Dashboard Camera Market Expected to Reach US$ 4.03 Bn by 2020

According to a new market report published by Transparency Market Research “Dashboard Camera Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, the global dashboard camera market, in terms of revenue, was valued at US$ 1,458.2 Mn in 2013 and is forecast to grow at a CAGR of 15.3% during the period from 2014 to 2020. The major factors influencing the growth of global dashboard camera market are introduction of stringent road safety regulations across the world, reducing prices of dashboard cameras and increasing awareness about the benefits of dashboard cameras. The major factor limiting the growth of dashboard camera market include the Privacy Act particularly in some European countries such as Belgium, Portugal and Austria which restricts motorists to take videos with their dashboard cameras at public places. Rapidly growing popularity of dashboard cameras represents exponential growth opportunities for dashboard camera manufacturers as car manufacturers would start to integrate these cameras in their new vehicles to gain competitive advantage.

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In this study, the market for dashboard cameras has been segmented on the basis of type, technology and geography. On the basis of camera type, dashboard cameras are segmented into basic dashboard cameras, advanced dashboard cameras and smart dashboard cameras. The technology segment consists of single lens (single channel) dashboard cameras, multi lens (dual channel) and rearview dashboard cameras.

On the basis of type, the basic dashboard cameras was the largest segment with around 62% revenue share of the total market in 2013. This segment is expected to continue dominating the market over the forecast period and witness substantial growth owing to government regulations and automotive safety plans where the installation of dashboard cameras is mandatory. The advanced dashboard cameras segment is expected to grow at a CAGR of 16.5% from 2014 to 2020.

Based on the technology used, the single lens/single channel segment accounted for the largest revenue as well as volume share in the global dashboard cameras market in 2013. Multi lens dashboard camera segment is expected to see the fastest growth through the forecast period. Multi lens/dual channel dashboard camera use two camera modules in which one camera is equipped outward to record incidents in front of the vehicle and another to record interior of the vehicle. These camera modules are also used for security applications when your vehicle is parked as it records video evidence of theft and hit and run accidents. These cameras are gaining more popularity among private and commercial vehicle owners. The mandatory regulation in the U.S. to install rearview camera in new cars and lightweight vehicles is increasing the demand for rearview dashboard cameras.

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On the basis of geography, the global dashboard cameras market is segmented into regions, namely, North America, Europe, Asia Pacific and Rest of the World (RoW). Rest of the world represents consolidated market for Latin America, Africa and Middle East. In 2013, Asia Pacific was the largest as well as the fastest growing regional market for dashboard cameras and held 48.4% share in the global market. The demand for dashboard cameras has been increasing in European countries such UK, Russia, Germany, Sweden and many others.

The global dashboard camera market comprises numerous players offering broad range of driver assistance solutions. With the increasing demand for driver assistance systems in order to improve road safety, dashboard camera manufacturers offer a wide range of dashboard camera solutions to fit specific original equipment manufacturers (OEMs) and aftermarket requirements. The key players in the dashboard camera market include Delphi Automotive Systems Pvt Ltd, Papago Inc., Harman International Inc, Garmin International Inc, Qrontech Co., Ltd. (Lukas), Pittasoft Co. Ltd. (BlackVue), DCS Systems Ltd. (RoadHawk UK), and others.

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This release was published on openPR.