New York, March 29, 2022 (GLOBE NEWSWIRE) — The Insight Partners has released the latest research study on “Dash Camera Market Forecast to 2028 – Impact of COVID-19 and Global Analysis – by Technology (Basic, Advanced and Smart), Product Type [1-Channel, 2-Channel, and Rear View (Front and Rear View)]video quality (SD and HD, and Full HD and 4K) and application (commercial vehicle and personal vehicle)”, the growth of the global dash cam market is driven by the benefits of recorded video footage in vehicle claims audits. insurance and accident cases, the growing demand from commercial fleet operators presents significant opportunities for players in the dash cam market.
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|Market size Value in||US$2.01 billion in 2021|
|Market Size Value by||$7.26 billion by 2028|
|Rate of growth||CAGR of 20.1% from 2021 to 2028.|
|Forecast period||2021- 2028|
|Number of pages||172|
|Number of tables||115|
|Number of graphs and figures||89|
|Historical data available||Yes|
|Segments Covered||Technology, product type, video quality and application|
|Regional scope||North America; Europe; Asia Pacific; Latin America; AEM|
|Country scope||United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report cover||Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends|
Dashboard Camera Market: Competitive Landscape and Key Developments
ABEO Technology CO., Ltd, Garmin Ltd., Pittasoft Co. Ltd., Falcon Electronics LLC, Panasonic Corporation, Cobra Electronics Corporation, SAFE CAMS, THINKWARE, Harman International and LG Innotek are some of the key players featured in the dashboard. camera market research. In addition to these players, several other vital market players have been researched and analyzed to get a holistic view of the Dashboard Camera market and its ecosystem.
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In 2021, Panasonic Corporation announced its first completely wireless Wi-Fi camera, offering convenience, durability and increased ease for recreational transport.
In recent years, the development of autonomous vehicles has gained considerable commercial momentum. Established navigation methods such as GPS and LiDAR are used to allow cars to navigate without human assistance. AI-driven automatic object detection via video data has made significant progress since its inception. To train AI systems to distinguish between pedestrians, stationary objects, cars, and other objects, it becomes necessary to collect a massive amount of video data from various driving scenarios. Dashcams are regularly installed on vehicles (not just self-driving vehicles) and used for a variety of purposes other than self-driving research.
The initial impact of the COVID-19 crisis on the European automotive industry was severe, as vehicle production and sales came to a sudden halt across most of Europe, which had a huge impact on the Italy, France, the United Kingdom and Germany. According to a report published by the Association of European Automobile Manufacturers (ACE), the COVID-19 crisis has led to the imposition of restrictions on factory operations, resulting in a loss of production of 1,465,415 vehicles to engine until May 2020 only. The growing demand for smart connected vehicles in the region has created a huge opportunity for dash cam manufacturers to enter the market. For example, “ConnectedCAM” is Citroën’s built-in dashcam that comes with a phone app to access footage. Since dash cams play a crucial role in reducing the complexity of insurance claims and ensuring safer driving, the dash cam market would continue to grow in the coming years despite the adversities in short term caused by the global crisis on the supply side.
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A dash cam, commonly referred to as a dash cam, films and records road activities or driver behavior. Instead of relying exclusively on eyewitnesses, auto insurance companies can retrieve recorded footage as direct evidence to find out the cause of a traffic accident. These camera systems are usually positioned on the dashboard or windshield. Many systems have a two-way recording feature that captures both the inside of the vehicle and the outside environment with a dual interior and exterior camera. Dashcam footage is also used as evidence to resolve lawsuits. Access to dashcam footage helps drivers, insurance companies and authorities analyze the situation. Additionally, dash cams can also work as a second line of defense against scammers. They have a visible deterrent effect and reduce the possibility of fraudsters attacking the car if they notice the equipment installed. A victim of auto insurance fraud may show that the fraudster waved their vehicle through moving traffic or backed into the vehicle at a stop signal to simulate a rear-end accident. Thus, the simplicity aided by dashcam recordings in resolving accident cases and verifying insurance claims is driving the dashcam camera market.
Dash Cam Market: Industry Overview
Based on application, the dash cam market is segmented into commercial vehicle and personal vehicle. The personal vehicle segment dominated the dash cam market in 2020. As personal vehicle dash cams are preferably located to monitor the entire road ahead, every accident that customers witness or are involved in is checked in. Dashcams or on-board cameras are fixed on the dashboard or the windshield of the vehicle. It starts recording as soon as a user turns on the ignition of the car. This way, the customer will have the recordings of every trip and when they are involved in an incident, they can use the video evidence to understand the full incidence. Wi-Fi connectivity is a standard feature on many luxury automobiles. Therefore, customers need a high-tech dash cam that would add an edge to security concerns. Audi Connect is available in the Audi RS 4 Avant, and the BMW 5 Series has a Wi-Fi hotspot that allows customers to access the internet on the road.
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