Automotive Dashboard Camera Market to Expand at 25% CAGR due to Rising Demand for Vehicle Safety
Manufacturers are vying towards the development of energy-efficient automotive dashboard camera market as the traditions cameras tend to drain the vehicle batteries. This strategy has highly enhanced the sales of automotive dashboard cameras as it reduces the need for replacement. Moreover, manufacturers are embedding additional features in these cameras such as voltage cut-off functions, timer, and built-in rechargeable batteries. These technological enhancements are expected to foster the automotive dashboard camera market’s growth during the forecast period of 2018 to 2028.
Market to Expand at 25% CAGR due to Rising Demand for Vehicle Safety
Countries such as India and Russia have considerable harsh driving conditions calling for a need to enhance vehicle safety. This is a major factor fueling the automotive dashboard camera market’s growth. TMR’s study forecasts the market to expand at a splendid CAGR of 25%. Growing at this pace the market is expected the valuation of US $ 20 Bn by the end of 2026.
The leading players in the automotive dashboard camera market are working on developing advanced technologies to sustain their position in the market. For instance, Garmin has developed Garmin Dash Cam 55 which has automatic incident detection technology that stores the important clips automatically. Similarly, Nextbase has developed the Nextbase Duo that boasts a Wide Dynamic Range (WDR) image processor enabling night-time and low-light recording.
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Europe to Remain Lucrative for the Market’s Growth
Europe is anticipated to lead the automotive dashboard camera market during the forecast period. This is mainly because the Central Court of Germany accepts dash cam footage as legal proof. Not just Germany but the Interior Ministry of Russia has also mandated the use of dash cameras. Russia and the UK are expected to be the highest contributors to the market’s growth in this region. Russia accounts for approximately half of the dashboard cameras across the globe. The high number of accident cases in Russia have also driven the market’s growth in this region.
The automotive dashboard camera market in Southeast Asia, China, and South Korea are also expected to show remarkable growth. The reason for this is attributable to the high presence of leading dashboard camera manufacturers in these regions.
The market in North America is majorly driven by the rising demand for automobile safety systems. The U.S. is a major consumer of the market in this region due to government regulation pertaining to the implementation of backup cameras in vehicles.
High Popularity of Dual Channel Dash Cameras to Promote Growth
The dual channel dash cameras are anticipated to witness highest sales due to their integration in private taxi services such as Bookmycab and Uber. The high popularity of these cameras is due to its feature that enables the recording of external and internal environments.
The autonomous vehicles also present a significant opportunity for the market’s growth due to the need to alert the driver regarding the distance and speed of the car. Moreover, there is a high demand for smart components owing to their precision in the detection of obstacles on the road.
Furthermore, the easy availability of dashboard cameras in the aftermarket has filliped the automotive dashboard camera market’s expansion. Consumers are inclined towards buying the dashboard camera from the aftermarket due to the competitive pricing as compared to the cameras fitted by OEMs. As a result, aftermarket sales of dashboard cameras are expected to fetch maximum revenue for the market.