Press release
Dashboard Camera Market to Reach Valuation of US$ 4.03 Bn by 2020 | Key Players in Industry are DCS Systems Ltd., Pittasoft Co. Ltd., Qrontech Co., Ltd., Garmin International Inc, Harman International Inc, Papago Inc., and Delphi Automotive Systems Pvt Lt
Dashboard cameras are onboard devices used in private cars, law enforcement vehicles, and rental and other commercial vehicles to record real-time videos both inside and outside of the vehicle. The various technologies used in dashboard cameras can be grouped into single lens or single channel, multi lens or dual channel, and rearview.The inclusion of advanced features such as GPS logging, audio recording, speed sensing, and uninterrupted power supply expand the functionalities of dashboard cameras. This is also catalyzing the demand for various dashboard camera technologies.
Stringent Implementation of Laws and Regulations on Road Safety World over Bolstering Demand
The global demand for dashboard camera market is driven by the presence of stringent laws and regulations on the road safety in several economies world over, coupled with the wide awareness of the benefits. The significant impetus by transport authorities to exhort private and commercial vehicles owners to adopt dashboard cameras provides a robust thrust to the demand in countries where these cameras are considered legal.
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Several insurance companies are also encouraging vehicle owners in installing these cameras by letting them settle insurance claims faster and charging less premiums. The declining price of dashboard cameras is also a significant factor boosting the market.
The integration of dashboard cameras with various driver-assistance functionalities by vehicle manufactures in various parts of the globe help them reap considerable significant edge over others.
Rising Popularity of Dash Cameras among Insurance Companies provide Sustained Thrust to Uptake
Dashboard cameras for vehicles are also gaining popularity among law enforcement agencies for capturing errant driving and accidents and helping them nab criminals. The recording of audios and videos of the car crash helps speed up the compensation claims for the rightful owner and eliminate the otherwise hassles they face. The use of dashboard cameras by these agencies to capture road rage incidents is also boosting the market.
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On the basis of geography, the global dashboard cameras market is segmented into four broad regions, namely, North America, Europe, Asia Pacific, and Rest of the World (RoW). The report also includes country level analysis for major market in Europe and Asia Pacific region. Asia Pacific represents the largest regional market due to growing popularity of dashboard cameras among private as well as commercial vehicle owners. China is the largest market for dashboard cameras in Asia Pacific as well as in the global dashcams market.
North America accounts for the low market share due to less popularity, stringent traffic regulations and traffic discipline. However, with the US government’s initiatives to improve pedestrian safety in order to reduce causalities, the demand for these cameras is expected to increase substantially during the forecast period.
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Asia Pacific is predicted to see fastest-growth in terms of both revenue and volume through the forecast period. This is majorly due to the rising demand for these cameras in countries such as Japan, South Korea, Singapore, Taiwan, Hong Kong, China, and Australia.
Top players operating in the dashboard camera market include DCS Systems Ltd., Pittasoft Co. Ltd., Qrontech Co., Ltd., Garmin International Inc, Harman International Inc, Papago Inc., and Delphi Automotive Systems Pvt Ltd.
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