Caution Light- A few statistics to stop and think about
- According to the National Highway Traffic Safety Administration (NHTSA), in 2020, 66% of traffic fatalities were caused by aggressive drivers.
- Data compiled by American Automobile Association (AAA) shows that 55% of accidents caused by aggressive driving led to 106,727 fatal crashes during the last four years.
- In 2020, speeding contributed to 29% of all traffic fatalities as per the National Highway Traffic Safety Administration.
- In 2021, 131 people were shot and killed because of road rage
The use of technology to restrict the above nuisance
- In January 2023, a video surfaced on a social media site showing a bike deliberately colliding with a car in Bengaluru (India) and when the driver refused to get out, the bikers chased the car for 5 km. The video was based on a dashboard camera footage which helped the police arrest the accused.
- Japanese police have reportedly used dashboard camera video evidence in 54 of the 58 road rage investigations pursued in the six months. As per the data by the NPA (National Police Agency) the police had used dashcam footage in 93.1% of road rage cases as the footage had been most crucial, in putting a case together.
What is Dashboard Camera?
A dashboard camera or simply dashcam is a compact image-capturing device or camera that can be easily fitted on the dashboard of the car or the windscreen, behind the rearview mirror. Being an onboard camera, it continuously records everything in front of the car through the vehicle’s front windscreen and sometimes through the rear or other windows and also records the activities inside the car and even if it’s being tampered with when parked. Dual-channel dashcam systems comprising of two cameras provide high-resolution footage for front and rear video recording.
Benefits of a Dashboard Camera
- A smart way to protect against unexpected circumstances on the road
- A way to record the entire drive from start to end and beyond too.
- A dashcam can provide direct proof of any incident and help in claiming insurance money or deterring fraudulent claims.
- A dashcam has a surveillance mode that provides security for the vehicle and helps to prevent thefts.
- Facilitates early settlements of incidents of traffic aggression and violence
- Technologically advanced dashboard cameras are fitted with in-built GPS and G-sensors, which can alert the driver, track the car’s location and detect any movement, collision, or even a handshake, in front of the parked car.
- In short, a dashboard camera offers peace of mind for the person driving and his loved ones.
Dashboard Camera Market Research Analysis
The Current and Estimated Market Size –
The Global Dashboard Camera Market stood at ~USD 4.34 billion in 2022 and is estimated to reach ~USD 9.3 billion in 2035 expanding at a CAGR of 10% during the period of 2023 to 2035.
Trends positively impacting the market growth are-
- The growing automotive industry- The global automotive manufacturing market stood at ~USD 3 trillion in 2022 and is estimated to reach ~USD 3.7 trillion by 2023 growing at a CAGR of 3%. More vehicles mean more deployment of dashboard cameras.
- The growing discrepancies in car insurance claims – The automobile insurance market is intercepted with risk of fraud including accident scams, insurer tactics, and referral frauds. According to statistics on auto insurance fraud, there were 8,898 intentionally started car fires in the US in 2020. In the UK, motor vehicle insurance scams are the most common type of insurance fraud, causing ~ USD577 million in damages as of 2021.
- The growing prevalence of road accidents – According to the Centers for Disease Control and Prevention (CDC), 1.35 million people are killed every year, on roadways around the world. Every day, almost 3,700 people die globally in crashes involving cars, buses, motorcycles, bicycles, trucks, or pedestrians. The first reflex of dishonest or panicked drivers is to flee the scene after having caused an accident. Dashboard camera recording can help prove fault in accidents and is a great way to catch hit-and-run drivers. A dash cam, having a high-resolution camera, can even show the license plates to help police track down the offender. Dash cams with a wide view can also capture pedestrians, cyclists, and others for misbehaving on roads.
- The rising incidents of road rage– According to the National Highway Traffic Safety Administration (NHTSA) data, in 2020, there were 35,766 fatal motor vehicle crashes in the United States of which 38,824 deaths occurred caused by aggressive drivers. Almost two-thirds of road rage incidents involving a gun resulted in injury or death as of 2021. As per a report, road rage associated with speeding, changing lanes without giving a signal, tailgating, and other illegal maneuvers is the cause of 56% of fatal crashes. Dashboard cameras can play a significant role in deterring the nuisance from escalating and also prove to be crucial in punishing the offender.
- The increasing occurrences of vehicle thefts- As per statistics in the United States, there were 724,872 vehicles stolen in 2019 which increased to 810,400 vehicles in 2020. Dashboard cameras can act like personal CCTV cameras for the car. The recorded footage can be helpful in case of theft. Apart from that, advanced dashcams have in-built GPS and G-sensor to track the car’s location and movement which can be crucial to locate the whereabouts of the car.
Trends negatively impacting the market growth are-
- The high costs associated with the deployment of dashboard cameras.
- The concern over privacy and safety.
- Stringent laws and regulations regarding the use of dashcam footage.
Research Nester recently published an article with a detailed and in-depth analysis of the Dashboard Camera Market Industry.
The Dashboard Camera Market – Regional Synopsis
Europe also holds a prominent position accounting for about half of the global market dash cameras. It held a market share of 45.21% in 2022. The EU is one of the world’s biggest producers of motor vehicles and the sector envisages the highest investments in research and development (R&D). European countries represent diversified regulations in terms of dash cams. In countries like Russia, Spain and the UK almost all citizens own and employ dashcams in their private vehicles, considering their low-cost and easy availability. France and Belgium have legalized dash cams for private use, but preventing dash cam users from uploading footage publicly online. In Germany as per law dash cam footage can be accepted as evidence in the highest court, but with blurred license plates, faces, and other personal imagery to protect privacy. Dash cams are also legal in Italy, Norway, Switzerland, Sweden, the Netherlands, Denmark, Malta, Bosnia and Herzegovina, and Serbia with different regulatory policies. However nations like Portugal, Luxembourg, and Austria, have banned the use of dashcams and violators face heavy fines for breaking the law.
The North American region also occupies a large share of 30.5% in terms of revenue as of 2022, owing to the presence of a huge automotive market, the high disposable income of the population, and awareness regarding the availability of advanced dashcams. The North American automotive market size was valued at ~USD 720.14 billion as of 2022 and is expected to record a CAGR of 7% in the present decade. Apart from that, the American Automobile Association Foundation for Traffic Safety found that over 1,500 people are injured or killed in the U.S. each year by aggressive driving. Stringent regulations mandated by the government require the presence of dashcams in cars to facilitate the mitigation of punishment to the real offender. Data collected by the Insurance Information Institute found that 56% of fatal crashes involved aggressive driving which can also be restricted using dashboard cameras. As per a report, an average American family spends around USD 1,575 on car insurance every year and insurance companies encourage the use of dashcams to facilitate early settlement of claims. These factors are expected to propel the growth of the market in this region.
The Asia Pacific Dashboard Camera Market is estimated to grow at a CAGR of 16.6% in the present decade. China was the biggest automotive market with 26.27 million vehicles being sold in 2021, Japan and India stood at the third position and fourth positions with 4.44 and 4 million vehicles being sold respectively in the same year. The increase in automobiles mean increase in the deployment of dash cams. As per statistics, China is leading Asia’s dash cams market, although other countries are also showing rapid growth. The increasing popularity and acceptance of these cameras by motorists and insurance firms as crucial evidence providing the user legal and financial protection is driving the growth of the market.
The prominent players in the Dashboard Camera Market Industry are –
The major players operating in the market are Garmin Ltd, Panasonic Corporation, Samsung Electronics Co., Ltd. (Harman International Industries, Inc.), HP Development Company LP, Steelmate Automotive (UK) Ltd, Papago, and DOD Tech.
The latest development in the field of the Dashboard Camera Market Industry are as follows-
Garmin International, Inc., has launched the Garmin DriveCam™ 76 and RVcam 795 all-in-one navigators with a built-in, high-definition dash cam. Both the models have a sharp 7-inch display, 1080p HD video
- recording and wide 140-degree field of view to capture a broad picture of the road ahead. Once the camera is plugged in, it continually records and saves video of detected incidents, which are automatically stored in the secure online Vault. The drivers can easily view and share clips using the Garmin Drive™ smartphone app.
- Panasonic Automotive Systems Company of America has introduced its first fully wireless Wi-Fi camera that offers convenience, durability, and dexterity in recreational hauling.
The traffic scenario has seen an overhaul in the past two decades. Conventional car models have given way to EVs, hybrid, self-driving, and fully autonomous cars with technically advanced features. The use of smart technology to make driving easier and more convenient has been the factor driving the automotive market. Apart from that, the number of vehicles on the roads has also significantly multiplied and as a consequence traffic congestion has grown substantially over the past 20 years. The use of dashboard cameras not only enhances the safety and security of the car and the driver but also works as an eyewitness traveling alongside. This awareness has consciously and continuously grown in the past decade. Hence we can say that the market for dashboard cameras shows a lot of prospects for profitable growth for its key players and investors.
A recent report from Research Nester has covered all the aspects of the dashboard camera market related to its future growth and related trends for investors and market players.