LOS ANGELES and HAMBURG, Germany, June 6, 2019 /PRNewswire/ -- QY Research has published a new report about the global dashboard camera industry. The research report, titled "2019 Market Research Report on Global Dashboard Camera Industry", presents an objective study of the market. It analyzes the key trends that are likely to define the trajectory of the overall market. The publication has been collated using primary and secondary research methodologies. The impeccable accuracy and precision of the reporting serves as a guiding hand to market enthusiasts for making the right decisions for building success stories.
According to the research report, the global dashboard camera market was valued at US$2202.23 mn in 2018 and is expected to reach a valuation of US$3351.36 Mn by 2025, surging at a steady CAGR of 7.25% during the forecast period.
Inclination toward Safety to Propel Market
The steady rise in the demand for dashboard cameras or dashcams will be attributable to the exponential sale of automobiles in recent years. The relentless demand for various types of vehicles coupled with increasing importance of road safety are expected to be the primary reasons for the soaring demand for dashcams in the coming years. Dashboard cameras serve an important function of being proofs to the nature of vehicular accidents in case of claiming insurance, which is crucial to the end user from a legal protection standpoint. This factor alone has been singlehandedly pushing the demand for dashcams to newer heights in countries that have stringent vehicle insurance norms.
In addition, increasing awareness about safety, development of feature-rich automobiles, and availability of technologically-advanced dashboard cameras that offers excellent functionality with GPS, 4K resolution, Wi-Fi, expandable memory card support, TV output, and built-in microphone and speakers are expected to favor market growth.
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Single Channel to Dominate Global Dashboard Camera Market
The types of dashboard cameras available in the global market are single channel dashcams and multi-channel dashcams. The single channel dashcams record only one direction and are hence installed at the front of the automobile to ensure effective footage of front-end footage. This footage plays a determining role in understanding accident cases, giving the insurance companies a fair chance toward assessment. Thus, analysts expect that this segment will continue to dominate the global dashboard camera market in the coming years. On the basis of application, the global market for dashboard camera is segmented into passenger and commercial vehicles.
Europe Emerges as Leading Regional Market
Geographically, the global dashboard camera market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Out of these regional markets, Europe is expected to dominate the global market for dashboard cameras. The report also predicts that Russia will be a prominent market as the country is striving to reduce the number of insurance fraud cases.
Some of the key players operating in the global dashboard camera market are DOME Technology, 360 (QIHU), Philips, Garmin, First Scene, JADO, SAST, REXing, DOD Tech, Pittasoft, Cobra Electronics, Fine Digital, HP, PAPAGO, Nextbase UK, HUNYDON, Qrontech, DAZA, Thinkware, and YI Technology. Companies are expected to focus on product differentiation to stay ahead of the game in the coming years. Integrating artificial intelligence for better footage will also be a critical component towards making products top of the line. For instance, Vezo by ArVizon plans to use artificial-intelligence-based (AI) software to assess the view to keep a track of driver attentiveness towards the activity. Such product sophistication is expected to win the players a fair dominance in the global market.
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