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Dashboard Camera Market to Cross USD 8.47 BILLION by 2031 Driven by Rising Safety Concerns and Faster Insurance Claims


The Dashboard Camera Market, valued at USD 4.10 billion in 2023, is expected to reach a staggering USD 8.47 billion by 2031. This translates to a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031.

Dashboard Camera Market Driven by Safety Concerns, Faster Insurance Claims, and Regulatory Push

The dashboard camera market is fueled by a safety and security trifecta. Rising safety awareness, faster insurance claim processing, and combating vehicle thefts are key drivers.  Insurance companies are pushing dash cams to combat fraudulent claims. Manufacturers are responding with advanced DVRs featuring lane departure warnings, blind spot detection, and collision avoidance, appealing to drivers and fleet operators.  Sophisticated dash cams with forward collision warnings further enhance safety. Footage from these cameras is valuable evidence against staged accidents.  Regulations like the U.S. “Dashboard Camera Act” mandating camera installation in new vehicles are propelling market growth.

Dashboard Camera Market
Dashboard Camera Market

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Top Key Companies of Dashboard Camera Market:

  • ABEO Technology CO., Ltd
  • Amcrest Technologies, LLC
  • CNSLink Ltd.
  • Cobra Electronics Corporation
  • DigiLife Technologies Co. Ltd
  • DOD Technologies, Inc
  • FINEDIGITAL INC.
  • Garmin Ltd.
  • Lukas Dashcam
  • Nexar Inc.
  • Panasonic Corporation
  • Pittasoft Co. Ltd.
  • Qubo (Hero Electronix)
  • Shenzhen Zhixingsheng Electronic Co., Ltd.
  • STEELMATE COMPANY LIMITED
  • TourMate
  • WatchGuard Technologies, Inc.
  • Waylens, Inc.

Market Segment Analysis:

By Technology

  • Basic
  • Advanced
  • Smart

By Product

  • 1-Channel
  • 2-Channel
  • Rear View

By Video Quality

  • SD & HD
  • Full HD & 4k

By Application

  • Commercial Vehicle
  • Personal Vehicle

By Distribution Channel

  • Online
  • In-Store

The market continues to evolve with constant innovation and strategic moves by key players

  • In October 2023, Qubo, a smart device brand by Hero Electronix, introduced the Dashcam Pro X and Dashcam Pro 3K. These advanced dash cams boast features like GPS tracking, loop recording, time-lapse functionality, and front and rear cameras for real-time vehicle tracking.
  • September 2023 saw the launch of the DroneMobile XC Dash Cam by First tech LLC. This innovative dash cam seamlessly integrates with compatible remote start and security systems, allowing users to monitor their vehicles in real-time.

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Affordable Dash Cams and Safety Concerns Fuel Market Growth

The cost of dash cams has significantly dropped, with companies like YI Technologies offering smart options for as low as USD 50. This affordability, combined with the undeniable benefits of having a dash cam, is enticing more and more drivers to equip their vehicles.

Also, the alarming rise in traffic fatalities has driven demand for advanced driver-assistance systems (ADAS). These systems act as a virtual copilot, identifying potential dangers and guiding drivers accordingly. While currently found primarily in luxury cars, numerous connected car companies are actively developing ADAS technology for wider commercialization in the near future.

The need for increased security is another key driver. In 2021 alone, Delhi, India, reported a staggering 35,019 vehicle thefts, translating to roughly 95 stolen cars every day – the highest number in the country.  Dashcam footage serves as undeniable evidence in such cases, as demonstrated in Japan.  Following the implementation of a law penalizing “obstructive driving,” dashcam video played a crucial role in resolving 54 out of 58 road rage investigations within just six months.  Impressively, dashcam footage was used in a staggering 93.1% of all investigated road rage cases.

The Personal Vehicle Segment Dominate The Global Dashboard Camera Market, Holding The Largest Revenue Share In 2023

A growing number of road accidents worldwide fuels the need for dash cams. Drivers increasingly prioritize safety and security on the roads, making dash cams a valuable tool. The widespread availability of affordable yet advanced dash cams makes them accessible to a wider range of personal vehicle owners.

One of the most significant reasons for personal vehicle dominance is the alarming rise in road accidents.

For instance, the National Highway Traffic Safety Administration (NHTSA) reported a staggering 42,795 fatalities in the United States alone in 2022.  Dash cams provide crucial evidence for drivers involved in accidents, potentially leading to faster resolution and potentially lower insurance costs.

Within the market categorized by technology, the basic technology segment holds the leading revenue share 38% in 2023.  This dominance can be attributed to manufacturers offering dash cams with basic features and technology at a lower price point.  These  user-friendly and inexpensive options make dash cams more accessible to a broader range of personal vehicle owners.

Impact of Global Disruptions

The ongoing conflict between Russia and Ukraine has disrupted supply chains for crucial components like dashcam sensors, processors, and memory chips. Global sourcing is the norm for electronic components, and any disruptions can cause delays in production and inflate costs.

Geopolitical instability can trigger fluctuations in the cost of certain electrical components. This can have a domino effect on dashcam production costs and ultimately, consumer pricing. Dashcam manufacturers or suppliers located in conflict zones risk business interruptions. This can lead to potential shortages in the market and production delays.

North America Takes the Lead

Substantial investments by various companies and startups in the United States to expand their presence and drive adoption rates. Continuous product innovation by existing companies to broaden their product portfolios and capture a larger market share.

For instance, Garmin International Inc. recently launched the Dash Cam 46/56/66W and Dash Cam Mini, featuring an ultra-compact design, high-resolution video, an extra-wide view, GPS, and voice control, catering to diverse driver needs.

Additionally, a unique business model has emerged in the United States, where drivers are offered incentives for installing dash cams in their vehicles. This has led to a rise in ride-sharing companies like Lyft and Uber deploying in-car DVRs to record their rides.

Key Takeaways from the Dashboard Camera Market

  • In-depth understanding of market growth drivers and restraints
  • Forecast analysis on market size and growth potential
  • Identification of lucrative market segments and their applications
  • Evaluation of current technological advancements and their impact
  • Competitive landscape analysis of prominent market players

Table of Content- Major Key Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
  5. Value Chain Analysis
  6. Porter’s 5 forces model
  7. PEST Analysis
  8. Dashboard Camera Market, By Technology
  9. Dashboard Camera Market, By Product
  10. Dashboard Camera Market, By Video Quality
  11. Dashboard Camera Market, By Application
  12. Dashboard Camera Market, By Distribution Channel
  13. Regional Analysis
  14. Company Profiles
  15. Competitive Landscape
  16. Conclusion

Continue….

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