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Global Dashboard Camera Market to Grow at a CAGR of 21% During 2021-2026, Aided by the Rapid Technological Advancements

According to a new report by EMR titled, ‘Global Dashboard Camera Market Report and Forecast 2021-2026’, the market stood at a value of USD 2.4 billion in 2020. The industry is further expected to grow at a CAGR of 21% between 2021 and 2026 to attain USD 7.6 billion by 2026.

The global market for dashboard camera is being driven by the rapid technological advancements and the increasing awareness regarding road safety among consumers. The use of such cameras in order to gain additional legal protection in the event of road mishaps and accidents is further driving their demand. The public's understanding of the benefits of car DVRs has grown dramatically as a result of frequent news reports showing videos of collisions and road incidents recorded by such devices. This, coupled with the increase in new vehicle sales, is expected result in increased installation of such cameras in commercial and passenger vehicles. The growing demand for vehicle safety, as well as favourable government initiatives, are expected to drive the market growth. Dashboard cameras and car DVRs have long been used by law enforcement agencies around the world. Nonetheless, they are gradually being installed in both passenger vehicles and commercial fleets, according to recent trends. The rise in the number of false insurance claims and medical care claims based on fictitious car accidents is a major factor driving the demand for dashboard cameras. The majority of insurance providers are now accepting dashboard camera video to settle insurance claim conflicts.

Garmin Ltd is one of the manufacturers of dashboard cameras, which come with latest features like GPS, interior recording, extra wide-angle views, and others. TFC Financial Management, a US-based company that recommends strategies to help clients achieve their financial goals, announced the purchase of 826 shares of Garmin Ltd (NASDAQ: GRMN) for an undisclosed sum in November 2020. TFC Financial Management's current stock status is expected to benefit from the purchase. Garmin Ltd. is a company headquartered in the United States that makes dash cams, backup cameras, and personal navigation systems for cars, trucks, and motorcycles.

Market Analysis by Technology, Resolution, Product, Application, Distribution Channel, and Region:

  • The market is segmented on the basis of technology into basic, smart, and advanced.
  • By resolution, the market is classified into standard definition (SD) and high definition (HD), and full HD and ultra HD (4K).
  • On the basis of product, the market is divided into single channel, dual channel, and rear view.
  • Based on application, the market can be bifurcated into commercial vehicle and personal vehicle.
  • On the basis of distribution channel, the market can be classified into offline and online.
  • Region-wise, the market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing demand for vehicle safety as well as favourable government initiatives are driving the market growth.
  • The market for dashboard camera is expected to grow due to a rise in adoption of such cameras among drivers to gain additional legal protection in the event of road mishaps and accidents. 
  • The public's understanding of the benefits of dashboard camera has grown dramatically as a result of frequent news reports showing videos of collisions and road incidents recorded by such devices, thus, boosting the demand.
  • Because of the increase in new vehicle sales, the industry expects an increase in demand for the installation of such cameras in commercial and passenger vehicles.

Key Offerings of the Report:

  • The EMR report gives an overview of the global dashboard camera industry for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the technologies, resolutions, products, applications, distribution channels, and regions of dashboard camera. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global dashboard camera market are Koninklijke Philips N.V., Amcrest Technologies, CNSLink Ltd., Cobra Electronics, Finedigital INC., and Garmin Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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