Dashboard Cameras Functionalities becoming integral part of Advanced Driver-Assistance Systems, Market to Reach Valuation of US$ 4.03 Bn by 2020 End
The global dashboard camera market marks the presence of a large number of players who are offering a wide range of products under driver-assistance systems, notes Transparency Market Research (TMR). A growing number of players are increasingly offering a variety of dashboard camera solutions to address the needs of original equipment manufacturers and fulfil the aftermarket requirements for solutions for road safety. Camera manufacturers and automotive players are constantly pursuing strategies based on improving their technical expertise to consolidate their position, finds TMR. This is expected to up the level of competition over the assessment period.
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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The global dashboard camera market is projected to expand at a robust CAGR of 15.3% in between the forecast period of 2014 and 2020. Vis-à-vis revenue, the market stood at US$ 1,458.2 million in 2013 and is estimated to reach a worth of US$ 4.03 billion by the end of the forecast period.
The various technologies used in dashboard cameras can be grouped into single lens or single channel, multi lens or dual channel, and rearview. Of these, single channel dashboard cameras accounted for the leading share in 2013 both in value and volume. The segment is expected to hold its sway through 2020, driven by the extensive demand of this dash cams by motorists. This is attributed to their low cost and easy set-up, which are substantially useful in filing insurance claims.
On a geographical front, the Asia Pacific accounted for the dominant share in 2013 and is also rising at the leading CAGR over 2014–2020. The widespread popularity of dashboard cameras among private and commercial vehicle owners in the key economies projects the regional market to the forefront.
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. 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.
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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.
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.
Several governments, especially in developed countries such as the U.S., are promoting the installation of dashboard cameras as a way to reducing pedestrian casualties. The rising use of dashboard cameras by private vehicles owners helps in recording unexpected occurrence.