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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.
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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.
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