The global dashboard camera market size is estimated to reach USD 18,369.5 million by 2034. It is anticipated to attain a value of USD 3,364.5 million in 2024. A CAGR of 18.5% is projected for the industry in the forecast period from 2024 to 2034.
Increasing concerns regarding vehicle thefts, easy availability of insurance claims, and surging awareness of vehicular safety are anticipated to create new opportunities. Cases of fraudulent medical compensation and insurance claims by showcasing fake vehicle accidents are set to increase in the future.
Hence, several leading insurance companies are compelling vehicle owners to install dashboard cameras or dashcams to help resolve insurance claims quickly and accurately.
| Attributes | Description |
|---|---|
| Estimated Global Dashboard Camera Market Size (2024E) | USD 3,364.5 million |
| Projected Global Dashboard Camera Market Value (2034F) | USD 18,369.5 million |
| Value-based CAGR (2024 to 2034) | 18.5% |
Dashboard camera sales are likely to surge at a fast pace, especially in emerging economies, backed by the booming automotive industry. Modern consumers are looking for unique features in these products to record real-time footage as evidence against ‘cash for crash’ frauds. With rising road mishaps and accidents taking place in countries like India and China, sales are projected to rise steadily.
According to the Ministry of Road Transport & Highways, in 2022 alone, States and Union Territories (UTs) reported around 4,61,312 road accidents. These led to severe injuries to about 4,43,366 and claimed the lives of 1,68,491 individuals.
Government agencies are also taking several steps to encourage vehicle owners to install these cameras. The United States House of Representatives, for instance, implemented the ‘Dashboard Camera Act of 2017.’ As per the Act, once vehicles were commercialized, owners were provided with a period of six months to install dashboard cameras.
The Land Transportation Office doesn’t allow the registration of those vehicles that do not have these cameras. At the same time, the law doesn’t allow public utility vehicle (PUV) operators to obtain a franchise if they fail to install the cameras.
To mitigate issues like traffic accidents, the Land Transportation Franchising and Regulatory Board (LTFRB) oversees the recordings of vehicles. There are heavy fines for those vehicle owners who do not comply with government norms. Similar strict norms worldwide are anticipated to compel several fleet management companies to install dashboard cameras, boosting demand.
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The table below presents the anticipated CAGRs for the global dashboard camera market over several semi-annual periods spanning from 2024 to 2034. In the first half (H1) from 2023 to 2033, the business is predicted to surge at a CAGR of 17.9%, followed by a higher growth rate of 18.6% in the second half (H2) of the same time period.
| Particular | Value CAGR |
|---|---|
| H1 | 17.9% (2023 to 2033) |
| H2 | 18.6% (2023 to 2033) |
| H1 | 18.2% (2024 to 2034) |
| H2 | 18.8% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to drop slightly to 18.2% in the first half and remain relatively considerable at 18.8% in the second half.
Rising Cases of Vehicle Thefts Worldwide Bolster Sales of Dashcams
Increasing cases of vehicle thefts, especially in developing countries, are projected to push the need for dashcams in the forecast period. High demand for advanced driver assistance systems (ADAS) is another key factor augmenting growth. Modern consumers are nowadays looking for autonomous vehicles and connected cars, which are anticipated to create novel opportunities.
The National Insurance Crime Bureau (NICB) states that in the United States alone, 932,329 vehicles were reported stolen in 2021, which showcased a surge of 6% over 2020. Colorado witnessed the most number of vehicle thefts at 661.21 incidents per 100,000 persons in 2021. California remained in the second position with 200,524 vehicle thefts in the same year.
To prevent such thefts, leading automakers are equipping their vehicles with anti-theft systems, including dashcams. Authorities are also mandating the use of these systems in certain areas. They are providing financial aid to small-scale manufacturers of such systems.
Dashcams with AI and IoT-enabled Features Gain Impetus
The emergence of novel technologies, such as vehicle telematics and artificial intelligence (AI), is anticipated to enhance the use of dashboard cameras in both commercial and passenger vehicles. AI is trending worldwide as it is capable of offering real-time evaluation of external and internal surroundings to drivers.
Companies are hence coming up with AI-enabled dashboard cameras to provide quick live object detection and scene analysis features to drivers to ensure safety. These cameras can send immediate alerts to the driver in case of potential obstacles. Also, if another vehicle approaches at a fast speed from behind, the cameras can detect and send notifications to avoid accidents.
Innovative dashboard cameras are set to be equipped with high-end features, such as high-definition video recordings, identity blurring for privacy protection, prolonged video recording, extended storage, and live streaming. Key players are also coming up with new cameras embedded with the Internet of Things (IoT) and cloud.
With the rising need to transfer and store large-sized videos for a long time, companies are offering cost-effective cloud storage options. The urgent need to detect rash driving, rolling stops, tailgating, and distracted driving is projected to boost demand for dashcams.
Risks of Cyber-attacks to Hamper Demand through 2034
Though the emergence of connected cars and advanced driver assistance systems (ADAS) has enhanced an individual’s driving experience, cybersecurity concerns remain prevalent. The more the society becomes connected through technology, these concerns seem to be inevitable. Several experts in the cybersecurity field have found fault with dashboard cameras in terms of privacy.
Government and private agencies are hence set to implement stringent norms on cybersecurity and data privacy for automakers. Legislations like the European Union's General Data Protection Regulation (GDPR) in various parts of the globe enable automakers to comply with strict data protection norms.
As per the law, companies must receive consent from clients before processing or gathering personal data. With such complexities, demand for dashboard cameras is anticipated to decline through 2034.
Principal Consultant
The global dashboard camera market exhibited a CAGR of 18.2% in the historical period from 2019 to 2023. It reached a value of USD 2,839.2 million in 2023 from USD 1,454.5 million in 2019.
Since the late 1980s, dashcams have transformed drastically from the very first cameras placed on police cars. Earlier, analog cameras were used that recorded videos on VHS cassettes without memory cards.
In the 1990s, the industry changed as commoners started installing these cameras and utilizing them to record driving experiences. Innovations in technology resulted in the development of new affordable cameras with unique features, such as HD video capturing capability.
The rapid decline in the prices of these cameras across the globe pushed demand. Several firms like YI Technologies offered them at around USD 50. The beneficial features, ease of installation, and high cost effectiveness encouraged vehicle owners to acquire these cameras.
Back in December 2019, the COVID-19 pandemic hit the world and created chaos. It reduced sales owing to the postponement of vehicle production activities and shutdown of manufacturing hubs. This further led to changes in consumer behavior as they only demanded essential items, reducing their investments in luxury products like automotive.
Scotiabank, for instance, mentioned that in 2021, total vehicle sales globally surged to 66.7 million units, which was up from 63.8 million units in 2020 alone. However, as vaccines emerged, the pandemic ceased and this created new opportunities in the market once again.
Tier 1 players are frontrunners that are characterized by high production capacity and a wide product portfolio. They are distinguished by extensive expertise in manufacturing and a broad geographical reach, underpinned by a robust consumer base.
The firms provide a wide range of products and utilize the latest technology to meet regulatory standards. Prominent companies within Tier 1 include ABEO Technology CO., Ltd., Garmin Ltd., Pittasoft Co. Ltd., and Falcon Electronics LLC.
Tier 2 companies encompass mid-sized participants, holding a presence in specific regions and exerting significant influence in local economies. These firms are distinguished by their robust presence overseas and in-depth industry expertise.
They possess strong technology capabilities and adhere strictly to regulatory requirements. However, these firms may not wield cutting-edge technology or maintain an extensive global reach. Noteworthy entities in Tier 2 include Nextbase, Viofo, and Rexing.
Tier 3 encompasses most of the small-scale enterprises operating within the regional sphere and catering to specialized needs. These businesses are primarily focused on meeting local demands and are hence categorized within the Tier 3 segment.
They are small-scale participants with limited geographical presence. In this context, Tier 3 is acknowledged as an informal sector, indicating a segment distinguished by a lack of extensive organization and formal structure in comparison to the structured one. A few players in Tier 3 include Vantrue, Z-Edge, and Apeman.
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The section covers assessments of dashboard camera sales across key countries. India is projected to remain dominant with a CAGR of 18.8% in the forecast period. France, Spain, and Australia are set to remain behind with projected CAGRs of 18.4%, 18.2%, and 18%, respectively.
| Countries | CAGR 2024 to 2034 |
|---|---|
| India | 18.8% |
| France | 18.4% |
| Spain | 18.2% |
| Australia | 18% |
| United States | 17.4% |
India is anticipated to exhibit a CAGR of 18.8% in the forecast period. Distracted driving, which is one of the key causes of road accidents, has surged in the country. Poor traffic management systems are another concern that is projected to require the installation of dashboard cameras.
Several automakers in the country are also offering dashcams in their vehicles as drivers have a tendency to file complaints associated with airbag issues. This strategy can help them better understand the scenario and prevent false case filings.
A few key companies are integrating dashboard cameras into GPS. For some automotive models, they are providing unique interfaces with outer GPS modules. This would help telecom operators to record data on location for a specific period in case of thefts.
A CAGR of 17.4% is predicted for the United States during the assessment period. The country is witnessing an influx of start-ups and well-established manufacturers. They are investing huge sums in the launch of innovative products to broaden their portfolios.
Garmin International Inc., based in Kansas, for instance, introduced its latest Dash Cam Mini and Dash Cam 46/56/66W. These launches helped the company to extend its product offering. The new line features voice control, an ultra-compact design, GPS, an extra-wide view, and high-resolution video.
A group of start-ups in the United States, on the other hand, created a unique business model. It helps deliver rewards to drivers in terms of capital for installing dashcams in vehicles. Hence, several ride-sharing service providers in the country, such as Uber and Lyft, have started installing these cameras for safe journeys.
France will likely showcase a CAGR of around 18.4% in the evaluation period. Several automotive manufacturers in the country are set to provide discounts on the purchase of vehicles equipped with dashboard cameras. In addition, strict norms mandating the use of these cameras in vehicles are anticipated to create lucrative opportunities.
However, France has several stringent privacy policies, which can slow down the adoption rate to a certain extent. Transmitting a recording of individuals in a private area without their permission is punishable in the country according to Article 226-1 of the penal code. It can result in hefty fines and a year in prison. But, in case of accidents, the driver must inform other individuals if they were filmed.
The section explains the growth trajectories of the two leading segments. In terms of product type, the 2-channel category will likely dominate and generate a share of around 41.7% in 2024.
Based on application, the commercial vehicle segment is projected to hold a share of 66.7% in 2024. The analysis would enable potential clients to make effective business decisions for investment purposes.
| Segment | 2-Channel (Product Type) |
|---|---|
| Value Share (2024) | 41.7% |
Based on product type, 2-channel or dual-channel cameras are set to remain at the forefront through 2034. This is attributed to high demand among commercial and private vehicle owners worldwide. These are equipped with two cameras to enable drivers to gain access to high-resolution videos for both front and back surroundings.
Increasing cases of road traffic accidents in both developing and developed countries are also estimated to propel demand. Apart from that, the launch of unique products by several companies is anticipated to bolster growth. Korea-based Thinkware, for instance, introduced Dash Cam F800 Pro, a dual-channel dashboard camera with enhanced features like improved power management.
| Segment | Commercial Vehicle (Application) |
|---|---|
| Value Share (2024) | 66.7% |
In terms of application, the commercial vehicle segment is estimated to generate a share of 66.7% in 2024. With the booming logistics and transportation business, the demand for heavy, medium, and small commercial vehicles has skyrocketed. The emergence of e-commerce has also bolstered demand amid increasing online shopping activities worldwide.
Ongoing infrastructure development and high levels of disposable income in various parts of the globe have further pushed the need for commercial vehicles. Manufacturers are anticipated to launch new vehicles that can comply with carbon emissions norms and cater to the demand for environmentally sustainable transportation solutions.
They are hence striving to innovate vehicles in terms of size, load factor, and design, thereby providing features like dashcams.
Leading dashboard camera manufacturers are focusing on the development of unique digital video recorders (DVRs) with novel features, such as collision avoidance, blind spot detection, and lane departure warning systems. Personal vehicle owners, commercial fleet operators, and automakers are embracing these technologies to surge vehicle safety.
A few other key companies are manufacturing state-of-the-art dashboard cameras equipped with forward collision warning systems. These novel systems are capable of offering protection to both drivers and passengers against potential accidents by warning them of possible collisions.
Industry Updates
The industry is segregated into basic, advanced, and smart.
A few key product types are 1-channel, 2-channel, and rear view. Further each of this segment in classified into SD and HD and Full HD and 4K.
Commercial vehicles and personal vehicles are the key vehicle type.
Information is provided for North America, Latin America, Europe, East Asia, South Asia, and the Middle East and Africa.
It will likely reach USD 18,369.5 million by 2034.
Yes, the cameras are legal in India.
It is considered a key accident evidence and safety tech.
It helps in detecting fraud and vandalism.
The industry is set to witness a CAGR of 18.5% through 2034.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Product Type 6.2. Technology 6.3. Vehicle Type 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type 7.1. 1-Channel 7.1.1. SD and HD 7.1.2. Full HD and 4K 7.2. 2-Channel 7.2.1. SD and HD 7.2.2. Full HD and 4K 7.3. Rear View 7.3.1. SD and HD 7.3.2. Full HD and 4K 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Technology 8.1. Basic 8.2. Advanced 8.3. Smart 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Vehicle Type 9.1. Passenger Cars 9.2. Commercial Vehicles 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. South Asia Pacific 10.5. East Asia 10.6. Eastern Europe 10.7. Middle East & Africa 11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. South Asia Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 18. Sales Forecast 2024 to 2034 by Product Type, Technology, and Vehicle Type for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. ABEO Technology CO., Ltd 20.2. Garmin Ltd. 20.3. Pittasoft Co. Ltd. 20.4. Falcon Electronics LLC 20.5. Panasonic Corporation 20.6. Cobra Electronics Co 20.7. Waykens Unc. 20.8. Papago Inc. 20.9. Aptiv 20.10. LG Innotek 20.11. Koninklijke Philips N.V 20.12. Honeywell International Inc. 20.13. Qubo (Hero Electronix) 20.14. Shenzhen Zhixingsheng Electronic Co., Ltd. 20.15. STEELMATE COMPANY LIMITED 20.16. TourMate 20.17. WatchGuard Technologies, Inc. 20.18. Amcrest Technologies, LLC 20.19. CNSLink Ltd. 20.20. DigiLife Technologies Co. Ltd.
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Dashboard Camera Market
