The dashcam market is experiencing substantial growth due to a rising awareness of the advantages of dashcams, especially among private vehicle owners. Moreover, dashcams have gained popularity among taxi and bus drivers, driving instructors, police officers, and various other professionals who utilize them to record real-time driving events.
Dashcams offer straightforward and efficient evidence in the event of accidents, simplifying the process of determining driver fault. Drivers can present this footage in court to establish their innocence and seek repair cost reimbursement from the at-fault driver as captured in the video. Some insurance companies also accept these recordings as they aid in identifying fraudulent claims and reducing operational costs associated with claims processing.
Furthermore, parents can opt for multi-lens dashboard cameras to record in-car activities of teenage drivers. Additionally, insurance companies, especially in European countries, offer discounts and incentives for dashcam installation. These factors collectively contribute to the growing demand for dashcams worldwide.
The global dashcams market is projected to expand at a CAGR of 13.4% from 2022 to 2030.
This market is categorized into two product types: basic dashcams and advanced dashcams. Basic dashcams held the largest revenue and volume market share in 2021 and are expected to maintain their dominance throughout the forecast period.
Despite the dominance of basic dashcams, advanced dashcams are poised for rapid growth in market share. This trend is driven by increasing awareness of their benefits and the incentives offered by insurance companies. Advanced dashcams, equipped with more sophisticated features, are expected to experience the fastest growth in the market throughout the forecast period.Basic dashcams serve as video cameras with removable or built-in storage devices, continuously recording driving activities. They are cost-effective and suitable for basic video recording purposes, making them the dominant product category in terms of revenue and volume market share due to their affordability. The market for basic dashcams is anticipated to further expand, particularly in regions like Asia Pacific and Russia, where demand is on the rise.
Advanced dashcams offer additional features beyond basic video recording functionality. These features include audio recording, GPS logging, speed sensors, accelerometers, and uninterruptable power supplies. Loop recording is a common function in advanced dashcams, allowing them to automatically overwrite the oldest video files on the memory card when it becomes full. This feature eliminates the need for driver intervention unless they want to save a specific video.
Furthermore, advanced dashcams often provide date and time stamp capabilities. Those with GPS logging can record the driver’s location at the time of an accident, which can serve as credible evidence in accident cases, demonstrating the driver’s innocence and aiding in insurance claims. Some insurance companies are even offering premium discounts to vehicle owners who install dashcams in their vehicles, encouraging more people to opt for advanced dashcams.
Analysis of Technological Segmentation
The global dashcams market is categorized by technology into two main segments: single channel dashcams and dual channel dashcams. Single channel dashcams are primarily designed to record videos at the front of vehicles and are generally more affordable compared to dual channel dashcams. These single channel dashboard cameras are the most commonly used type of dashcams worldwide and are suitable for recording road trips and driving scenarios.
On the other hand, multi-channel dashcams, such as dual channel dashcams, operate similarly to single channel cameras but have multiple lenses to capture separate views. Most multi-channel cameras, especially dual channel dashcams, feature one lens to record interior views inside the car, including the driver, and one or more standard lenses to record the view outside of the car. This allows for a more comprehensive recording of both the interior and exterior surroundings.
In 2021, single channel dashcams dominated the market, accounting for the largest share of revenue when compared to dual or multi-channel dashcams. However, dual channel dashcams are projected to experience rapid growth in demand throughout the forecast period, driven by increased adoption among both private and commercial vehicle owners. In European countries, parents are increasingly installing rear-facing dashboard cameras to monitor the behavior of their teenage drivers, contributing to the growing demand for dual channel dashcams within the private vehicle segment.
The Asia Pacific region represents the largest market for dashcams globally. Russian motorists are equipping their vehicles with dashboard cameras due to high levels of traffic, frequent road accidents, concerns about corruption among police officers, and an unfavorable legal system. Key markets for dashboard cameras in the Asia Pacific region include China, Australia, Japan, and Southeast Asia. China, in particular, is the largest individual market for dashcams in the Asia Pacific region and is anticipated to experience the fastest growth, driven by increasing awareness of the benefits and safety advantages of dashboard cameras. In South Korea, dashboard cameras are commonly referred to as “Black Box.” For the Rest of the World region, our analysis includes regions such as Africa, South America, and the Middle East.
The widespread adoption of dashcams among private vehicle owners can be traced back to a television reality series, “World’s Wildest Police Videos,” which aired in 1998. As a result of its growing popularity and increased funding for dashcam installation, the adoption rate of dashcams in U.S. police vehicles surged from 11% in 2000 to 72% in 2003. In 2009, the Russian Interior Ministry enacted a regulation permitting Russian motorists to install in-vehicle dashcams. This led to over one million Russian motorists equipping their vehicles with dashcams by 2013. The increased demand for dashcams in North America and Europe followed the popularity of Russian and Korean dashcam videos shared on the internet.
Currently, the use of dashcams is restricted in some countries due to stringent personal privacy and data protection laws. While the installation of dashcams is illegal in some European nations, the technology is gaining popularity in Asia Pacific, the United States, and other European countries that support its use.
Basic dashcams, offering essential video recording functionality with removable or built-in storage, currently have a higher adoption rate than advanced dashcams. However, the increasing popularity of dashboard cameras and consumers’ willingness to invest in advanced solutions are driving the demand for advanced dashcams, especially in mature markets like Japan, Australia, South Korea, the United States (particularly in government vehicles), and others. This growing demand is the primary reason manufacturers are focusing on developing dashboard cameras with advanced features, including audio recording, speed sensors, GPS logging, accelerometers, and uninterruptable power supply.
The installation of dashcams and capturing videos generally falls within the scope of freedom of information and is fully permitted in most countries worldwide. However, while dashcams are becoming increasingly popular in many European countries, Austria and Luxembourg have imposed complete bans on their use. In Austria, the parliament has set fines of approximately US$ 10,800 for installing and recording videos with dashcams, with repeat offenders facing fines of around US$ 27,500.
In several countries, insurers are now accepting dashcam footage as evidence to determine the cause of accidents. This practice helps reduce investigation costs and expedite claims processing. Many insurance companies have entered partnerships with dashcam suppliers and offer discounts on insurance premiums to customers who purchase dashcams from their partners.
In the UK, car insurance company Swiftcover provides a discount of up to 12.5% on insurance premiums to their clients who purchase dashboard cameras from Halfords. AXA insurance company offers a flat discount of 10% to car owners who have a dashcam installed in their vehicles. Furthermore, prominent news channels such as the BBC and Daily Mail have covered stories about dashboard cameras. With increasing awareness of this technology and the growing adoption of dashcams, especially among private vehicle owners, the market for dashcams is expected to continue expanding.
Post time: Oct-27-2023