Major players in the dashboard camera market are Panasonic Corporation, ABEO Technology, DOD Tech, Pittasoft Co. Ltd. , HP Development Company LP, Cobra Electronics Co. , Hewlett-Packard, Harman International Industries Inc.
New York, March 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Dashboard Camera Global Market Report 2021: COVID-19 Impact And Recovery" - https://www.reportlinker.com/p06036659/?utm_source=GNW
, Falcon Zero LLC, 360 (QIHU), Thinkware, DOME Technology, Philips, First Scene, Comtec, SAST, JADO, REXing, Kenwood, Yupiteru, Fine Digital, PAPAGO, Nextbase UK, HUNYDON, Qrontech, DAZA, YI Technology, Aiptek Inc., LG Corp, Qrontech Co. Ltd., and Satechi Baravon.
The global dashboard camera market is expected to grow from $2.53 billion in 2020 to $2.91 billion in 2021 at a compound annual growth rate (CAGR) of 15.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4.96 billion in 2025 at a CAGR of 14.2%.
The dashboard camera (dashcam) market consists of the sales of dashboard cameras by entities (organizations, sole traders, and partnerships) that are engaged in offering a wide range of products under driver-assistance systems and fulfill the aftermarket requirements for solutions for road safety. Only goods and services traded between entities or sold to end consumers are included.
The main types of dashboard cameras are front-facing dashcam, front and rear dashcam, front and interior dashcam, triple-lens dashcam, and miniature dashcam.A front-facing dashcam is a camera that records the front of the windshield.
A front and rear dashcam records the front and the rear of the car and includes two video lenses that can record from both lenses at the same time.A front and interior dashcam records the interiors and front of the car.
A triple-lens dashcam records the front, inside, and rear of the vehicle simultaneously.Miniature dashcams are small dashcams that can have screens.
The dashboard cameras are used in commercial and personal vehicles and are equipped with basic, advanced, and smart technologies.
North America was the largest region in the dashboard camera market in 2020.Europe was the second-largest market in the dashboard camera market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The shutting down of manufacturing facilities during the lockdown, causing a halt in automobile production is expected to restrain the growth of the dashboard camera market.The majority of dashboard camera manufacturers are facing issues due to the closure of automobile industries, which further affects the production of dashboard cameras.
For instance, in May 2020, Ford, an American multinational automaker, shut down all European and North American production.Moreover, in March 2020, Fiat Chrysler, PSA Group, and Renault, the three of Europe’s huge carmakers declared the closure of 35 manufacturing facilities in total across Europe.
As the governments across the afflicted countries have declared lockdowns, a major spurn in the demand and supply cycle network for the dashboard camera manufacturers was experienced due to the mass closure of automobile industries, which in turn affects the growth of the dashboard camera market.
In November 2020, TFC Financial Management, a US-based firm that recommends strategies to help clients meet their financial goals announced the acquisition of 826 Shares in Garmin Ltd for an undisclosed amount.The acquisition is expected to enhance TFC Financial Management’s new position in shares.
Garmin Ltd. is a US-based company that manufactures dash cams, backup cameras, and personal navigation devices designed for cars, trucks, and motorcycles.
An increase in the number of road accidents is contributing to the growth of the dashboard camera market.Absentminded driving becomes a larger threat and is a major cause of car accidents for the past decades.
For instance, according to the World Health Organization, about 1.35 million people are being killed globally by traffic crashes every year. Furthermore, according to the National Safety Council, in 2019, about 38,800 people lost their lives in car crashes and about 4.4 million people were injured seriously. Dashboard cameras are used in light commercial vehicles for the protection and security of the passenger as well as the pedestrians. Therefore, the increase in the number of road accidents is anticipated to boost the growth of the dashboard camera market.
The launch of dual-camera dash cams is gaining popularity in the dashboard cameras market.A dual dash cam can record video footage of the road ahead while also filming the inside of the cab.
By recording two feeds simultaneously, a two-way dash cam offers greater coverage and provides greater insight than one front-facing cam. For instance, in January 2020, Garmin Ltd. announced the launch of Garmin Dash Cam Tandem, the company’s first dual-lens dash camera that offers drivers complete video coverage of their surroundings. The high resolution 1440p of the dashcam along with the front-facing camera lens with Garmin Clarity HDR can capture firm footage indicating critical vehicle details. And the interior lens with night vision presents Garmin’s absolute NightGlo technology to record all driver and passenger collaboration, even within the dark.
The countries covered in the dashboard camera market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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