Dashboard Camera Market Trends

Growth Drivers

• Growing Instances of Vehicle Theft to Boost the Market Growth – As per an estimation, in the United States, around 724,872 vehicles were stolen in 2019, which grew up more by 11% in 2020.

• Vehicle theft can be reduced with the help of a dashboard camera, so the global dashboard camera market is expected to boost in the projected period. Moreover, it allows the driver to take control of the vehicle's security and records the incidents such as theft, crashes, and vandalism.

• Benefit of Dashcam in to Claim Insurance Cost – for instance, depending on the specific policies & requirements, some insurance companies give a dashboard camera insurance discount to drivers. As per the data reported, the average discount range for claiming insurance is expected to be around 15 to 30% off globally. 

• Increasing Burden of Road Traffic Crashes – traffic crashes are estimated to cost around 3% of gross domestic product (GDP) in most countries.

• Rising Research & Development (R&D) Spending in the Automotive Sector – it was found that, the global R&D spending reached to more than USD 135 billion in the automotive sector in 2020.

• Upsurge in the Sales of New Light-Vehicle – for instance, projecting a surge of 12.5% compared to 2020, the sale is estimated to reach 16 million units in 2021 worldwide.

Challenges

• Concern about Privacy Invasion

• Stringent Policies & Regulations Regarding the Use of Dashboard Camera

• High Cost Associated with Dashboard Cameras - Dashboard cameras are expensive to buy since they include several expensive mini parts and a cheap camera may have more disadvantages. The average cost for a dashboard camera is estimated to be between 100 to 400 U.S. dollars. Additionally, trusted brands of dashboard cameras also charge a high amount of since they provide all the necessary features. Hence, such a higher price of dash cams may limit the growth of the market during the forecast period.