of dashboard camera products.

The rest of the world consists of Gulf countries, South America, and Africa. Growing tourism, increasing expenditure on rider safety, and rising adoption from the Middle Eastern countries drive the market growth across the region. For instance, as cited in Arab News in May 2022, the owner of a Dashcams store in Jeddah, Ahmed Eid Al-Attawi, until now has been selling dashboard cameras to consumers concerned about thefts and vandalism. However, the consumers have become concerned about accidents as well. Consumers want dashcams as they want a proof of their driving, to avoid false speeding, or accident charges. Hence, these factors are fueling the sale of dashcams in the region.

KEY INDUSTRY PLAYERS

Due to its Wide Product Portfolio and Strong Geographical Presence, Pittasoft is the Top Player in the Global Market

Pittasoft Co. Ltd. is the leading player in the global market. The early adoption of omnichannel strategies such as e-commerce is attributed to the considerable popularity of its products among consumers across the globe. R&D is also a key focus for the company, enabling them to introduce industry-leading products that incorporate connectivity and smart features. These factors are fueling Pittasoft’s leading position in the market.

LIST OF KEY COMPANIES PROFILED:

• Koninklijke Philips N.V. (Netherlands)


• Valeo SA (France)


• Aptiv (Ireland)


• Honeywell International Inc. (U.S.)


• Panasonic Corporation (Japan)


• LG Innotek (South Korea)


• Xiaomi (China)


• Garmin Ltd. (U.S.)


• DOD Tec (Canada)


• Waylens, Inc. (U.S.)


• ABEO Company Co., Ltd (Taiwan)


• Pittasoft Co. Ltd. (South Korea)


• PAPAGO Inc. (U.S.)


• Steelmate Automotive (U.K.)


• Qihoo 360 Technology Co. Ltd. (China)

KEY INDUSTRY DEVELOPMENTS:

• June 2021: Garmin announced four new dashcams with cloud-connected storage (Dashcam 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.


• May 2020: Xiaomi released the Mi Smart Dashcam 2K. It can record videos at high resolution, up to 1600p, with the help of the camera’s OV OS05A10 back-illuminated image sensor. This sensor has an f/1.8 aperture. It is the second entry in the series from Xiaomi.


• January 2020: Garmin International, Inc. announced the Garmin Dashcam Tandem. It is the first dual-lens dashcam that offers drivers complete video coverage of their surroundings with the support of two 180-degree field-of-view lenses that record in tandem day and night.


• August 2019: California-based FleetUp offered a video telematics bundle that includes a 360-degree dashcam from Waylens that integrates into the company’s fleet management solution. The camera will bring footage from various angles into the FleetUp dashboard so fleet managers can view it. The camera also provides driver-facing views.


• February 2019: Panasonic announced the latest addition to its portfolio of Public Safety Solutions: the AS-1 Camera, small enough to fit behind a vehicle’s rearview mirror and features that provide remarkably high-quality video evidence capture.

REPORT COVERAGE

An Infographic Representation of Dashboard Camera Market

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The global dashboard camera market analysis focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, 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 have contributed to the market's growth.

Report Scope & Segmentation