Dashcams are small video cameras installed on the dashboard of a vehicle. They are increasingly being used to film the road in front or behind a vehicle, either as a source of entertainment or as a source of evidence in the event of an accident. Moreover, dashcams are beneficial for capturing unexpected movement of cosmic bodies visible in the atmosphere. For instance, dashcam footage was the most common footage of the February 2013 Chelyabinsk meteor, which was a superbolide that entered into Earth’s atmosphere over Russia on 15 February 2013. The video of this occurrence was documented from at least a dozen angles by dashcams.
Rising concerns regarding safety coupled with stringent government regulations are major factors driving growth of the global market
Increasing number of road accidents and rising safety concerns are the major factors driving growth of the car dashcam market. According to World Health Organization (WHO), an estimated 1.3 million road accidents occur annually worldwide, among which around 93% road traffic death occurs in low and middle income economies. Thus, governments are implementing standards for safety and prevention of accidents by mandating installation of rear-view cameras in vehicles worldwide. For instance, in 2014, The National Highway Traffic Safety Administration (NHTSA) issued a new regulation that requires all vehicles under 10,000 pounds, including buses and trucks, to have backup cameras by 2018. The report reveals that, 210 fatalities and 15,000 injuries on an average are caused by back over accidents while driving in reverse, annually. This is due to lack of rear visibility causing a substantial number of pedestrian injuries and deaths every year. These are few major factors driving growth of the global car dashcam market size.
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Global Car Dashcam Market: Restraint
A major factor expected to hinder growth of the global market is the stringent laws imposed against the use of dashcams in certain countries. The use of dashboard cameras is forbidden by law and considered as a violation of privacy in certain European countries such as Austria, Belgium, and Switzerland and heavy fines are charged on violators, thus restraining growth of the market. For instance, according to Belgian Camera Act of March 2007, regulating the installation and use of surveillance cameras in private places that are accessible to the public, are liable to be reported.
Global Car Dashcam Market: Vehicle Type Segment
Among vehicle types, passenger cars accounted for the largest share in the global car dashcam market in 2016, in terms of volume. For instance, according to The Organisation Internationale des Constructeurs d’Automobiles (OICA), in 2016, total vehicle produced globally was 94,976,569 units, among them 72,105,435 were passenger cars produced in 2016, which is almost 75% of the global vehicle production. Therefore, increasing vehicle production is leading to high demand for car dash cam market globally.
Global Car Dashcam Market: Product Type Segment
Among product types, single lens segment accounted largest share over of the overall market in 2016 and is projected to retain its dominance over the forecast period.
Multi lens segment exhibits a high growth potential and is projected to gain significant traction over the forecast period. Such dashcams offer front and rear protection to the automobile and collects all-round evidence in the case of road mishaps. Multi lens dashcams are capable of recording events taking place in vehicles as well as external events through the rear windshields.
Global Car Dash cam Market: Regional Insights
The market for car dashcam in Asia Pacific accounted for the largest share in 2016 and is expected to retain its dominance over the forecast period. Growth in this region is attributed to presence of some of the world’s largest manufacturing and sales hubs in the region. According to Coherent Market Insights’ analysis, production of vehicles in countries, including China, India, Japan, South Korea, and Thailand accounted for over 50% of the global production. This in turn, is expected to boost the demands for car dash board cameras in this region. Additionally, China and India are expected to be major growth engines for the market in Asia Pacific. According to The Organisation Internationale des Constructeurs d’Automobiles (OICA), in 2016, total vehicle sales in China was 28,028,175 units, which was 14.5% of the global sales, this in turn is driving demand for embedded systems such as dashcams. These factors in turn, are expected to boost growth of the regional market over the forecast period.
Global Car Dash Cam Market: Competitive Background
Major players operating in the car dashcam market include Hewlett-Packard Company, DOD-Tech Co. Ltd., ABEO Company Co. Ltd., Panasonic Corporation, Aiptek Inc., Garmin, LG Corporation, Qrontech Co. Ltd., Pittasoft Co. Ltd., Satechi Baravon, and Bulls-I Vehicle Drive Recorders.
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