Rise In Road Accidents: A Key Driver Transforming the Dashboard Camera Market 2024

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The dashboard camera market has expanded tremendously in recent years. According to the Dashboard Camera Global Market Report 2024, the market is set to grow from $3.81 billion in 2023 to $4.59 billion in 2024 at a compound annual growth rate CAGR of 20.5%. The surge in the historic period can be attributed to robust economic growth in emerging markets, a global increase in the number of road accidents, the rise in fraudulent insurance claims, and escalating vehicle theft.

What's the Future Growth Projection for the Dashboard Camera Market?

Looking forward, the dashboard camera market is projected to reach $9.4 billion by 2028, growing at a CAGR of 19.6%. This rapid growth can be attributed to rising consumer awareness about in-car safety, increasing sales of electric and hybrid vehicles, adoption of advanced driver assistance systems, and a global surge in vehicle production. Emerging trends in the forecast period include the focus on dashboard cameras integrated with telematics systems, fleet tracking technology, smart dashboard cameras for driver assistance and security, product innovations, and advancements in 4G long term evolution-connected dashboard cameras.

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What Catalyzes the Growth of the Dashboard Camera Market?

An increase in road accidents is a significant factor propelling the growth of the dashboard camera market. Distracted driving has emerged as a significant risk and has been the cause of numerous car accidents over the years. The National Highway Traffic Safety Administration in the US estimated that there were 42,915 traffic fatalities in 2021, up 10.5% from the 38,824 fatalities reported in 2020. Therefore, the rise in road accidents is expected to further stimulate the growth of the dashboard camera market.

Who Are the Significant Players in the Dashboard Camera Market?

Major companies operating in this market include household names such as JVCKENWOOD Corporation, LG Innotek, Garmin International, Philips, and Huawei Technologies Co. As the market grows, these key industry players are focusing on product innovations and technological advancements to stay competitive, with a noteworthy trend towards dashcams integrated with telematics systems and 4G connectivity.

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What Trends Are Affecting the Dashboard Camera Market?

A major emerging trend in the dashboard camera market is the integration of dashcams with telematics systems. The telematics system employs GPS and onboard diagnostics OBD to monitor and record the movements of vehicles and other assets, and display that data on a digital map. This technology has become vital for several private and public fleet management. To strengthen their position, major companies are focusing on developing telematic system-based dashboard cameras. For example, in June 2023, HCSS, a US-based software provider for heavy civil businesses, launched a plug-and-play dash camera integrated with an AI processor to detect driving incidents.

What is the Dashboard Camera Market Segmentation?

The dashboard camera market can be segmented in several ways:

1 By Type: 1-Channel, 2-Channel, 3-Channel, Rear View
2 By Technology: Basic, Advanced, Smart
3 By Application: Commercial Vehicle, Personal Vehicle

How is the Dashboard Camera Market Distributed Regionally?

In 2023, North America was the largest region in the dashboard camera market. Europe followed closely as the second-largest market. The report covers multiple regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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