A growing number of road accident cases around the world will aid the expansion of this market, states Fortune Business Insights™ in its recent report, titled “Dashboard Camera Market Size, Share & Covid-19 Impact Analysis, By Technology Type (Basic, Advanced, and Smart), By Channel Type (Single channel and dual channel), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts, 2020-2027”. In response, vehicle-buyers are increasingly demanding superior safety features in automobiles to enable drivers to protect themselves as well as those on the road. This trend, therefore, favors the growth of this market as advanced cameras in vehicles can heighten the awareness of the driver and the passengers, allowing for safer rides.
The global dashboard camera market size is projected to reach USD 2.74 billion by 2027, exhibiting a CAGR of 20.6% during the forecast period. The Global Status Report on Road Safety 2018 released by the World Health Organization (WHO) reveals that road accident fatalities account for 1.35 million deaths annually. Road crashes are now the leading cause of death for people between the ages of 5 and 29, with pedestrians, cyclists, and motorcyclists bearing the majority of this burden, particularly in developing countries.
According to the report, the value of this market was at USD 1.75 billion in 2019.
The report also shares the following:
- Valuable insights into the impact of the COVID-19 outbreak on the market;
- Detailed study of the various market segments;
- Comprehensive analysis of the factors driving the market trends, share, size, and growth; and
- In-depth research into the regional dynamics and competitive milieu of the market.
Worldwide COVID-19 Impact Analysis:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Persistent Spread of the COVID-19 Infection Worldwide to Impede Market Growth
The automotive dashboard camera market growth is set to contract on account of the unprecedented rate of spread of the coronavirus around the world. Erupting in Wuhan, China in December 2019, the infection has ravaged the world at an alarming speed.
The number of COVID-19 cases has risen exponentially since it was first detected outside China and to contain its transmission governments have imposed nationwide lockdowns, bringing most economic activities to an abrupt standstill. This has had a direct bearing on the global automotive industry, primarily because of China’s dominant position in this industry concerning supply chain and consumption. For instance, Tesla had to close down its new unit in Shanghai, while Volkswagen was compelled to postpone its production across all its plants in China.
In Europe, on the other hand, Fiat shut down its production of nearly 600,000 cars annually in Italy as the country has been massively hit by the contagion. Thus, the automotive industry and all markets associated with it are foreseen to go through a rough patch in 2020.
Tightening Vehicular Safety Regulations to Stoke Market Growth in North America
Among regions, North America is expected to dominate the dashboard camera market share during the forecast period, primarily owing to the rising stringency of norms governing vehicle and road safety in the US and Canada. Besides this, automakers in the region are actively adopting advanced driver assistance systems (ADAS), which is further fueling the market.
The market size in North America stood at USD 0.69 billion in 2019 and is anticipated to grow at an impressive rate on account of presence of some of the largest automakers such as BMW and Audi. Moreover, original equipment manufacturers (OEMs) in the region are integrating budget-segment vehicles with advanced dashboard cameras, which in turn is expanding the scope of the market.
List of the Key Companies Operating in the Dashboard Camera Market are:
- Steelmate Automotive
- LG Innotek
- Falcon Zero
- Waylens, Inc.
- Garmin International Inc.
- Honeywell International Inc.
- Valeo SA
- PAPAGO Inc.
- Pittasoft Co. Ltd.
- ABEO Company Co., LTD
- DOD Tech
- Panasonic Corporation
- Koninklijke Philips N.V.
Launch of Next-Gen Solutions to Heat up Market Competition
Leading players in this market are injecting large amounts of money in R&D to design and deliver new-age safety solutions for automobiles. This investment route is being taken by companies to strengthen their position in this market and also equip them to broaden their global presence.
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- January 2020: Garmin International, the US-based technology company, introduced its first dual-lens dashboard cam, the Garmin Dash Cam™ Tandem, conceived to provide drivers with a 180-degree, panoramic view of their surroundings. Featuring a 1440p front-facing camera, the system can record day and night surroundings in tandem.
- August 2019: Continental AG released a unique camera solution for automated driving in the form of a front- and interior-looking camera. Powered by Artificial Intelligence (AI), the system comprises of outward-facing camera and an inward-facing infrared camera to ensure safety of passengers inside the vehicles as well as people outside.
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