IMARC Group, a leading market research company, has released a report titled “Dashboard Camera Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global dashboard camera market size reached US$ 3.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.5 Billion by 2028, exhibiting a growth rate (CAGR) of 13.57% during 2023-2028.
A dashboard camera, also known as a dashcam, is a compact electronic device mounted on the dashboard or windshield of a vehicle, designed to capture and record a continuous video feed of the road and its surroundings. These cameras have gained significant popularity among motorists due to their numerous benefits and functionalities. The primary purpose of a dashboard camera is to provide an objective and real-time visual account of road incidents and accidents. In the event of a collision or any road-related dispute, the recorded footage serves as invaluable evidence for insurance claims and legal proceedings, helping to determine liability accurately. Dashcams are equipped with various features such as high-definition video recording, loop recording, and wide-angle lenses to ensure comprehensive coverage of the road ahead. Some advanced models may include built-in GPS to log the vehicle's location and speed, as well as G-sensors that automatically trigger the recording when sudden movements or impacts are detected, safeguarding critical moments even when the driver is away.
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Dashboard Camera Market Trends and Drivers:
One of the primary factors fueling the dashboard camera market's expansion is the rising awareness of road safety among consumers. As road accidents continue to be a major concern globally, motorists are seeking proactive measures to enhance their safety on the roads. Dashboard cameras offer a reliable means to record road incidents, promoting responsible driving behavior and assisting in accident investigation. Additionally, numerous insurance companies have recognized the value of dashboard cameras in determining accident liability and providing irrefutable evidence. Consequently, insurers are increasingly offering incentives, discounts, and lower premiums to policyholders who install dashcams in their vehicles. This has significantly influenced consumers to invest in these devices as a means to save on insurance costs. Other than this, the growth of ride-hailing services and the increasing need for effective fleet management have boosted the demand for dashboard cameras in commercial vehicles. Ride-hailing companies and fleet operators install dashcams to monitor driver behavior, enhance passenger safety, and address customer complaints effectively.
Besides this, several nations and regions have witnessed an increased push towards adopting dashboard cameras as part of road safety regulations. Some jurisdictions may even consider making them mandatory for certain types of vehicles. This legal and regulatory support has been a critical factor in driving the market growth, as it assures consumers of the device's legitimacy and value. In line with this, the dashboard camera market has become highly competitive, with numerous manufacturers offering a wide range of products at varying price points. The availability of affordable options has made these devices accessible to a broader consumer base, further stimulating market growth. Moreover, rapid technological advancements have led to the development of highly sophisticated and user-friendly dashboard cameras. Manufacturers are incorporating features like high-definition video recording, wide-angle lenses, advanced night vision capabilities, and cloud connectivity, providing a seamless user experience. The introduction of AI-powered dashcams that can detect potential collisions and driver fatigue further propels market growth.
The report has segmented the market into the following categories:
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