LOS ANGELES, Jan. 15, 2019 (GLOBE NEWSWIRE) -- The global dashboard Camera market size is projected to around USD6.0 billion by 2026, the market is projected to grow with 14.1% CAGR during the forecast timeframe. Increasing consciousness among the global populace about vehicular safety, along with implementation of numerous favorable government initiatives to drive acceptance of, for instance, cameras, is boosting the global industry.
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Favorable government initiatives and increasing need for vehicular safety are some other factors expected to spur dashboard camera market development.
The global need for dash cams is anticipated to witness a considerable increase due to increasing inclination among motorists for such devices in order to seek additional legal protection in case of accidents and road accidents. There has been a surge in consciousness about the benefits of car digital video recorders (DVRs) among the global population, which is credited to frequent news incidences displaying footage of road accidents and crashes captured by such gadgets.
A number of European nations, for instance U.K., France, and Italy are boosting the usage of digital video recorders (DVRs) in cars to record video clips for surveillance purposes that can also be ultimately deployed as evidence in judicial proceedings. Numerous car insurance providers operating across the U.K. have started delivering substantial discounts on car insurance premiums for vehicles fitted with dashboard cameras. As a result of this, a mainstream of cab drivers and fleet owners in the nation are positively inclined to regard installation of such cameras to save on insurance premium costs.
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Also, a group of start-ups in U.S. have established an innovative business model, wherein they deliver monetary rewards to drivers for installing dashboard cameras in their vehicles. The focus is to gather dash cam recorded data and eventually aid technology businesses in building maps for self-driving cars. As a result, a growing number of ride-hailing service providers across North America, for instance, Lyft and Uber, have begun deploying in-car DVRs to record their rides.
The global dashboard camera market is segmented into product, technology, video quality and region. On the basis of product, the global dashboard camera market is segmented into 1-Channel and 2-Channel. On the basis of the technology, the global dashboard camera market is segmented into basic, advanced, and smart. On the basis of the video quality, the global dashboard camera market is segmented into SD & HD and Full HD & 4K. On the basis of region, the global dashboard camera market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
Europe and North America are characterized by speedy acceptance of full HD dashboard cameras that are fast replacing SD dashboard cameras. 2-channel dashboard cameras are progressively preferred by commercial fleet operators to seek additional protection against cases of worker fraud and in the event of a mishap.
In 2018, the European industry captured the largest share, both in terms of revenue and shipments. Asia Pacific and Middle East are anticipated to observe significant development over the forecast timeframe due to increase in sales of passenger automobiles. Focused presence of dash cam producers and their superior production capabilities and abundant availability of inexpensive labor in Asian nations, for instance, China and Taiwan, are anticipated to boost the Asia Pacific market.
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Asia Pacific is expected to observe lucrative CAGR in the forthcoming years. Developing economies, for instance, China, and India have been experiencing strong economic development. Growing standard of living in these nations has encouraged the need for progressive products and procedures. Increasing disposable income is anticipated to trigger the regional need for dashboard cameras in the near future.
Prominent global industry players have started merging innovative car DVRs with progressive safety features, for instance, blind spot detection, collision avoidance systems and lane departure warning systems, and to encourage their acceptance among commercial as well as individual vehicle owners and drivers. These market players are business sophisticated dashboard cameras with built-in sensors, which offer forward smash warnings to the driver, ultimately as greater defense against potential mishaps. The key players catering to the global dashboard camera market are Panasonic Corporation, Pittasoft Co. Ltd., Cobra Electronics Corporation, Garmin Ltd., ABEO Technology, Falcon Zero LLC. and DOD Tech.
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