Key Highlights

• The dashboard camera market generated a value of USD 4,270.2 million in 2023, which will increase to USD 8,297.2 million, powering at a 10.1% compound annual growth rate, by 2030.
• This can be because of the rise in people's consciousness regarding vehicle theft as well as accidental damage.
• The videotape recorded by these cameras is beneficial for legal proceedings, security purposes, and filing an insurance claim.
• Inattentive driving has become a major reason for the count of car accidents in the last few decades. 
• According to the Public Roadway Traffic Security Organization, in 2021, 42,915 individuals died in car accidents, which is an increase of 10.5% from the previous year.
• The industry will continue to grow with the surging count of road accidents because these devices help drivers keep a check on their environment as well as obstacles.
• Dash cams are a key component of the ADAS, which alerts the driver in vital circumstances. The visual aspects of ADAS function from the central rear-view camera.
• The arrival of this technology in commercial vehicles and luxury cars is directly assisting the industry's expansion.

Key Insights

Europe was the largest contributor to the industry in 2023, with a 45% share. This can be because insurance firms now allow dashcam records as evidence when verifying insurance claims.

APAC is likely to advance at the fastest compound annual growth rate, of 14%, in the years to come. Many international players have reduced the price of dash cams, which has assisted in attracting more consumers.

The basic technology accounted for the largest share of the industry in 2023, of 60%. This is because the improvement in technology has enabled manufacturers to cut the price of cameras via basic technology.

The single-channel category was the largest contributor in 2023, with a 70% share. Single-channel models are an ideal option for users who need a basic dashcam that can record their trip.

To have visual evidence in the event of an accident or any other issue, drivers can record any incidences that chance on the road.

The full HD 4K category will grow at the fastest compound annual growth rate, of 12%, in the years to come. They can record video at a very high resolution, which is considered acceptable evidence by insurance firms, police, and various other legal organizations.

There is also a large interest among moto vloggers in full-HD 4K recorders with motion sensors because they allow them to record and upload high-quality footage.

The personal cars category accounted for the largest share of the industry in 2023, of 80%.

Generally, passenger automobiles have more luxurious features and advanced electronics compared to commercial ones, which increases the risk of robberies for the former.

The in-store category led the industry in 2023, with an 85% share. As the installation of these parts can be complicated, most consumers buy them at the store.

The dashboard camera industry observes healthy competition among the major companies, which decreases the cost of basic products and assists in the expansion of the industry.

Source: PS Intelligence