Europe 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

Europe is the largest region in the global dashboard camera market. The Europe dashboard camera market size is projected to grow at a CAGR of 23.2% during the forecast period. The European market is projected to grow from USD 0.17 billion in 2022 to USD 0.83 billion by 2030.

The growing number of road accidents and vehicle thefts has propelled the Europe dashboard camera market growth. According to Home Office data, vehicle thefts in England and Wales surpassed 101,000 in 2021. Less than 28% of stolen vehicles were recovered in 2021, compared to 80% in 2006. The rise in vehicle thefts will increase the adoption of dashboard cameras across the region, as using dashcams can minimize the risk of theft and vandalism. 

In addition, several insurance companies are contributing to the increase in dashboard camera sales by offering discounts on car insurance, as it can reduce insurance fraud or claims by capturing video events. For instance, in the U.K., major insurance companies, such as AXA Swiftcover, are offering a premium of 15% when a user has a dashcam. Other insurance companies are giving an average of 10% of the premium.

LATEST TRENDS

Growing Demand for Smart Dashcams in Luxury and Enterprise Vehicles, along with Driving Instructors, will Propel Market Growth

Today’s dashcams are equipped with IoT and AI to understand driver behavior. The utilization of dashboard cameras is growing significantly for various advanced driver assistance systems, including lane departure warning systems, driver drowsiness monitoring systems, automated emergency braking, and others. Market players are leveraging AI & IoT solutions and launching enhanced products to increase their customer base.

For instance, in January 2022, Nextbase announced its next-generation iQ series of smart dash cams at CES 2022. The new iQ models are designed to increase safety and security by adding 4G LTE connectivity. The Nextbase iQ is a two-camera smart dashcam system available in three different versions depending on the front camera's resolution. Two cameras are integrated into the unit's housing; one pointed forward that captures in 1080p, 1440p, or 4K resolution and another monitoring the cabin in either 1080p or 1440p. An optional third wired remote camera points out the rear window, capturing at 1440p.

DRIVING FACTORS

Increasing Acceptance of Dashcam Footage in the Insurance Industry will Boost Market Growth

Daily growing evidence of policies and insurance claims related to accidents propels the demand for dashcam systems in Europe. Dashcam footage is mostly used as evidence of risky driving and to settle insurance claims.

Insurance companies have started accepting dashcam recordings as evidence in claims. The growing usage of dashcams has also led to a considerable rise in the amount of video footage being sent to the police to report people committing traffic offences.

As per the Nextbase report, one of the leading manufacturers in Europe, dashcams have become increasingly popular in the U.K., with sales increasing by 918% since 2016. In 2022, Nextbase witnessed a 200% increase in sales of dashcams to manufacturers. Nextbase saw an increase in its market share to 76% in the U.K., 55% in Europe, and 20% in the U.S. Such trends show a rising demand for dashcams in the U.K. market.

RESTRAINING FACTORS

Stringent Laws Imposed Against the Use of Dashcams in Certain European Countries to Limit Market Growth

A major factor expected to hinder the growth of the global market is the stringent laws imposed against the use of dashboard cameras in certain countries. The use of these cameras is forbidden by law and is considered a violation of privacy in certain European countries such as Portugal, Luxembourg, and Austria. Using dashcams or recording devices in public is considered illegal, and violators will face hefty fines for breaking these laws, thus restraining the 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.

KEY INDUSTRY PLAYERS

In terms of competitive landscape, Aptiv, Valeo SA, Nextbase, and Koninklijke Philips N.V. are the key players in the Europe market, owing to their strong product offerings, active involvement in R&D investments, and acceleration of product launches and approvals over the forecast period.

Other prominent players, such as LG Innotek and Garmin Ltd., are also leading the market due to their strong distribution networks and diverse product portfolios, including artificial Intelligence (AI)-powered dashboard cameras. Other major players are Panasonic Corporation, Waylens, Inc., and others. These companies are focused on strengthening their product portfolio and distribution network through strategic collaboration and partnerships to increase the European market share.

LIST OF KEY COMPANIES PROFILED:

• Valeo SA (France)


• Aptiv (Ireland)


• Honeywell International Inc. (U.S.)


• Nextbase (U.K.)


• Kenwood Europe (U.K.)


• Panasonic Corporation (Japan)


• Koninklijke Philips N.V. (Netherlands)


• DOD Tech. (Taiwan)


• IROAD (U.K.)


• VIOFO UK (U.K.)

KEY INDUSTRY DEVELOPMENTS:

• November 2021: Valeo launched WoodScape, the first ever surround view fisheye camera open-source dataset, aiming to take computer vision research for automated driving and parking to the next level.


• May 2021: UK Thinkware announced the launch of its Intelligent T700-connected dashcam. The new intelligent dash cam features all connected services, including remote live view, real-time parking impact video, emergency contact messaging, and vehicle status & driving history. It lets users view vehicle location through the dashcam’s front and rear-view cameras at full-HD.

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The market research report provides a detailed analysis of the market. 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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