Dashboard Camera Market Global Growth, Current Scenario Technology Trends, Comprehensive Analysis and Regional Forecast to 2027
The global automotive dashboard camera market size is projected to reach USD 2.74 billion by 2027, exhibiting a CAGR of 20.6% during the forecast period. Growing number of road accident cases around the world will aid the expansion of this market, states Fortune Business Insights™ in its recent report, titled “Automotive Dashboard Camera Market Size, Share & Industry Analysis, By Technology Type (Basic, Advanced, and Smart), By Channel Type (Single channel and dual channel), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts, 2020-2027”. The Global Status Report on Road Safety 2018 released by the World Health Organization (WHO) reveals that road accident fatalities account for 1.35 million deaths annually. Road crashes are now the leading cause of death for people between the ages of 5 and 29, with pedestrians, cyclists, and motorcyclists bearing majority of this burden, particularly in developing countries. In response, vehicle-buyers are increasingly demanding superior safety features in automobiles to enable drivers to protect themselves as well as those on the road. This trend, therefore, favors the growth of this market as advanced cameras in vehicles can heighten the awareness of the driver and the passengers, allowing for safer rides.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
According to the report, the value of this market was at USD 1.75 billion in 2019.
The report also shares the following:
- Valuable insights into the impact of the COVID-19 outbreak on the market;
- Detailed study of the various market segments;
- Comprehensive analysis of the factors driving the market trends, share, size, and growth; and
- In-depth research into the regional dynamics and competitive milieu of the market.
Persistent Spread of the COVID-19 Infection Worldwide to Impede Market Growth
The automotive dashboard camera market growth is set to contract on account of the unprecedented rate of spread of the coronavirus around the world. Erupting in Wuhan, China in December 2019, the infection has ravaged the world at an alarming speed. The number of COVID-19 cases has risen exponentially since it was first detected outside China and in an effort to contain its transmission governments have imposed nationwide lockdowns, bringing most economic activities to an abrupt standstill. This has had a direct bearing on the global automotive industry, primarily because of China’s dominant position in this industry with regard to supply chain and consumption. For instance, Tesla had to close down its new unit in Shanghai, while Volkswagen was compelled to postpone its production across all its plants in China. In Europe, on the other hand, Fiat shut down its production of nearly 600,000 cars annually in Italy as the country has been massively hit by the contagion. Thus, the automotive industry and all markets associated with it are foreseen to go through a rough patch in 2020.
Tightening Vehicular Safety Regulations to Stoke Market Growth in North America
Among regions, North America is expected to dominate the automotive dashboard camera market share during the forecast period, primarily owing to the rising stringency of norms governing vehicle and road safety in the US and Canada. Besides this, automakers in the region are actively adopting advanced driver assistance systems (ADAS), which is further fueling the market.
The market size in Europe stood at USD 0.69 billion in 2019 and is anticipated to grow at an impressive rate on account of presence of some of the largest automakers such as BMW and Audi. Moreover, original equipment manufacturers (OEMs) in the region are integrating budget-segment vehicles with advanced dashboard cameras, which in turn is expanding the scope of the market.
Launch of Next-Gen Solutions to Heat up Market Competition
Leading players in this market are injecting large amounts of money in R&D to design and deliver new-age safety solutions for automobiles. This investment route is being taken by companies to strengthen their position in this market and also equip them to broaden their global presence.
- January 2020: Garmin International, the US-based technology company, introduced its first dual-lens dashboard cam, the Garmin Dash Cam™Tandem, conceived to provide drivers with a 180-degree, panoramic view of their surroundings. Featuring a 1440p front-facing camera, the system can record day and night surroundings in tandem.
- August 2019: Continental AG released a unique camera solution for automated driving in the form of a front- and interior-looking camera. Powered by Artificial Intelligence (AI), the system comprises of outward-facing camera and an inward-facing infrared camera to ensure safety of passengers inside the vehicles as well as people outside.
List of Players Profiled in the Automotive Dashboard Camera Market Report:
- Steelmate Automotive
- LG Innotek
- Falcon Zero
- Waylens, Inc.
- Garmin International Inc.
- Honeywell International Inc.
- Valeo SA
- PAPAGO Inc.
- Pittasoft Co. Ltd.
- ABEO Company Co., LTD
- DOD Tech
- Panasonic Corporation
- Koninklijke Philips N.V.