According to a new market report published by Credence Research “Dashcams Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the Dashcams market was valued at US$ 1,527.5 Mn in 2014, and is expected to reach US$ 5,536.5 Bn by 2022, expanding at a CAGR of 5.8% from 2015 to 2022.
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The market for dashcams is growing rapidly with increasing awareness about the benefits of dashcams particularly among the private vehicle owners. In addition, dashcams are widely used by taxi and bus drivers, driving instructors, police officers and many others to capture real time driving incidences. Dashcams provides straight to point and efficient evidence in case of accidents to easily identify the fault of driver. Drivers can use this footage in court to prove their innocence, and claims repair cost for other driver who found guilty in the video.
These footages are also accepted by some insurance companies as such video footages help them to identify fraud claims and reduce operational costs required for claim processing. In addition, parents can install multi lens dashboard camera to take the footages of in-car driver activities of teen age drivers. Moreover, dashcam footages are also useful for drivers to save them corrupted police.
In Russia, most of private vehicle owners have installed dashcams to protect themselves from corrupted police offices. Dashcams are also used for taking videos through the journey. After the growing popularity of meteor shower videos published by Russian motorist, the demand for dashcams is increased in the U.S. and UK. In addition, news on dashboard camera by recognised news channels such as BBC, Daily Mail and others. The market for dashcam is expected grows further with increasing awareness about this technology and adoption of dashcams particularly among private vehicle owners.
The global dashcam camera is dominated by manufacturers in Asia Pacific region particularly from South Korea, Taiwan, Japan and China. The market competition is expected to increase in the future as recognized players such as Garmin, Panasonic, Hewlett-Packard and other recognized players looking to diversify their presence in this growing market. Papago Inc is recognized as a global leader in the dashcam market and sells its dashcams in China, Russia, Australia, US and Europe.
- Rising awareness about the benefits of dashcams
- Automobile manufacturers are looking forward to integrated dashcams in their vehicles for competitive offerings
- Dashcams manufacturers are focusing on providing advanced and packaged solutions
- Incentives and discounts from vehicle insurance companies to install dashcams
- Reducing Dashcam Prices