North America Dashboard Camera Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Dashboard Camera Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The North America Dashboard Camera Market is expected to register a CAGR of 15.4% during the forecast period 2022 to 2027. The market studied has expanded rapidly over the last few years due to a considerable rise in accidents and thefts, which have led to the government mandating the installation of dashcams.

Key Highlights

• The driving assistance systems have recently gained popularity due to the drastic increase in the number of accidental fatalities reported in the last decade. The demand for better assistance systems to categorically judge imminent dangers and guide drivers has emerged as a viable product in the automotive sector.
• Although dash cams are available only in high-end automobiles from companies like Tesla, BMW, Mercedes-Benz, Volvo, and Cadillac, consumers are already familiar with them. Consumers are well aware of the potential security benefits of camera footage from dash cameras, body cameras, mobile phones, and doorbell cameras, thanks to an inflow of personal video in social and mainstream media in recent years.
• Autonomous cars with dashboard cameras offer increased data transparency, which is expected to relieve public fears and lead to safer deployments of driverless technology. Autonomous vehicles are already in use across the United States. In 2021, over 80 firms were actively testing more than 1,400 self-driving cars, trucks, and other vehicles in 36 states and Washington, DC.
• For example, in April 2021, two men were killed in Texas after a Tesla they were riding in crashed and caught fire, with neither of the guys in the driver's seat, according to investigators. At the same time, the National Highway Traffic Safety Administration announced that it was looking into nearly two dozen crashes involving Teslas that were either using or may have been using Autopilot. In such circumstances, dashcams become quite helpful for forensic purposes.
• Hence, dashboard cameras and the data captured can be used to upgrade the sensor and other technologies that power autonomous vehicles. Currently, most fully autonomous vehicles are in their testing phase. Several automobile industry giants, like BMW, Daimler, Volkswagen Group, and Volvo, are testing their self-driving cars.
• The COVID-19 outbreak and the associated lockdowns across the globe have affected industrial activities worldwide. Some effects of the lockdown include supply chain disruptions, the lack of availability of raw materials used in the manufacturing process, labor shortages, fluctuating prices, and shipping problems.

Key Market TrendsDual-channel Dashboard Camera to Drive the Market Growth

• Multi-lens dashboard cameras serve a lucrative segment to invest in, majorly for dashboard camera manufacturers, thereby driving an increasing preference for dual-channel dashboard cameras over single-channel dashboard cameras. Demand for multi-channel dashboard cameras was restricted in the past due to the complication of processing, as video streaming of the two views was captured and recorded simultaneously.
• The Dashboard Camera market is expected to gain high traction due to private taxi services like Uber, Lyft, and Bookmycab. The devices are energy efficient and provide recording features of vehicles' internal and external environments.
• Furthermore, the Devices' built-in GPS and Wi-Fi support the live location tracking feature, allowing the owner to access the device using smartphone applications. The availability of impact and motion detection features aids in speed detection and vehicle accidents, further providing alerts to drivers.
• In addition, the current lack of direct discounts from insurance companies for the installation of dashcams is estimated to have an impact on the low interest of US consumers. However, stringent regulations mandated by the government, due to the growing number of accidents in the United States, are expected to propel the growth.

United States is Expected to Hold Major Share

• Various companies and startups made significant investments to increase the regional presence and the adoption rate. The existing companies are innovating new products to expand the product portfolio, gain market traction and increase their market share.
• Similarly, a group of startups in the United States have developed an innovative business model wherein the drivers are offered monetary rewards for installing dashboard cameras in their vehicles. As a result, more ride service providers across North America, such as Lyft and Uber, have started deploying in-car DVRs to record their rides.
• Dash cams are now equipped with a 3-axis G-sensor due to technology improvements. It has expanded the capabilities of dash cams beyond only recording video. It's also capable of detecting unexpected movements like emergency braking or crashes. It takes specific procedures in such emergencies to ensure that the film is kept and transferred to the cloud or to lock it to prevent tampering or erasure.​
• In September 2021, the American motor vehicle fleet traveled around 267 billion vehicle miles. Traffic declined by almost seven billion vehicle miles in August of that year compared to August of the previous year. Between January and July of this year, the total number of vehicle kilometers traveled was roughly 3.3 trillion. Because of the increased traffic in cities and rural regions, there are increasing incidents of accidents and road rage. Having a good video can lessen the chance of an owner being involved in an unfavorable legal action.

Competitive Landscape

The North America Dashboard Camera Market is very competitive in nature. The market is highly concentrated due to the presence of various small and large players. All the major players account for a large share of the market and are focusing on expanding their consumer base across the world. Some of the significant players in the market are Garmin Ltd, LG Innotek, Panasonic Corporation, Harman International Industries Inc.(Samsung Electronics Co. Ltd), Transcend Information Inc., BlackVue (Pittasoft Co. Ltd), YI Technology, Papago Inc., Thinkware Corporation, and many more. The companies are increasing the market share by forming multiple partnerships and investing in introducing new products to earn a competitive edge during the forecast period.

• May 2022 - THINKWARE signed a supply contract with BMW for two exclusive dash cams. THINKWARE’s exclusive dash cam models, the ACE 3.0 and ACE 3.0 PRO will be installed in BMW Group vehicles. These products result in THINKWARE supplying and equipping two new dash cam models exclusively for BMW Group vehicles worldwide. The rollout will begin in 2022 in 7 countries, including China, the United States, the United Kingdom, and Japan, and later expand to other countries.
• November 2021 - Cobra Electronics unveiled the newest addition to its existing Cobra SC Series lineup, the Cobra SC 400 and SC 400D Smart Dashboard Cameras. The new dash cams empower drivers to be more aware of what's happening on their drive. Products are equipped with Ultra HD 4K video resolution, Alexa built-in, and capable of simultaneously recording three cameras (front, rear, and cabin views). The 4K-capable SC 400 and SC 400D capture crystal-clear views outside and inside the vehicle, offering enhanced car and driver security, an alerts management platform and video-powered incident notification.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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