The global dashboard camera market is expected to reach a valuation of USD 13 billion by 2032, expanding at an impressive compound annual growth rate (CAGR) of 18.3% from 2022 to 2032. The market, valued at USD 2 billion in 2021, is projected to grow to USD 2.4 billion in 2022. Dashboard cameras are increasingly being used in personal vehicles, and the growing demand for personal vehicles is poised to drive substantial market growth over the forecast period.
Dashboard cameras play a vital role in preventing fraud and improving road safety. They serve as a preventative tool to help control and reduce road accidents while enhancing driver safety. According to a report by the World Health Organization (WHO), India leads the world in road accident fatalities, highlighting the importance of dashboard cameras, particularly for newer vehicles. Additionally, insurance fraud is becoming more common, with drivers often targeted even when they are the victims. Installing dashboard cameras can help provide evidence for insurance claims, offering significant benefits.
Moreover, dashboard cameras are highly valuable for fleet management. In industries where operations heavily depend on fleet vehicles, operating costs can escalate. Dashboard cameras help reduce these costs by improving fleet management, saving companies both time and money each year. This allows organizations to focus on more critical aspects of their business and increase their overall returns. Fleet owners and aggregators, such as Ola and Uber, also benefit from dashboard cameras, as they provide a way to monitor driver performance. These factors are expected to drive the growth of the dashboard camera market during the forecast period.
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Key Takeaways:
- Regulations regarding privacy infringement may hamper the market growth.
- The dashboard camera market in the United States will grow at a CAGR of 17.5%, reaching USD 4.4 Bn during the forecast period.
- The U.K. dashboard camera market will register a CAGR of 16.8% and reach USD 522.1 Mn by 2032.
- By technology, the basic dashboard camera segment will dominate the global marketplace with a CAGR of 18.1% during 2022-2032.
- The dashboard camera market in the Asia Pacific region will account for the highest revenue growth.
“As the installation of dashboard cameras aids in controlling road accidents and lessens insurance claims, the global market for the same will witnessed considerable growth over the forecast period,” – says an FMI analyst.
Competitive Landscape
ABEO Technology CO., Pittasoft Co. Ltd., Garmin Ltd, Falcon Zero LLC, Cobra Electronics Co, Safe Cams, THINKWARE, Harman, Amcrest Technologies LLC, HP Development Company LP, DOD TechDJI, Panasonic Corporation, DOD Tech, Waykens Unc., Papago Inc., LG Innotek, Koninklijke Philips N.V, and Honeywell International Inc., among others are some of the major players in the dashboard camera market profiled in the full version of the report.
Leading market players are keen on product development and releasing new product lines. These businesses also employ strategic collaborations and partnership tactics to strengthen their market prospects.
Extensive Market Research: Complete Report and Findings
More Insights into Dashboard Camera Market Report
In its latest report, FMI offers an unbiased analysis of the global dashboard camera market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of technology (basic, advanced, smart), product type (1-channel, 2-channel, rear view), video quality (SD and HD, full HD & 4K), application (commercial vehicle, personal vehicle), and region.
According to the latest FMI reports, based on segmentation, the basic technology segment will make significant contributions to the overall market growth. This segment is expected to grow at a CAGR of 18.1% during 2022-2032. In terms of application, the personal vehicle segment is anticipated to generate high demand during the projection period.
Based on region, the dashboard camera market in the United States and the United Kingdom will display remarkable growth during 2022-2032. The U.S. dashboard camera market is estimated to grow at a CAGR of 17.5% and reach US$ 4.4 Bn by 2032. This growth can be attributed to the rising popularity of ride-sharing companies like Uber and Lyft as well as to a well-established shipping and haulage business. The dashboard camera in the United Kingdom will grow at a CAGR of 16.8% and create an incremental opportunity of 411.3 Mn during 2022-2032. In addition, the target market in the Asia Pacific region is predicted to generate the highest revenue during the forecast period.
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