Growing Road Safety Concerns to Propel Dashboard Camera Market to USD 18.3 Billion by 2034

 

The global dashboard camera industry is projected to reach approximately USD 18,369.5 million by 2034, with an estimated value of USD 3,364.5 million in 2024. The industry is expected to grow at a robust CAGR of 18.5% during the forecast period from 2024 to 2034.

Growing concerns over vehicle theft, the convenience of filing insurance claims, and heightened awareness of vehicle safety are likely to create significant opportunities within the market. Additionally, the rising incidence of fraudulent medical claims and staged accidents is expected to drive demand.

In response to these challenges, many leading insurance companies are encouraging vehicle owners to install dashboard cameras, or dashcams, to facilitate quicker and more accurate resolution of insurance claims.

Key Takeaways:

Regulations regarding privacy infringement may hamper the market growth.

The dashboard camera market in the United States will grow at a CAGR of 17.5%, reaching USD 4.4 Bn during the forecast period.

The U.K. dashboard camera market will register a CAGR of 16.8% and reach USD 522.1 Mn by 2032.

By technology, the basic dashboard camera segment will dominate the global marketplace with a CAGR of 18.1% during 2022-2032.

The dashboard camera market in the Asia Pacific region will account for the highest revenue growth.

“As the installation of dashboard cameras aids in controlling road accidents and lessens insurance claims, the global market for the same will witnessed considerable growth over the forecast period,” – says an FMI analyst.  

Competitive Landscape 

ABEO Technology CO., Pittasoft Co. Ltd., Garmin Ltd, Falcon Zero LLC, Cobra Electronics Co, Safe Cams, THINKWARE, Harman, Amcrest Technologies LLC, HP Development Company LP, DOD TechDJI, Panasonic Corporation, DOD Tech, Waykens Unc., Papago Inc., LG Innotek, Koninklijke Philips N.V, and Honeywell International Inc., among others are some of the major players in the dashboard camera market profiled in the full version of the report.

Leading market players are keen on product development and releasing new product lines. These businesses also employ strategic collaborations and partnership tactics to strengthen their market prospects.

More Insights into Dashboard Camera Industry Report

In its latest report, FMI offers an unbiased analysis of the global dashboard camera market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of technology (basic, advanced, smart), product type (1-channel, 2-channel, rear view), video quality (SD and HD, full HD & 4K), application (commercial vehicle, personal vehicle), and region.

According to the latest FMI reports, based on segmentation, the basic technology segment will make significant contributions to the overall market growth. This segment is expected to grow at a CAGR of 18.1% during 2022-2032. In terms of application, the personal vehicle segment is anticipated to generate high demand during the projection period.

Based on region, the dashboard camera market in the United States and the United Kingdom will display remarkable growth during 2022-2032. The U.S. dashboard camera market is estimated to grow at a CAGR of 17.5% and reach US$ 4.4 Bn by 2032. This growth can be attributed to the rising popularity of ride-sharing companies like Uber and Lyft as well as to a well-established shipping and haulage business. The dashboard camera in the United Kingdom will grow at a CAGR of 16.8% and create an incremental opportunity of 411.3 Mn during 2022-2032. In addition, the target market in the Asia Pacific region is predicted to generate the highest revenue during the forecast period.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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