According to a new market report published by Credence Research Reports “Dashcams Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the global dashcams market is expected triple to around US$ 5,300.0 Mn by 2022, with its rising awareness about the benefits of these cameras across the world.
Browse the full Global Dashcams Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022, report at: http://www.credenceresearch.com/report/dashcams-market
The Dashcams market was valued at US$ 1,527.5 Mn in 2014, and is expected to reach US$ 5,536.5 Mn by 2022, expanding at a CAGR of 17.4% from 2015 to 2022. Dashcam records the drive during road trips and provides evidence driver in case of accidents. The popularity of dashcam is growing rapidly with rising awareness about the benefits of dashcams across the world.
Car insurance companies are some European countries have started providing subsidiaries and discounts on insurance premium to their customers if they have installed dashcams in their vehicles. All these factors are influencing the growth of dashcam market. Some European countries such as Luxemburg and Austria have restricted the use of dashcams and collecting heavy fines from car owners for installing dashcams in their vehicles which is inhibiting the growth of dashcams in these markets.
In 2014, basic dashcams were the largest contributors to the global Dashcams market, accounted for revenue share of 78.9%. Although, basic dashcams are expected to remain the dominant product category, advanced dashcams are all set to experience widespread adoption, to grow at a CAGR of 19.2% though the forecast period 2015 – 2022. This growth is primarily attributed to expected decline in the price of advanced dashboard cameras with more number of manufacturers’ navigation and electronic devices manufacturers are looking diversify in this potential market.
In 2014, the single channel dashcams accounted for the largest revenue share of 90.7% compared to dual channel dashcams. Single channel dashcams are used to record front view during road trips. Multi channel or dual channel dashcams comprises of two recording cameras one is forward facing and another is backward facing to record drivers behavior during driving. Multi channel dashcams are expected to see the fastest growth throughout the forecast period with is increasing adoption in commercial and private vehicles.
In 2014, Asia Pacific was the largest dashcams market, accounted for 47.2% of the global market revenue. China, Australia, South Korea, Malaysia and Japan are some major markets in Asia Pacific. The Asia Pacific dashcams market is expected to see a significant growth throughout the forecast period with rising demand from China, Australia and other emerging markets in the region. Adoption of dashcams in Europe and North America is rising steadily with increasing about the benefits of dashcams among private vehicle owners.
The global dashcam camera market is highly fragmented and comprise of large number of small and medium size manufacturers. Dashcam industry is dominated by Asian manufacturers particularly from South Korea, Taiwan, Japan and China. These four countries comprise of more than 100 dashcam manufacturers which sell their dashcams in local as well as international markets. Some major players in the global dashcam industry include Papago Ins, Garmin Ltd, DOD Technologies, Cobra Electronics Corporation, Pittasoft Co. Ltd (BlackVue), AIPTEK International Inc, QRONTECH Co. Ltd and others.