Dashboard Camera Market Size, Trends and Growth Analysis by 2027

The dashboard camera sector is projected to experience substantial growth, escalating from US$ 2,018.69 million in 2021 to an impressive US$ 7,260.97 million by 2028. This growth trajectory indicates a remarkable compound annual growth rate (CAGR) of 20.1% from 2021 through 2028.

In North America, the automotive industry is witnessing a steady expansion, reflecting a consistent growth rate. The National Automobile Dealers Association forecasts that sales of new passenger cars and light commercial vehicles (LCVs) in the United States will rise by 3.4%, reaching 15.4 million units in 2022. Major automotive manufacturers, including Ford and General Motors, along with various Tier 2 and smaller vehicle producers, maintain a strong presence in this region. The economic robustness of North American countries positively influences consumer behavior regarding passenger car purchases, particularly with the increasing demand for premium luxury vehicles.

The adoption of dashboard cameras in North America is on the rise, driven by the legality of their use and the advantages they offer to both drivers and insurance companies. As the demand for these devices grows, automakers in the region are enhancing their production capabilities, further propelling the dashboard camera market forward. Numerous leading automotive accessory manufacturers are integrating advanced driver assistance systems (ADAS) with dashcams. For instance, Harman International provides the HARMAN smart/auto VISION, a connected automotive ADAS dashcam that features onboard cameras for both front and driver-facing views. These dashboard cameras facilitate remote vehicle monitoring, offering functionalities such as voice control, contextual alerts, warnings for driver distraction and drowsiness, lane departure alerts, collision warnings, and pedestrian detection.

The ecosystem of the dashboard camera market includes various stakeholders: hardware and component suppliers, dashboard camera manufacturers, system integrators, and end users. Key players hold significant positions across different segments of this ecosystem. Hardware and component suppliers provide essential electrical components designed to withstand specific temperature ratings, including accelerometers, motion sensors, camera sensors, robust adhesives, processors, and GPS units. Original Equipment Manufacturers (OEMs) in the dashboard camera sector convert raw materials into finished products while also handling design and assembly tasks. System integrators are responsible for combining component subsystems to ensure their efficient operation.

Leading companies in the dashboard camera market include ABEO Technology, Garmin Ltd, Pittasoft Co. Ltd, Falcon Electronics LLC, Panasonic Corporation, Cobra Electronics Co, Safe Cams, Thinkware, Harman International, and LG Innotek. These firms offer a diverse array of products, including single-channel, dual-channel, and rear-view dashboard cameras equipped with basic, advanced, and smart technologies suitable for both commercial and personal vehicles. The increasing incidence of road accidents, vehicle thefts, and insurance fraud has heightened the demand for dashboard cameras. Additionally, favorable policies from governments and insurance companies that provide discounts for vehicles equipped with dashboard cameras are expected to create significant opportunities for new entrants in this market.

Impact of the COVID-19 Pandemic on the Dashboard Camera Market

The onset of the COVID-19 pandemic in South America had a profound impact on various sectors, including transportation and mobility, due to disrupted supply chains, lockdowns, and trade restrictions. This led to a decline in the production and sales of new vehicles, resulting in a decreased demand for dashboard cameras during the pandemic's peak in 2020-2021. Furthermore, the dashboard camera market in South America is anticipated to experience a downward growth trend, as most government stimulus packages in the region have prioritized public health improvements and tax relief rather than automotive support.

Despite the challenges posed by the COVID-19 crisis, reports from prominent global strategic organizations such as the World Bank, ITU, GSMA, and World Economic Forum advocate for the adoption of electric vehicles in economically stable countries in South America. For example, Volkswagen plans to manufacture the Modularer Querbaukasten (MQB) platform-based Polo Track at its facility in Taubate, Brazil, by 2023. Several major global automakers are establishing design centers and production facilities in emerging economies within the region, fostering positive prospects for the dashboard camera market in South America.

The size of the dashboard camera market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast for the dashboard camera market across all segments. Additionally, primary interviews were conducted with industry participants to validate the data and gain further analytical insights. Participants included VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the dashboard camera market. Notable players in the market include ABEO Technology CO., Ltd, Garmin Ltd., Pittasoft Co. Ltd., Falcon Electronics LLC, Panasonic Corporation, Cobra Electronics Corporation, SAFE CAMS, THINKWARE, Harman International, and LG Innotek.