Dash Cam market was valued at US$1080.358 million in 2017 and is projected to expand at a CAGR of 8.30% over the forecast period to reach the total market size of US$1743.558 million by 2023. Rising cases of road accidents have forced governments across the globe to implement stringent safety regulations. As a result, there is a rise in the adoption of dashboard cameras in countries where these are considered legal. Several insurance providers are also encouraging the use of dash cams by way of offering discounted-car insurance, thus, positively impacting the sales of dash cams worldwide. However, strict rules regarding the use of dash cams in countries like Austria and Luxembourg restrains the growth of dash cam market. Moreover, the availability of substitutes such as digital cameras and smartphones also hinders the growth of dash cam market. Geographically, North America will witness the fastest regional market growth during the projected period owing to the widespread awareness of benefits of dash cams among both private and public vehicle owners.
By type, dash cam market is segmented as basic dash cams and advanced dash cams. Advanced dash cams market holds a major share owing to the increased adoption of these type of dash cams by police and fleet and commercial vehicles so as to have a proof of any accident. Basic dash cam market will witness a higher CAGR during the forecast period owing to the rising awareness about dash cams among owners of passenger vehicles and low cost of these dash cams as compared to that of advanced dash cams.
Geographically, dash cam market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America is projected to witness the fastest regional market growth during the forecast period owing to the increasing adoption of dash cams by both passenger and commercial vehicles. Europe holds the largest regional market share with Russia being the most common user of dash cams. Insurance companies in countries like the UK are providing discounts to customers who install dash cams in their cars which s significantly impacting the growth of dash cam market in this region. APAC will also witness an exponential market growth on account of rising number of road accidents in the region.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the Dash Cam value chain. Last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the Dash Cam market.
Major industry players profiled as part of the report are Philips, Lukas, Pyle, and Garmin among others.
Dash Cam market has been analyzed through following segments: