Dashboard Camera Market Size to Reach USD 11.9 Billion by 2032 growing at 11.5% CAGR - Exclusive Report by Acumen Research and Consulting
The Dashboard Camera Market, valued at USD 4.5 Billion in 2023, is anticipated to surpass USD 11.9 Billion by 2032, reflecting a projected CAGR of 11.5%
The global demand for dash cams is expected to rise significantly as more drivers recognize their value in seeking additional legal protection following accidents. There is a growing awareness among motorists worldwide about the benefits of car digital video recorders (DVRs). This heightened consciousness is fueled by frequent news coverage showing footage of accidents and crashes captured by these devices. Such incidents underscore the importance of dash cams in providing clear, unbiased evidence, which can be crucial in insurance claims and legal proceedings. This trend towards embracing dash cams reflects a broader shift towards proactive safety measures among drivers, enhancing their confidence and accountability on the roads. The global dashboard camera market is segmented by product, technology, video quality, and region. In terms of product, it is segmented into 1-Channel and 2-Channel cameras. Regarding technology, the market is divided into basic, advanced, and smart dashcams. Video quality segments include SD & HD and Full HD & 4K options. Geographically, the market is segmented into Latin America, Europe, Asia Pacific, North America, and the Middle East & Africa.
The industry is categorized into three types of technologies: advanced, basic, and smart. The basic sub-segment dominated the industry in 2018 and is expected to maintain its lead over the forecast period. Features such as easy installation and low cost are expected to drive the global adoption of basic dash cams. Progressive dashboard cameras, equipped with advanced features such as GPS support, motion detection, and Wi-Fi connectivity, are anticipated to see increasing demand among both commercial and private vehicle owners. Their enhanced capabilities make them valuable for enhancing vehicle security and providing crucial evidence in incidents.
Dashboard Camera Market Statistics
- The global dashboard camera market reached a value of USD 4.5 billion in 2023
- It is projected to grow steadily at a rate of 11.5% from 2024 to 2032
- Europe leads the market with a substantial 34% share
- Asia-Pacific shows rapid growth, with a growth rate of 13%
- In 2023, the SD & HD video quality segment contributed the most to revenue
- Revenue growth has been significantly boosted by applications in personal vehicles
- A notable trend is the expansion into emerging markets with increasing vehicle ownership, presenting new growth opportunities for market participants
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Dashboard Camera Market Dynamics
Growing Adoption of Advanced Driver-Assistance Systems (ADAS) Fuels the Dashboard Camera Market
The growing adoption of advanced driver-assistance systems (ADAS) serves as a significant driver for the dashboard camera market. ADAS technologies include features like lane departure warning, forward collision warning, adaptive cruise control, and automatic emergency braking, among others. These systems are designed to enhance vehicle safety by assisting drivers in avoiding collisions and accidents.
For the dashboard camera market, ADAS integration represents an opportunity to enhance the functionality and value of dash cams. Many modern dash cams are equipped with ADAS features or are designed to work in conjunction with ADAS systems. This integration allows dash cams to not only record video footage but also to analyze driving conditions in real-time. For instance, dash cams can utilize ADAS inputs to provide alerts to drivers about potential hazards, such as lane departures or imminent collisions.
As the adoption of ADAS grows, driven by regulatory requirements, consumer demand for safer vehicles, and advancements in automotive technology, the demand for dash cams that integrate with or complement ADAS systems is expected to increase. This trend positions dash cams as integral components of comprehensive vehicle safety solutions, further driving their adoption and market growth.
Development of Multifunctional Dashcams with AI Capabilities Offers Significant Dashboard Camera Market Opportunities
The development of multifunctional dashcams with AI capabilities presents a transformative opportunity in the dashboard camera market, poised to elevate vehicle safety and user experience to new levels. AI-powered dashcams surpass traditional models by actively analyzing real-time data from the vehicle's surroundings. This enables them to not only record video but also detect and alert drivers to potential risks such as pedestrians, cyclists, or lane departures, thereby preventing accidents before they occur. These advanced dashcams intelligently prioritize events of interest, distinguishing routine driving from critical incidents like accidents or break-ins. AI algorithms automatically save relevant footage with timestamps, streamlining insurance claims and legal processes. Furthermore, AI enhances user satisfaction by personalizing settings based on individual driving behaviors, optimizing recording preferences and storage management.
Integration with smart vehicle systems and IoT devices further enhances AI-powered dashcams. They can sync with navigation systems to provide augmented reality overlays or integrate with smart home setups for remote monitoring. This connectivity not only improves vehicle intelligence but also expands their applications across commercial sectors like logistics and transportation, where advanced safety and efficiency solutions are crucial. Investments in AI research and development drive innovation within the market, fostering features such as facial recognition, voice commands, and predictive analytics. These innovations attract tech-savvy consumers and industry players seeking cutting-edge safety solutions.
Dashboard Camera Market Segmentation
The global market for dashboard camera is divided into 6 categories: product, technology, video quality, application, distribution channel, and regional markets
- Product: rear view, 1-channel, 2-channel
- Technology: basic, advanced, and smart
- Video quality: full HD & 4K and SD & HD
- Application: personal vehicle and commercial vehicle
- Distribution channel: in-store and online
- Regional: the Middle East & Africa, Latin America, Asia-Pacific, North America, and Europe
Dashboard Camera Market Regional Outlook
Asia-Pacific is expected to experience a lucrative growth rate in the coming years. Developing economies such as China and India are witnessing strong economic development, leading to an increase in the standard of living and demand for advanced products. The rising disposable income in the region is anticipated to drive the demand for dashboard cameras in the near future.
In 2023, Europe emerged as the leading regional segment in terms of dashboard camera shipments, surpassing other regions. Dash cams have gained significant popularity in Russia due to the increasing incidents of insurance fraud related to accidents, where these devices serve as crucial evidence against fraudulent claims.
The Asia-Pacific market is projected to witness the highest revenue growth over the forecast period, with a expected CAGR of over 13% from 2024 to 2032. Strong vehicle sales in countries like South Korea and India are positively impacting regional growth. The demand for basic dash cams is expected to surge significantly in emerging economies such as China and India compared to other regions.
Dashboard Camera Market Players
Dashboard camera companies profiled in the report include Koninklijke Philips N.V., Panasonic Corporation, Honeywell International Inc., Valeo SA, Aptiv, LG Innotek Co., Ltd., Garmin Ltd., Pittasoft Co. Ltd., DOD Tech., Papago Inc., ABEO Company Co., Ltd., and Waylens, Inc.
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