The global dash cam market is evaluated at US$2.645 billion for the year 2020 and is expected to grow at a CAGR of 12.17% to reach the market size of US$6.629 billion by the year 2027.
Dash cameras are a certain type of camera implanted in the dashboard of vehicles, especially in cars. Dash camera records and video graphs the visuals and movement of vehicles efficiently. Dash cameras are made with technological features that can record high-quality video footage on the road. The rising number of road accidents is giving potential to the market growth of the dash camera market. The dash camera system is also coming with a memory card or storage device in order to store the recorded footage in the vehicle itself. Dash cameras are highly efficient when it comes to the observation and analysis of certain road accidents. The wide adaption of dash cameras by insurance companies to cross-check and analyze the insured vehicle's road accidents is also a significant factor driving the market growth of the dash cam market. The footage covered by dash cams can be used as solid proof for claiming insurance in federal court. The protection and security offered by dash cams to vehicle owners in claiming the insurance fuels the demand for dash cams in the global market. The introduction of new vehicles with inbuilt dash cam setup is also boosting the market growth of the dash cam market. The major players in the field of vehicle manufacturing are introducing highly advanced inbuilt dash cam setups with more clarity and cloud storage facilities. The technological and software developments taking place in the dash cam setup are also increasing the market of dash cam in the global market.
The recent outbreak of the COVID-19 pandemic has adversely affected the market growth of the dash cam market. The lockdowns and isolations imposed by international governments in order to prevent the widespread of COVID-19 resulted in the shutdown of automotive industries and production plants. COVID pandemic has adversely affected the production and manufacturing of automotive industries. The negative impact of the COVID pandemic on the automotive industry also resulted in the decline of the dash cam market. COVID-19 pandemic also resulted in the shut down of production plants of dash cams, making way for the downfall of the global dash cam market. The blocks and regulations imposed in the supply chain sector of automotive safety devices resulted in the downfall of the import and export rate of dash cams, making a declination in the global dash cam market.
Rising number of road accidents
The rising number of road accidents is one of the major factors contributing to the market growth of the dash cam market. The automotive industry is considered as one of the fastest-growing industries in the globe, according to the reports of WTO (World Trade Organisation). The growth of the automotive industry is also contributing to the increased production of automobiles every year. The rising number of vehicles on the road is one of the primary reasons for increasing road accidents around the globe. The increasing demand for automotive safety devices is one of the major factors fuelling the market growth of the dash cam market. The convenience offered by dash cams to produce video proofs of road accidents in order to claim insurance in the federal court is increasing the acceptance of dash cameras in the market. According to NTSB (National Transportation Safety Board), approximately 33.244 severe road accidents were reported in the United States in 2019. The increasing rate of road accidents also points to the demand and growth of dash cam in the market.
Increasing Safety Consciousness
The increasing safety consciousness among the people is increasing the demand for dash cams in the market. The increasing rate of fatal road accidents and increasing mortality rate due to road accidents are raising the safety consciousness of people. According to the national survey by NTSB (National Transportation Safety Board) of the United States, about 2/3 of the total population of the United States has car or vehicle insurance. The video proofs that can substantiate the vehicle insurance claim in federal court provided by dash cams are increasing the demand for dash cams in the automobile sector. The regulations and policies of governments in supporting and promoting the usage of dash cams in the automobile sector are increasing the market value of dash cams in the global market.
North America Rising Market Share
Geographically, North America is the region showing drastic growth in the market share of the dash cam market in the automobile industry. The increasing adaption of dash cams in commercial and public transport vehicles in the countries of the North American region is boosting the market growth of dash cams in North America. The presence of major players in the automobile sector in the North American region is also contributing to the market growth of dash cams in the North American region.
|Market size value in 2020||US$2.645 billion|
|Market size value in 2027||US$6.629 billion|
|Growth Rate||CAGR of 12.17% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Lens, Display Type, Component, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Hewlett-Packard company, DOD-Tech Co.Ltd., ABEO Company Co.Ltd., Panasonic Corporation, Aiptek Inc., Garmin, LG Corporation, Qrontech Co.Ltd., Satechi Baravon, Pittasoft Co. Ltd.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the dash cam market size by 2027?
A1. The global dash cam market is expected to reach a market size of US$6.629 billion by 2027.
Q2. What is the size of the global dash cam market?
A2. Dash Cam Market was valued at US$2.645 billion in 2020.
Q3. What are the growth prospects for the dash cam market?
A3. The dash cam market is expected to grow at a CAGR of 12.17% during the forecast period.
Q4. What factors are anticipated to drive the dash cam market growth?
A4. The rising number of road accidents is giving potential to the dash cam market growth.
Q5. Which region holds the largest market share in the dash cam market?
A5. Geographically, North America is showing significant growth in the dashcam market due to the increasing adaption of dash cams in commercial and public transport vehicles.
Pittasoft Co. Ltd.
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