Dashboard Camera Market: Key Insights
According to our new research study on “Dashboard Camera Market Forecast to 2028 – COVID-19 Impact 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 dashboard camera market share is projected to reach US$ 7,260.97 million by 2028 from US$ 2,018.69 million in 2021; the dashboard camera market is estimated to grow at a CAGR of 20.1% from 2021 to 2028.
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The rising frequency of automobile thefts and road accidents globally has propelled the product demand in the last few years. Dashboard cameras can help avoid insurance fraud, such as deliberately causing vehicle damage to avail false insurance claims. Regulatory reforms supporting the installation of dashcams in cars for security and safety measures in numerous countries, including the US, the UK, and Russia, also support the dashboard camera market growth. The use and ownership of dashcams are legal in the US, as their installation does not impede or break any laws. Notably, the installation and use of dashboard cameras were illegal in several states in the US, such as California, until 2011, when the government passed a law that lifted the ban from dashcams, with the imposition of a few restrictions.
High-tech dashboard cameras available in the market use computer vision and artificial intelligence to evaluate video recordings, giving them a better understanding of drivers’ activities, such as cell phone usage, eating, and weariness while driving. In August 2021, KeepTruckin, a market leader in fleet management technology, launched a new AI Dashcam powered by a sophisticated AI processor and intelligent computer vision algorithms for instant detection of unsafe driving with unrivaled accuracy the ability to alert drivers in real time. Advanced safety platforms support dashcams, leading to improved fleet management and enhanced driver safety. Similarly, the Nextbase 522GW high-tech dashboard camera integrates an intelligent parking mode for automatic recording if any movements are detected on the vehicle. The device also includes a 3-inch HD IPS display with Alexa-integrated playback, easy sharing, and menu selection. Such innovations are supporting the proliferation of the global dashboard camera market.
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Mounting Demand from Commercial Fleet Operators Provides Significant Opportunities to Dashboard Camera Market Players
The quality of service provided by public vehicle drivers is one of the most crucial aspects of any fleet management. Regardless of vehicle size, they need skilled, responsible, and trustworthy employees that are experts in their job. It is common knowledge that monitoring significantly impacts people’s behavior. People’s behavior alters when they are aware that they are being observed through a tinted glass in an interrogation room or a surveillance camera at the workplace. Commercial vehicle dashcams can have a similar effect on drivers, benefiting vehicle owners.
Logistics monitoring assists in tracking fleets that are constantly moving, and transporting freight and materials worldwide. As much of their performance depends on time and punctuality, having trustworthy technology to assist with logistics management is critical. Commercial fleet providers can stay ahead of the competition with an AI-supported dashcam logistics fleet monitoring system. It is simple to track freight using a network of dash cameras integrated with a control center, showing the location of all the fleet’s vehicles. Logistics companies use computers or mobile devices to load all semi-trucks and logistics cargo sites. Vehicle whereabouts are sent to dispatch in real time, allowing them to schedule freight pickup and arrival schedules. For instance, the installation of iDrive Camera Systems allows drivers to stay alert and focused on the camera to create a safe environment, and help avoid crime and vandalism on vehicles. Thus, the surging need for dashcams is boosting the growth of the dashboard camera market players.
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 among the major companies operating in the dashboard camera market.
Players operating in the dashboard camera market are mainly focused on developing advanced and efficient products.
- In June 2021, Garmin Ltd. launched the all-new 2021 voice-controlled dashboard camera series with automatic video storage, and new Parking Guard and Live View features. The Live View-enabled monitoring enable drivers to capture the moments at which an incidents occur. Product diversification through advancements in technologies related to dashcams is expected to create solid growth opportunities for the company.
- In January 2021, Panasonic Corporation announced its first fully wireless Wi-Fi camera, offering convenience, durability, and increased ease for recreational hauling.
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