The automotive dashboard camera market will register a CAGR of almost 11% by 2023
NEW YORK, June 18, 2019 /PRNewswire/ -- About this market
The driving behavior and road traffic crashes can be captured and recorded with the help of dashboard cameras. Various advanced single-channel dashboard cameras can start recording video as soon as they detect any break-in or movement in a parked vehicle. This helps in reducing the cases of vandalism. Dual-channel dashboard cameras can record the events from a vehicle's front end and rear end as well as its interior. Most of the dual-channel or multi-channel dashboard cameras are single devices that consist of cameras on their either side. The multi-channel dashboard cameras that can record high-quality video in multiple directions usually cost higher than single-channel dashboard cameras. Thus, the increasing adoption of multi-channel dashboard cameras is expected to augment the growth of the market during the forecast period. Our analysts have predicted that the automotive dashboard camera market will register a CAGR of almost 11% by 2023.
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Market Overview
Large number of road accidents and road rage
Evidence for finding out the actual cause of collisions or accidents can be obtained by installing a dashboard camera in vehicles. A large number of road accidents across the globe is encouraging vehicle users to install dashboard cameras in their cars. Russia, which is prone to accusations and the demand for immediate payments even for small vehicle crashes, is experiencing a faster adoption of dashboard cameras to capture evidence, compared with many other countries in the world. This will propel the growth of the global automotive dashboard camera market during the forecast period.
Technological advances in automobile safety features
The automotive industry is experiencing continuous technological advancements. Most of these advances enhance the safety and comfort features in vehicles. The incorporation of advanced driver assistance system (ADAS) in cars can contribute to the development of autonomous vehicles, which is expected to play a significant role in drastically reducing the number of road accidents. The presence of DSMS, AEBS, and blind spot detection can detect driver distractions or the driving behavior and provide warning or make the vehicle to act autonomously. Other technological advances include the introduction of the automotive digital key, which provides additional safety by sending notifications to the owner's smartphone in case of any unauthorized movement in a parked vehicle. Such advanced features nullify the necessity of dashboard cameras even for parked vehicles.
For the detailed list of factors that will drive and challenge the growth of the automotive dashboard camera market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately concentrated. The presence of a few companies, including Garmin Ltd. and HP Inc. makes the competitive environment quite intense. Factors such as the increasing adoption of multi-channel dashboard cameras and a large number of road accidents and road rage will provide significant growth opportunities to the automotive dashboard camera manufacturers. Garmin Ltd., HP Inc., LG Innotek Co. Ltd., Panasonic Corp., and Pittasoft Co. Ltd. are some of the major companies covered in this report.
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