Automotive Dashcam Market

AUTOMOTIVE DASHCAM MARKETREPORT OVERVIEW

The global Automotive Dashcam Market size was valued at USD 4.14 billion in 2023 and is projected to touch a readjusted size of USD 5.59 billion by 2031 with a CAGR of 3.7% during review period.

The market has witnessed substantial growth as a crucial component for vehicle safety and security. These compact cameras, mounted on vehicle dashboards, capture real-time footage, providing evidence in case of accidents or incidents. The market's rise is fueled by increasing awareness of road safety, insurance discounts for dashcam-equipped vehicles, and technological advancements enhancing features like high-resolution recording and AI-assisted functionalities. With a growing emphasis on road safety and the desire for enhanced driving experiences, the market is poised for continued expansion globally.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has significantly impacted the Automotive Dashcam market growth. Initially, disruptions in the supply chain and manufacturing processes led to a temporary slowdown. However, as awareness of safety measures increased, demand for dashcams surged due to a growing emphasis on contactless services and the need for added security. The pandemic accelerated the adoption of dashcams for both personal and commercial vehicles, driven by a heightened focus on road safety and insurance claims verification. This shift is expected to persist post-pandemic, driving sustained growth in the market as a vital safety and security feature.

"Integration of Advanced Technologies And Cloud-Based Storage Solutions"

The Automotive Dashcam Market share are witnessing a transformative shift with the integration of cutting-edge technologies. AI-powered dashcams enhance safety with features like collision warnings and lane departure alerts, while 4K resolution cameras provide higher clarity in recording. Cloud-based storage facilitates seamless data access and sharing. The convergence of dashcams with connected car technologies amplifies their role in the evolving automotive landscape. As the industry progresses towards autonomous vehicles, dashcams are poised to play a crucial role in enhancing safety, providing valuable data for analysis, and contributing to the broader ecosystem of intelligent transportation systems.

AUTOMOTIVE DASHCAM MARKETSEGMENTATION

Based on type the global market can be categorized as integrated and portable.

• Integrated Dashcams: These dashcams are seamlessly built into the vehicle's design, often as part of the rear view mirror or integrated into the dashboard. They offer a sleek and discreet appearance, with wiring typically integrated into the vehicle's electrical system. Integrated dashcams often come as factory-installed features in modern vehicles or as aftermarket options for specific models.
• Portable Dashcams: Portable dashcams are standalone devices that can be easily mounted and removed from the vehicle. They are generally more versatile, allowing users to transfer the dashcam between different vehicles. Portable dashcams are popular for those who do not want a permanent installation or for individuals who use multiple vehicles and want the flexibility to move the device as needed. They often come with suction cup mounts or adhesive mounts for easy attachment to the windshield.

Based on application the global market can be categorized into passenger vehicle and commercial vehicle.

• Passenger Vehicles: Dashcams in passenger vehicles are primarily used for personal safety, security, and documentation of road events. They capture footage of the surrounding environment and can be instrumental in providing evidence in case of accidents, insurance claims, or other incidents. Some advanced features in dashcams for passenger vehicles include collision warnings, lane departure alerts, and integration with other smart technologies within the vehicle.
• Commercial Vehicles: commercial vehicles, such as trucks, buses, and fleets, dashcams serve multiple functions. They play a crucial role in fleet management, monitoring driver behavior, ensuring compliance with safety regulations, and enhancing overall operational efficiency. Commercial vehicle dashcams often feature GPS tracking, real-time monitoring, and cloud-based storage solutions. These capabilities help fleet managers in optimizing routes, improving driver safety, and providing valuable data for training and analytics. The integration of dashcams in commercial vehicles contributes to better risk management and reduces potential liabilities for fleet operators.

"Safety and Security Concerns to Propel the Market Growth" The increasing emphasis on road safety and the need for evidence in the event of accidents or disputes drive the demand for dashcams.

"Advancements in Technology to Drive the Market Growth"

Integration of advanced technologies such as AI, 4K resolution cameras, and cloud-based storage enhances the functionality and appeal of dashcams, providing additional features like collision warnings and lane departure alerts.

"Privacy Concerns to Hamper the Market Growth" Dashcams record activities in and around vehicles, raising privacy concerns. Legislation and public perception regarding the use of dashcams may impact market growth.

AUTOMOTIVE DASHCAM MARKETREGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia PacificDominating the Market due to Growing Concern over Road Safety"

The Asia Pacific region is poised to dominate the market, primarily attributed to the growing concern over road safety and the increasing awareness of vehicle security. With a rising number of road accidents in the region, there is a heightened emphasis on adopting safety technologies, including dashcams, to enhance vehicle security and document road incidents.

Governments and regulatory bodies in many APAC countries are encouraging the use of safety devices like dashcams to improve road safety and facilitate accurate incident reporting. Additionally, the awareness among consumers about the benefits of vehicle security measures has been steadily increasing, further driving the demand for automotive dashcams. The APAC market's dominance is also influenced by the region's significant automotive industry and the integration of advanced technologies into vehicles. As awareness continues to grow and safety regulations become more stringent, the adoption of automotive dashcams is expected to rise, solidifying the region's leadership in this market.

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The market boasts several major players, each contributing to the industry's evolution. These major players continually drive market growth through technological advancements, pushing the boundaries of safety, connectivity, and data analytics within the automotive dashcam sector.

• VDO (Germany)
• Supepst (China)
• Philips (Netherlands)
• HP (U.S.)
• Garmin (Switzerland)
• Blackvue (South Korea)
• Eheak (China)
• Samsung (South Korea)
• Incredisonic (U. S.)
• Auto-vox (China)
• Papago(Taiwan)

January 2023: Perodua, the Malaysian automaker, has set ambitious targets for 2023, aiming to achieve 314,000 in sales with a projected 45% market share. Additionally, the company plans to invest RM1.15 billion in new initiatives, signaling a commitment to growth and innovation. A noteworthy aspect is Perodua's commitment to supporting the local economy, with a substantial RM10 billion earmarked for local parts purchases. These strategic goals align with Perodua's vision to strengthen its market presence, enhance manufacturing capabilities, and contribute significantly to Malaysia's automotive industry and economic development.

The market is experiencing robust growth, driven by increasing awareness of road safety and a rising demand for advanced driver assistance systems. The market is characterized by technological advancements such as AI integration, high-resolution recording, and cloud connectivity. Key players are focusing on product innovation and strategic partnerships to gain a competitive edge. Growing concerns about road accidents and insurance fraud are fueling the adoption of dashcams. Geographically, the Asia-Pacific region holds a significant share, attributed to a surge in vehicle sales and a proactive approach to road safety. The market is poised for continued expansion as automotive safety remains a top priority.