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Dashboard Camera Market to Reach $5.94 Billion by 2025
December 14, 2018 | Grand View Research, Inc.Estimated reading time: 2 minutes
The global dashboard camera market size is expected to reach $5.94 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 13.3% CAGR during the forecast period. Rising awareness among the global population regarding vehicular safety, along with implementation of various favorable government initiatives to boost adoption of such cameras, is driving the global market.
A number of European countries, such as France, Italy, and U.K. are encouraging the use of digital video recorders (DVRs) in cars to record video clips for surveillance purposes, which can also be ultimately used as evidence in judicial proceedings. Several car insurance providers operating across U.K. have started offering considerable discounts on car insurance premiums for vehicles fitted with dashboard cameras. As a result of this, a majority of cab drivers and fleet owners in the country are favorably inclined toward installation of such cameras to save on insurance premium costs.
Similarly, a group of startups in U.S. have developed an innovative business model, wherein they offer monetary rewards to drivers for installing dashboard cameras in their vehicles. The aim is to collect dash cam recorded data and ultimately aid technology companies in building maps for self-driving cars. As a result, an increasing number of ride-hailing service providers across North America, such as Lyft and Uber, have begun deploying in-car DVRs to record their rides.
Prominent global market players have started developing innovative car DVRs with advanced safety features such as lane departure warning systems, blind spot detection, and collision avoidance systems to encourage their adoption among commercial as well as individual vehicle owners and drivers. These industry participants are manufacturing sophisticated dashboard cameras with built-in sensors that offer forward collision warnings to the driver, ultimately providing greater protection against potential accidents.
Further key findings from the report suggest:
- North America and Europe are characterized by rapid adoption of full HD dashboard cameras, which are fast replacing SD dashboard cameras
- 2-channel dashboard cameras are increasingly preferred by commercial fleet operators to seek additional protection against cases of employee fraud and in the event of an accident
- In 2017, the Europe market accounted for the largest share, both in terms of revenue and shipments
- Asia Pacific and Middle East are expected to witness substantial growth over the forecast period owing to rise in sale of passenger vehicles
- Concentrated presence of dash cam manufacturers and their superior production capabilities and abundant availability of cheap labor in Asian countries such as Taiwan and China are expected to drive the APAC market.
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