On account of the presence of several companies, the global dashboard camera market exhibits highly competitive vendor landscape. To gain a stronger foothold, a majority of the market players are looking to offer unique driver assistance solutions, finds Transparency Market Research (TMR) in a new study. Against the backdrop of ensuring improved road safety, manufacturers have begun offering diverse designs and features in dashboard cameras. Considering product differentiation as the key to growth, companies such as Garmin International Inc, Papago Inc., Delphi Automotive Systems Pvt Ltd, DCS Systems Ltd. (RoadHawk UK), Harman International Inc, Pittasoft Co. Ltd. (BlackVue), and Qrontech Co., Ltd. (Lukas) currently boast sizeable share in the global dashboard camera market.
According to TMR, the global dashboard camera market is forecast to expand at a strong 15.3% CAGR between 2014 and 2020. In 2013, the market was valued at US$1.45 bn. In terms of technology, single board forward recording dashboards held the largest share in the global dashboard camera market in 2013. Regionally, the market is witnessing the most lucrative opportunities in Asia Pacific.
Demand for Technologies Offering Improved Road Safety to Support Growth
In the last few years, road accidents have increased exponentially, compelling governments and transport authorities to rethink several safety regulations. As a result, novel policies were implemented keeping in mind road safety, which has significantly contributed to the expansion of the automotive industry and its ancillaries such as the dashboard camera market. The rising awareness about benefits achieved such as unhindered vigilance by dashboard cameras among public has tipped scales in favor of the market. Also the scaling competitive trends has resulted in declining dash cam costs, which further aided the uptake of the same across the world.
The global dashboard camera market in the recent past has significantly gained from innovations in wireless technologies. Besides this, various awareness campaigns on road safety propagated by governments in developed and developing nations alike have had a positive impact on the overall market. Considering purpose served by dashboard cameras, the original equipment manufacturers in the business are continually gaining from funding initiatives and various government schemes. These have in turn enabled growth in the dashboard camera market at a global scale.
Laws Forbidding Use of Cameras to Inhibit Growth in European Nations
On the downside, Privacy Act especially in European nations such as Belgium, Austria, and Portugal, restricting motorists to take videos from their dash cams in public places is hindering the market’s trajectory to an extent. Furthermore, using dashboard cameras is forbidden by laws in certain European nations such as Switzerland and Austria, as it is strictly considered a violation of privacy. These nations also slap heavy fines on violators, which is inhibiting the dashboard camera market’s growth in Europe.
Nevertheless, the increasing popularity of dashboard cameras are representing exponential growth opportunities for the manufacturers. This expected to support the market’s trajectory in the forthcoming years.
This review is based on information derived from a TMR report, titled “Dashboard Camera Market (Product - Basic Dashboard Cameras, Advanced Dashboard Cameras, and Smart Dashboard Cameras; Technology - Single Lens (Single Channel), Multi Lens (Dual Channel), and Rearview) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
The report segments the global dashboard camera market as:
Dashboard Camera Market, by Type
- Basic Dashboard Cameras
- Advanced Dashboard Cameras
- Smart Dashboard Cameras
Dashboard Camera Market, by Technology
- Single Lens (Single Channel)
- Multi Lens (Dual Channel)
- Smart Dashboard Cameras
Dashboard Camera Market, by Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Rest of the World (RoW)
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