Transparency Market Research has released a new market report titled “Automotive Dashboard Camera Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” According to the report, the global automotive dashboard camera market is expected to expand at a CAGR of about 25% during the forecast period.
Increase in corruption, increased rate of accidents, discounts from insurance companies, rise in demand for vehicle safety, acceptance of dashboard camera footage as evidence, expansion of ride sharing and ride hailing activities, increased on-road recreational activities, and decreasing prices of dashboard cameras are fueling the demand for automotive dashboard cameras across the globe. Harsh driving conditions across several nations, such as Russia, have resulted in heavy adoption of dashboard cameras. Insurance companies are facing increased number of false insurance claims. Increase in insurance extortionist and insurance denials has resulted in the increased adoption of dashboard cameras.
Consumers prefer to install external view dashboard cameras, as they record accidents and incidents happening outside the vehicle. These cameras can be mounted at the rear view mirror, at the rear windshield of the vehicle, or at window glasses. These cameras are highly popular among tourists who like to record their journeys and among police vehicles. In the U.S., the police of several states has made it mandatory to have dashboard cameras on their vehicles. Internal view cameras are witnessing an increase in demand from ride hailing and ride sharing company owners and fleet owners. Majority of external view cameras and internal view cameras are mounted on dashboards of vehicles. Therefore, the front mounted dashboard camera segment of the global automotive dashboard camera market accounted for a major share, in terms of revenue, in 2017. Dashboard cameras are mounted at the rear windshield in order to record back-end collisions and activities occurring at the rear-end of the vehicle.
Generally, dashboard cameras are connected by means of a wire. Footage being recorded in dashboard cameras can be viewed on mobile, TV, or laptop, which is connected to the dashboard via wire. Rapid expansion of wireless connectivity has boosted the demand for wireless dashboard cameras. Therefore, the Bluetooth connected dashboard camera segment of the market is likely to witness a prominently growing demand during the forecast period. The segment is anticipated to expand at a CAGR of about 32% between 2018 and 2026.
Multi-lens cameras are capable of simultaneously recording videos from different directions. They eliminate the need for separate dashboard cameras for recording external and internal views. Multi-lens cameras are also known as multi-channel dashboard cameras. Multi-lens dash cams can be mounted on the dashboard, front windscreen, rear-view mirror, rear windscreen, or at the window glass. The multi-lens dashboard camera are of two types: double lens dash cam and four lens dash cam. Multi-lens cameras are witnessing a lower rate of adoption as compared to single lens cameras, owing to the marginally higher cost of multi-lens cameras.
Usually, dashboard cameras are powered from the vehicle battery. The dashboard camera possess an inbuilt pin, which fits in the cigarette lighter socket. Generally, a dashboard camera requires a 5-volt supply. Several dashboard cameras possess an on and off function for recording; sometimes, consumers prefer to record footage even when their vehicle is parked. Using a dash cam when the vehicle engine is not running can cause the vehicle battery to discharge and raise the battery temperature, which in turn reduces battery life and performance. Therefore, dashboard cameras equipped with individual battery are preferred for using the dash cams for surveillance, even when the vehicle is parked. Considering the resolution of dash cams, 1080 P dashboard cameras have witnessed higher adoption by consumers. Superior video quality of 1080 P dash cams is prompting consumers to install them in their vehicles. Demand for dashboard cameras has increased among tourists and rental fleet owners. However, 1080P dash board cameras require marginally higher storage space than that required by 720 P dashboard cams.
Major manufacturers of dashboard camera are located across China, South Korea, Australia, ASEAN, and the U.S. Dashboard cameras are easily available in the aftermarket at significantly lower cost than OEM-fitted dashboard cameras. Thus, consumers are preferring dashboard cameras available in the aftermarket. Presently, several vehicle manufacturers are offering dashboard cameras as standard or as option. The aftermarket segment of the global automotive dashboard camera market held a prominent share, in terms of revenue, in 2017, However, the acceptance of dashboard camera footage as proof and expected regulation for mandating installation of dashboard cameras into vehicles are prompting vehicle manufacturers to provide dashboard cameras, which in turn anticipated to propel the OEM segment in the near future.
Harsh driving conditions, corrupted police, increase in false insurance claim, rise in number of accidents, lower prices of dashboard cameras, and legality of installing dashboard cameras into vehicles have led to a surge in adoption of dashboard cameras across Russia. Recently, in May 2018, the Central Court of Germany has approved the dash cam footage as a legal proof, which is expected to boost the demand for dashboard cameras across Germany. The U.K. is witnessing a rise in demand for dashboard cameras. Europe accounted for a major share of the global market, in terms of revenue, in 2017, which is attributed to significantly large number of dash cams in Russia and the U.K. Similar to Russia, South Korea and China witnessed higher adoption of dashboard cameras. Prices of dashboard cameras are considerably lower in Asia Pacific, as a large number of dashboard camera manufacturers are located in the region. Expected mandate to have dashboard camera in vehicles across the U.S. is anticipated to boost the demand for dashboard cameras. The automotive dashboard camera market in the U.S. is anticipated to expand at a prominently higher CAGR during the forecast period.
Key players operating in the global automotive dashboard camera include Garmin Ltd., Koninklijke Philips N.V., JVCKENWOOD Corporation, Texas Instruments Incorporated, Valeo SA, Aptive, Continental AG, Cedar Electronics, Intensity Security, Silent Witness, Waylens, Inc., POSIS, DENSO TEN Limited, Clarion, Transcend Information, Inc., Honeywell International Inc., Xiaomi, PAPAGO Inc., and RAVEN.