Dashboard Camera Market - Forecast (2023 - 2028)
Overview
Dashboard Camera market size is forecast to reach?$6.5 billion by 2025, at a?CAGR of 15.20%?during 2020-2025. Increased number of road accidents and thefts for the past few years are major factors that propel market growth. In 2018, according to the report given by the?Federal Bureau of Investigation?(FBI), about?748,841 vehicles were stolen in the U.S. alone. In addition mandatory regulations made by governments of different countries to install dashcam drive the market. In 2019, according to the U.S. Federal government, it is mandatory to install onboard cameras in new cars. In addition to this?several insurance companies are contributing to the increase in dashboard camera sales by offering discounts on car insurance as it can reduce insurance frauds or claims by using these cameras as event data recorders.?All these regulations will positively affect the dashboard camera market in the forecast period.
Report Coverage
The report:?“Dash Board Camera Market Report – Forecast (2020-2025)”,?by IndustryARC, covers an in-depth analysis of the following segments of the DashBoard Camera Market.?
Key Takeaways
Dual-channel Cameras are expected to witness highest CAGR during the forecast period owing to increasing preference for dual-channel dashboard cameras as it contains two cameras with high resolution feed for front and back?video recording.
North America dominated the dashboard camera market share with a share of more than 38% due to stringent regulations.
The smart dashboard camera segment is expected to witness the fastest growth over the forecast period due to availability of seamless wireless connectivity and rising demand for?the integration of smart cameras with Advanced Driver Assistance Systems (ADAS) technology.
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Sharp Drop In the sales of passenger car production in United States and other developed market will hinder the growth of Dashboard Camera market
Drivers –Dash Board Camera Market
Increase in the Number of Road Accidents and Thefts
Increase in number of road accidents and vehicular thefts are few of the major reason to install dash board camera in cars. For Instance?according to the report given by the?National Safety Council,?Traffic fatalities on U.S. roads reached an estimated 40,000 in 2018, similarly the theft ratio was increasing rapidly. For Instance in 2018,?there were over 114 thousand motor vehicle thefts in England and Wales in 2018 and increase of over 8 thousand offences when compared to 2017. Government of these regions implementing stringent rules to install dash board cameras thereby creates opportunities for this market in the forecast period.
Implementation of Stringent Government Regulations and Increasing Insurance Frauds
The demanding requirement from consumers and regulatory bodies are bringing disruption in the automotive industry, with new technological innovations. At present, the government is focusing on reducing the accidents and thefts of vehicles. In recent time, with these emerging requirement, Dash Board Cameras have become a vital component in the automobile industry as it reduces accidents and thefts of cars, with this emerging requirement several automobile companies are installing dashboard cameras in their vehicles.?In 2018, automobile manufacturer, Citroen, has launched its first car to be sold in Australia, with a factory-fitted dashcam. It is integrated into the rearview mirror and records footage continuously unless the driver switches it off.??On the other hand,?several insurance companies are contributing to the increase in dashboard camera sales by offering discounts on car insurance as it can reduce insurance frauds or claims by capturing on video events.