Europe Dashboard Camera Market is expected to register a CAGR of 18.01% over the forecast period and is expected to reach a market value of USD 1739.8 million by 2024
NEW YORK, Feb. 27, 2020 /PRNewswire/ --
Market Overview
Europe Dashboard Camera Market is expected to register a CAGR of 18.01% over the forecast period and is expected to reach a market value of USD 1739.8 million by 2024. The increasing number of road accidents and thefts in the region and growing use of camera clips for insurance policies are some of the major factors mainly driving the adoption of dashboard cameras in Europe over the forecast period.
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- Most of the studied market players are also developing products with additional advanced features, like Artificial Intelligence (AI). The growing product innovation for gaining competitive advantage is trending in the Europe dashboard camera market.
- Due to the increased awareness of the benefits of using a dashcam, the government policies in the region are also expected to favor the studied market growth in the future. Also, with growing driver safety concerns in Europe, the data from dashboard cameras is being used to develop advanced safety models or safety programs.
- However, the differences in the opinions of regional governments regarding dashboard camera usage could hinder the market growth over the forecast period.
Scope of the Report
A Dashboard Camera or DashCam is an onboard camera that is used for continuous recording in a vehicle. The scope considers single unit cameras which are only mounted on dashboard or for rear-view. The study characterizes the dashboard camera market, based on the product type, such as single-channel, dual-channel, and rear-view, and by technology, which includes basic and smart dashboard cameras and is focused on key countries, such as the United Kingdom, Germany, Spain, and Russia, among others.
Key Market Trends
Single-Channel Expected to Dominate the Market over the Forecast Period
- Single-channel dashboard cameras are those that are capable of filming only in one direction, as the name suggests. These are usually placed at the front of the vehicle. These cameras come with features, such as Wi-Fi, GPS, parking mode, and night vision.
- These video cameras are usually available in every conceivable configuration, ranging from a single lens to multiple lenses that allow simultaneous front and rear recording.
- The demand for single-channel dashboard cameras is proliferating, due to the rising demand for dashboard cameras among motorists, owing to its application in filing insurance claims, and procurement of evidence for civil and criminal lawsuits, along with other safety concerns.
- Furthermore, the usage of wide-angle lenses in automotive camera modules is witnessing increasing adoption, due to a wide field coverage and enhanced picture quality.
Russia Expected to Gain a Significant Share in the Market
- In Europe, the concept of dashboard cameras was initially adopted by masses in Russia and then the trend shifted to the United Kingdom and Germany.
- Since the country is depictive of insurance frauds, fear of aggressive motorists, and even accidents inappropriately investigated without the equipment, the usage of dashboard camera has become a necessity.
- Also, the country's legal system, rarely favors first-hand accounts of traffic collisions, combined with lax law enforcement, has made dashboard cameras all but a requirement for the country's citizens.
- Moreover, since 2003, every car owner in Russia is mandated to have an insurance policy. However, the mandatory, basic auto insurance in Russia is very limited in coverage.
- With a poor road safety record, and the vehicles, especially old ones, requiring timely inspections are expected to make dashboard camera as one of the significantly growing markets in the country.
Competitive Landscape
Dashboard camera companies, globally, are increasingly investing in the European market, as the adoption of the technology is estimated to increase further. In Europe, most of the studied market vendors are mainly investing in enhancing their product offerings and collaborating with insurance companies to attract more customers. For instance, most of the market vendors have some form of partnerships with insurance companies.
- May 2019 - Nextbase, a UK based dashcam provider, launched its Series 2 product range, consisting of 5 new dash cam products. The series 2 products will feature new products including Emergency SOS, Alexa, Magnetic mount, and auto sync Bluetooth support amongst others.
- February 2019 - Samsara Inc., launched a dashcam that uses artificial intelligence to identify dangerous driving behaviors. The cameras are part of broader investment in artificial intelligence and are expected to give Samsara the ability to provide customers with added features through over-the-air software upgrades at no extra cost.
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