Dashboard Camera Market Growth & Trends
The global dashboard camera market size is expected to reach USD 7.64 billion by 2030, registering a CAGR of 9.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to an increasing adoption of dashboard cameras in automobiles worldwide. This technology is being incorporated in several commercial as well as personal vehicle dashboards, as it empowers the driver to take control of the vehicle’s security and enables them to record incidents such as collisions, theft, and vandalism. In September 2023, Cobra Electronics introduced the RAD 700i-connected radar detector, which offers advanced features at an affordable price point.
Rising awareness about in-car safety, along with favorable government initiatives, is expected to drive the global market over the forecast period. Law enforcement agencies traditionally used dashboard cameras and car DVRs across the world. Nevertheless, as per the recent trends, they are increasingly installed in both passenger and commercial vehicles. The surge number of fraudulent insurance claims and medical compensation by means of fake car accidents has been a crucial factor in boosting the adoption of dashcams in vehicles, prompted by insurance companies. Insurance companies have now started accepting camera footage to resolve disputes regarding insurance claims. Also, insurance companies in some countries, such as the U.K. and Japan, are offering discounts on insurance premiums for installing a camera in a vehicle.
Dashcams are switched on in the driving mode and parking autonomously and, therefore, can record the incidents automatically. However, recording any unauthorized movement in or near the parked vehicle tends to drain the vehicle’s external battery due to the continuous use of dashcams. This has prompted the development of energy-efficient dashcams that help in overcoming such challenges. Several energy-efficient dash cams offer enhanced features, such as timer and voltage cut-off functions, that enable automatic turning off the camera and voltage drop below the cut-off value. For instance, the Thinkware Dash Cam T700 is a great option for those looking for a reliable and advanced dash camera. It comes equipped with a built-in super night vision mode, which ensures high-quality footage even in low-light conditions. Additionally, the camera includes energy-saving parking recording features that help conserve power while still capturing important moments. The motion detection and impact detection features in its parking surveillance mode make it a great choice for those looking for added security and peace of mind.
Dashboard cameras, also known as dashcams, are gaining popularity in commercial fleets after being popularized in police vehicles. The businesses are promoting the installation of cameras and considering the many advantages they offer. By gathering important data in the event of hit-and-runs, accidents, traffic infractions, and insurance fraud, these cameras can aid in reducing rising insurance costs and aiding law enforcement agencies to resolve cases quickly by offering recordings as evidence.
The owners of commercial fleets can keep an eye on every driver and vehicle’s activities though dashcams. For instance, an AI dashcam developed by Verizon enables sending real-time alerts to vehicle fleet owners, which helps them to monitor the vehicle’s location. Also, owing to the installation of a dashcam in each vehicle, fleet owners can monitor driver behavior in real-time. This allows them to identify any risky driving habits and provide feedback to help improve their performance on the road. Additionally, dashcams can help protect drivers from false claims of misconduct or accidents, as they provide an objective record of what happened. Moreover, some cameras relate to other complementary technologies, such as telematics and recorders. These devices are gaining wide acceptance, as they are inexpensive, simple to operate, and easy to install.
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Dashboard Camera Market Report
Dashboard Camera Market Report Highlights
- The demand for 2-channel dash cams worldwide is expected to grow during the forecast period owing to their capability of recording from the front as well as the inside of the vehicle. Prominent players are now concentrating on enhancing the convenience and user-friendliness of car DVRs by incorporating additional features, such as the inclusion of night vision cameras, high-endurance battery life, and expandable storage capacity in their offerings
- Advanced dashboard cameras come with Wi-Fi connectivity, GPS support, and parking motion detection. These features are expected to drive the demand for advanced dashboard cameras over the forecast period
- The market has seen a significant increase in demand for high-quality video recording. Full HD and 4K video quality have become the new standard, as drivers and fleet owners seek to capture clear and detailed footage for safety, security, and legal purposes
- As the demand for high-quality video recording increases, more drivers are investing in cameras that can capture Full HD and 4K video for safety, security, and legal purposes. This has led to the growth of the market in the personal application sector
- The market is experiencing growth in the in-store distribution channel, as more retailers stock these devices due to increasing demand from consumers. This trend is expected to continue as dash cameras become more popular for their safety benefits and ability to capture evidence in the event of an accident
- Asia Pacific market has experienced exponential growth fueled by the demand for advanced driver assistance functionalities, such as seamless wireless connectivity, lane departure warning systems, blind-spot detection, and collision avoidance systems.
